Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-04-19
WAR NEWS PUTS UP WHEAT
Over -Four Gents Above Saturdays Highest
Price.
On Selling to Realize the Rate Fell
Sharply, but Rallied Again.
Scenes Of Excitement.

CHICAGO. April 19.-Tne war news sent
the wheat market skyward today May
wheat sold as high as 7Sc a busheI at the
opening of trading on change, an advance
of 4 IA over the closing figures of Satur-
day, and Us over the lowest price touch
ed that day. Fluctuations were violated,
trading at the start being all the way from
a to Is at the same time in different parts
of the pit. Most Of the initial sales were
at q to 71k. but for nearly ten minutes
purchasers were being recorded at the top
figures named. Then the market steadied
for moment or two at tn.
At this point there was a fearfully rapid
reaction, the market plunging suddenly
downward cents a bushel to 15l1, with
scarcely single STOP
- An equally quick rally followed, prices
dashing up to II 3-s. nearly cents ad-
Vance in two minutes. Five minutes after
ward the market was down again almost
a cent, and at 10 am. half an hour after
the opening was selling at 1612 May. By
1918 am. the price was shooting the
chutes again, and had touched IS IS, but
by 1880 was comparatively steady around
IS Ia.
Struggle of the Spectators.
Before change opened it Svas regarded
as certainty that the market would jump
tap of the bell the wheat pit became a sea
of shouting, struggling SPECTATORS. There
were no foreign markets, owing to the hol-
iday season abroad. but they were not
needed, everything being lost sight of in
the general interest in the struggle now
considered fairly on between Turkey and
Greece. Fortunately, perhaps. for many
commission men, there was more wheat
offered than anticipated. In the flood of
realizing which broke the advance so
sharply during the first half hour John
Cudahy took a leading part. The pit was
perfect babel. Spectators fairly climbed
over themselves in their eagerness to cover
or dispose of wheat already showing a
heavy profit, and the packed galleries were
treated to a scene of excitement seldom
witnessed.
Other Markets Influenced.
All of the other markets were more or
less violently affected, but after the ex-
element at the opening the coarse grains
and provisions were rather neglected on
account of the all-absorbing interest taken
In the struggle in the neighboring wheat
pit.
May corn. which closed Saturday at 241s.
opened this morning at from 24k to 25,
ard after fiuttering for a few moments be-
tween 24as and 247s settled at 24ss. May
oats opened about PC. higher at 1I9sa1711,
advanced to 11A and reacted to 1711. In
provisions, pork was the only staple trad
ed in to any extent, and the opening bulge
was lost under heavy offerings by packers.
May pork opened 15c. higher at s.65. de-
ciined to $50 and reacted to S55QS 81 II.
May lard was quoted 21a higher at 425, and
May ribs ~ higher at 4.S5.
Just before IL o'clock there was another
whirl of excitement. For some little time
the market had shown symptoms of weak
ness All at oLce the bottom seemed to
fall out. ard prices pitched headlong off to
74l1, fall of 311 as compared with top
figures at the opening. A whipsaw of hair
raisi1 rapidity followed, a full cent ad-
vance to 7512 and decline to 141a sue
ceeded each other in a way that was be-
wildering even to the old veterans.