The DeSmet leader. (DeSmet, Kingsbury Co., Dakota [S.D.]) 1883-1891, 1890-05-10
WHEAT REACHED ., A BvsHEL
Continued Dry Weather In the
Northwest Causes Sudden Rise
IN the Staple COMMODITY.

Northwest Causes a sudden Rise
IN the Staple Commodity.
A special telegram from Chicago
dated the Sd inst, gives an account o'
the sudden advance in wheat, caused
by continued dry weather in the
Northwestern states. IL the advance
had been held of twenty-four hours
longer it would not have occurred at
present at least, for the rain and snow "
OF the 4th and 5th insts. puts very
different aspect upon the growing
crops. The dispatch in question says
that wheat touched the dollar mark
and even went little fraction above
it, thereby realizing Hutchinson 8 stub,
born prediction. This was the incident
OF the day on cnange if it was posi-
BILE for any one thing to be worthy oi
q special mention in @ market which
advanced from four to eight cents q
bushel. The nearby options, May
and June, as has been the case all the
week, were sparinely traded in. There
was, however, a little squirt OF actIvi-
ty in May at 81. Wheat traders
again on coming down town, made
their way to the weather map. They
saw that the Washington predictions
OF rain in the Northwest had not been
fulfilled. That settled the market Tor
the day. There was just a trace oi
rain at Duluth and q little cloudy
weather in st. Paul. Everywhere
else in Minnesota, in the Dakotas,
Wisconsin and in Iowa the weather
map showed there was no rainfall.
Private messages from the Dakotas
were OF almost sensational SOFT, de-
claring the whest fields to be like ash
heaps, and announcing high winds
friday night had caused destructive
sand storms. Nothing more was need
ed to complete
THE PANIC OF SHORT SELLERS
and to infame the bulls. On the
"curb," before the opening, the buying
pressure caused an advance OF q hall
cent, and the regular start was full
cent over Friday night. From the
very Instant OF the opening until an
advance of over three cents had been
made there was practically but one
direction to the market, and practi.
calIy no pause. Compared with the
dry weather in the Northwest, no 9th
er outside circumstance cut any figure.
Cables were one.half pence higher, and
clearances from the seaboard were
fair. The Northwestern movement
was small. None OF these were for q
moment considered. There was moth
ing IN the mind OF the average specu
lator save the thought of rain or nc
/ rain in the spring wheat territory
When private message came from
Milwaukee, about 1890 O'Clock, dc.
claring that the thermometer there
had dropped 80 points, and that
there had been q little rainfall, the
price dropped a cent O bushel. In the
pit, although che aggregate volume o.
the trading was enormous. and al
though all manner OF commission
houses, big and little, participated,
THE OPERATIONS OF HUTCHINSON
were easily discernible. 1t was esti
mated that he bought somewhere iron
/, 900, 900 to 1900. 900 bushels o
wheat. Although it was explained
that he sold Friday "calls" to fully
this amount. and that his purchase,
were simply reinstating him, his buy
ing added greatly to the excitement
There was naturally on such an ad
vance tremendous realizing, and yei
apparently it did not by any means
keep up With the new demands.
million or more OF wheat held through
Dunham & Co., presumably tor q CO
terie OF Hebrews, went over, and a.
much more through Edwards Il Co.
Bailey Il Co., and one or two othel
commission houses. There was sell
ing throughout the advance nom q
hundred different quarters. Altogeth
or 1t was not sufficient to supply tn,
demand until from 91 1-2c July whea,
had gotten up to e4 3-4c. Possibly
even then the buying furore would
have been an fierce as ever, but for tn.
news from Milwaukee that q littl.
rain was falling there, and but for th,
appearances OF some clouds here
Among the other gossip flowing q bout
but which, like all the rest, was ignor
ed. was the news that little lot o
No. 2 spring wheat had been sold al
New York at $1.04. July wheat or
the curb closed at 93 l-2c; puts olos
cd ut 90 1.ic; calls closed at 90 3-ac
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