The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-10

The whea, market al over the world
ran amuek yesterday. and while the
causes are not in any way assigned TO the
war, comparative activity Is only made
with the wheat market OF war times.
Downing. Hopkins & Co.'s report from
Chicago said:
I'm wheat today Liverpool furnished the
mos, sensational advance yet quoted IN
futures by that market. gains ranging
from lod for near deliveries to ID for the
September option. That was the signal
for a rush by shorts TO cover such as has
seldom il ever been witnessed in the his
tory of the Chicago board or trade. At
the opening wheat for July delivery. which
on Saturday closed at $l.06as, sod stimuli
taneously in different parts of the pit at
81 .o9AG1.I2. and from there the price
bounded upward at the rate Of i7c and lc
with every sale until 1t reached N.6 ten
minutes later. At this time the market
eased of a little and the price dropped
to SI.14, but with the clique, headed by
Letter, in control Of the situation. 1t quick
~ rallied, and there were a rev sales at
Silt: then followed break to $l.1ils. and
the market ruled steadier for an hour.
The closing cables. which were a shade
renewal Of early buying operations, July
made another sky-scraping jump. this
time to $50. sold to $l.2ii4 and closed 1c
lower. Traders met with a surprise at
the small decrease in the visible supply.
Conservative estimates PLACED the de-
crease at upwards OF 1900 900 bushels. but
it proved to be only $4,000 bushels, leav-
ing the total reduced to a252s.000 bushels"
In New York the market jumped from
$l.65 to $50 in FIVE minutes. and closed at
so lower than the si.s5 at which it opened.
San Francisco was easier than the East
ern market, and closed at $1.SsA per GEN.
tai 0i.2s per busheD. The hitherto close
relationship between San Francisco and
Liverpool was not borne out In yester-
days operations.
The reason assigned for the foreign and
Eastern markets is a scarcity OF cash
wheat, coupled with the taxing of of the
import duty by Italy, France and Aus
tra, showing a shortage in those coun-
tries. and prohibition CT export estab-
lished by Russia, which would indicate
similar condition there. Mr.. Hopkins said
that in his opinion Liverpool had sold to
France and depleted it's own spot supply.
Careful spectators have been fearful of
existing conditions, but as an instance of
what might have resulted. a margin
OF S. coo on a 100000 bushel buy Saturday
would have made such a purchaser $4,000
over Sunday.
Corn advanced from 35is cents 10 s67s
cents and closed at that figure, a gain OF
la cents per bushel. Oats opened In Chi
eago yesterday at STA cents and closed at
3la.as17s cents, advances of iaGas cents.
Pork was highest at sli.25. opening at the
even figure and closing at sll.eoks. Pork
and pork products are constantly rising,
the cause being directly traceable 10 the
war. a heavy demand being made for mess
beef as well. Lard went up cents yes
;erday.
There does not appear 10 be any reason
for tho performances OF the market, ex-
cept IN relation 10 wheat. and the ac-
points 10 an unusual prosperity in all OF
the northwestern part OF the United
States. where promises OF an unprecedent-
Ell crop are 10 be found on all Sides The
demand that creates the present prices is
that for immediate delivery. The condl-
ton in California remains practically I'M
changed, and another furry may be looked
for at any time when the supply on hand
Is threatened with any Liverpool demand