The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-20


at ~ 3-S Cents-New York Reaches
So 1-2, Closing at 81 5-S-European
l Markets Advance SensationaIiy-New
! York Handles Over 100000 900 Bushels
| Chicago, Oct. 19.-Wheat made a re-
cord breaking. jump today. The De-
cen1ber option, which closed Saturday
at 757sc, opened this morning at 1Sls
| @791s cents, stealing at the latter fig
| ure, an advance Of sac. The widest
| excitement characterized the trading.
| There was talk of possible failures as a
| result Of the unparalleled advance. AZ
| ter momentary reaction TO 79c, De-
| cenber soon went up beyond the top
| figures at the opening, touching as high
as 79Ac several times within the first
IL minutes of business. Just before 10
a. m. the market took sudden plunge
| downward and fell to 7S1zc, reacting
later to 7SAc.
| The advance today was due TO Liver
| pool cables which reported that market
| excited and from 3l4 to pence higher,
! equivalent to an advance of 4 to G
| cents. No such jump has been expert
| eaced in that market for years. IN
| the firsthalf hour there was a craZed
| rush to cover here. Most Of the trad
| ing early was done around 10 cents.
| Tremendous lines were dumped on the
market at about that figure. All the
news was not bulliSh by any means.
Northwest receipts were heavy, 1872
| cars, against 1.SS7 last year, an unofIi-
cial worlds shipments were liberal. The
l-rrlT l.. u, TO-, "a
influence and trading was enormous,
with fluctuations violent and frequent.
Shortly after 10 a. m. the price receded
TO 1874 cents, but at that point the mar
ket whirled sharply upward again and
within a few minutes advanced a fun
cent, to 1914 cents. During the frenzy
at the opening some few trades were
made as high as 1912 cents, while sales
at the same moment in other parts OF
the pit were at different figures, ranging
all the way to 7S1a cents. About 1890
a. m, the price was 1874 cents for De-
cember. AT this point another l cent
bushel advance was recorded with
amazing rapidity. Almost before the
tickers could place the figures on the
tape in the brokers' offices, the quota
ton had leaped to 1874 cents. This was
within single hour.
The excitement in the pit was too
great and the trade too active to permit
Of Ineligible understanding of the per-
sonnet Of the trade, but in a general
way floor traders realized. John Ca
daily sold big line through traders
Logan and s. Dupee We're heavy sell
ers, TO such an extent, in fact, as to
cause one of the frequent and violent
breaks which characterized the trad
ing. Baldwin also sold early as did
Bartlett. On the other hand Armour
was buyer. Milmine, BodTnan & Co..
and Schwartz, Dupee & Co. took in
large lines. Nicol bought about 250,-
900 bushels ar 70 cents. A big surprise
was occasioned by the Indian ship
nents of 1900 bushels. This was to-
tally unexpected and seemed to indi-
cate that the seriousness of the Indian
situation had been exaggerated. There
was a lot OF selling done on it and il
was with this as a reason that the
price of December sagged to III cents
during the last hours business. Liv-
erpOol was not the only foreign mar
ket to advance, Paris reported a
jump equivalent to 3@8 cents per bush
el. The Berlin advance equalled 2 40
cents and Antwerp SOLO cents per
bushel Eeevcen Il o'clock and 1915
there was a general relapse. From
79c, December slumped to 77%c. In the
next half hour it was again ascending
and reached 7S4 cents, but during the
succeeding fifteen minutes il returned
to the down grade and at o'clock, fiji
teen minutes before the close, was
quoted at Tx cents. The decline con-
tinued during the final quarter of al
hour. Just before the bell struck De-
cember was IKE and the last quota !
ton for the day was 772sc bid, 11ac |
higher than the close on Saturday.
NEW YORK'S BIG JUMP.
New York, Oct. 19.-There is appar- |
emily no end to the sensa tionaI deveI- |
cpments connected with the present |
bull campaign in wheat. Today the !
market eclipsed all previous efforts by /
rising perpendicularly ~. cents at the |
opening. The jump was attended by |
wild excitement. Commission houses |
had more than the usual number OF |
outside orders. the advance having at |
tracted the attention Of the speculative |
public. Local traders were also eager !
buyers and foreign houses followed |
suit. The result was an avalanche of /
buying orders that fairly turned the
wheat pit topsy-turvy. The excitement /
was increased by private cables an
a slx-cent advance in Liver
pool with heavy speculative activity. /
BY noon local transactions had run up
to IL 900 900 bushels and for the entire
day they reached the total of 20. los, 600 |
bushels. The afternoon was marked by |
a tendency TO take profits on early pur-
chases and prices lost two cents buhs-
el, or half the local advance, closing
from 22sG2;sc net higher than Satur-
day night December opened at S57xc,
against s1%c Saturday. sold up TO S6l5c
and dropped back 10 SAC, closing a.
$3.50.
Old traders said the bulge beat any,
thing they had seen in years. Bust
ness all over the floor was temporarily !
suspended TO watch the battle between
the bulls an bears while crowds OF spec
tators in the galleries showed evidence
Of the widespread interest now manifest
ed in the wheat market. No failures
were reported during change hours.
Only the hardest OF the local clement
dared trust themselves in the market
and the short interest has been reduced
to the minimum. Scalpers jumped in
and out OF the market all day. taking
small losses and generally reaping good
profits. Everybody was iulousG with
the bull fever Corn and oats and pro-
visions all made big advances during
he forenoon. Houses With private
wires 10 Chicago and other celters re
ported a very heavy business. About
'00. o00 bushels were bought for export
II the close.
SAN FRANCISCO QCIETER.
San Francisco, Oct 19.-Cpon contia-
led strong news from other parts OF The
World. the local whea market recovered
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