The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-02
IT BEATS SEVENTY
WHEAT ADVANCES TWO GENTS AND
A HALF ABOVE WEDNESDAY.

At the Close Of an Intense,y Exciting ses-
sion 1t Still Holds Cent and An Eighth
of the Advance-"Foreign News" is tho
Explanation, the Unheard OF Movemen,
of Wheat to India Being the Sensations
Feature-Other Markets Benefit by the
Advance, Especially Provisions, Which
are Bought by Foreigners.
Chicago, H., Oct. 1.-The wheat pit
! today was again a scene of wild excite
price of December to a point 21a cents
above the final figures of yesterday :
session This advance was not all held
| by any means, for big traders whose
persistency in holding on to their lines
has been partially instrumental in the
| recent rise, took advantage Of the ex-
aited prices to earn an honest dollar by
dumping some Of their holdings on the
market. The aggregate days business
| was enormous. Not only were all the
local brokers heavy investors, but out
side speculation was mu1h more promi-
| nSnt than usual The reason for the
bulge can be told in two words foreign
news" 1t was not the higher prices
| quoted at Liverpool and on the CONT
nent, but the reports of wheat engage
merits for shipment to India from Liver
| POOL, hiterto unilSard 70 tranSa ction.
Reports of Similer engagements from
SAN Francisco were confirmed and lent
force to the statements that the Indian
crop was failure. Not all the interest,
however, was centered N wheat The
corn and provision pits were damned
with excited spectators all day. An
enormous foreign business was done in
corn, and prominent packers, in trying
to cover someof their lines of provisions,
| experienced surprising difficulty in do
ing so. The close showed substantial adj
vance all around.
Chicago, Oct. Wheat sold about 20
cents bushel today, the December
option at one time touching 701zc, an
advance of 2ss cents since yesterday.
At the close of one of the liveliest ses-
sions for months, it still showed an ad-
vance of rs cents. All the other specu-
lative markets were benefited, both in
price and volume Of business. Corn
closed 1 cent higher; oats y cent higher,
December wheat, which closed Wed
resda, a. 6S;s@A cents. opened this
morning at 6SX cents and 50 cents, and
in little over an hour it went as high as
70 cents, being IL cents advance above
It's price on Monday. September 8, an
average advance of about e cents per
bushel a day for the intervening twenty
two days. An advance so steady has
not taken place since the spring Of 1895,
in May of that year 20 cents per bushel
having been added. The remarkable
thing about the rise now in progress Is
that ii Is in the face of the more or less
uncertainty regarding the political out
look. The advance to 701s cents was
followed by reaction to 69Ss cents, but
that, IN turn, was succeeded by a still
further addition to the early strength
and before II O'Clock the price had risen
to 701a cents for December. Such con-
.tinued strength surprised the crowd,
who kept booking for breaks. But it
was not lard to explain. One New York
Dispatch read as follows: English
houses again accepted good deal OF
wheat There Is a demand here for car
goes and for shipment as far ahead as
February" The stocks Of wheat at Liv-
erpool were reported as being only 1,460,-
600 bushels, about 500. 900 bushels de-
crease since Sept. 1, and sufficient for
only about ten days consumption, and
again as compared with about 5000, 900
bushels at the corresponding date on
the year before. Two cargOes were re-
ported engaged at Liverpool for ship
Insult 10 India, something unlheard-of
before, and San Francisco wired con-
f1rmlng the reported purchase by Lon
don of wheat IN California to go to Cal
cudta> This ut q long way towards
confirming r,t!.>eported failure of crops
In India. Ric one OF the chief adibles
Of that country, was reported 10 be
worth in Calcutta than wheat Out
side buying orders were largely for sea-
board account and the local crowd, slim
uIared thereby, took twenty bushels
for every one bushel in orders from else
where. The cablegraIns and the result
ing business for foreign account gave
the needed confidence to buyers, so that
II was only on the big buiges than any
long wheat was sold. After It reached
701a cents, however. there was enough
realizing 10 put the price down to 6eA
cents, and 69% cents was the closing
rate Foreign markets all closed very
strong and quiet in line with the adj
vance here. Export sales Of spot wheat
We're reported here to the extent Of $780,
900 bushels about one-half Of which was
No. 2 hard, and the remainder spring.
The boom in wheat was largely in
strumen'tal IN causing a god advance in
corn and a big trade in the article. The
foreigners who wanted wheat and flour
so badly. also had their appetites wflet-
ted for corn and sent buying orders for
It Shorts were also more numerous
than might have been suspected from
the smallness of the recent speculative
trade May opened Il cent higher, at
257. cents, and steadily advanced TO
27kGL cents, then reacted and closed
steady at 26hG& cents.
Oats, after fashion, followed wheat
and corn, still to some extent were in
dependently firm Business was heavy.
and the market was very active through
out. Shorts scrambled after offerings
and took UP everything in sight, push
ing prices up considerably higher and
giving the market a wider range than
has been experienced for a long while
back Outside orders were also promi-
nent- May opened shade higher, at
1sSG% cents. advanced 70 eos cents.
and eased OF to 2oAgs cents, where it
closed
trade IN prcVlSzpnS saS not Tor
mon n been as general and active as IL
was today. Packers bought. scalpers
bought and SPECTATORS IN outside cities,
who had previously bought, took more,
even foreigners. who are never supposed
to buy anything except on a weak mar
ket. sent buying orders. The result was
handsome advances all around Janu-
AIRY pork closed 32i5 cents higher ar $3.50
I,pr,---x Lard On r~s-~-s hSsrha- o- q "a
and January RIBS 171a cents higher, at
Z