The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-19
WHEAT ON THE BOOM.
Sensational Rise in Twenty.
Four Hours Time.
THECEREAL GOES UP FIVE POINTS.


hnt~rs Aro ouyere-Iho fosttion oi Ehh
Armor at Chicago IL . Puzzis-Hs Is
Said To He Buying May Wheat.
Chicago, Oct. 1s.-From 70 to 75 cents a
bushel in twenty-four hours is the lat
est caper in the sensational boom In
wheat, which has been climbing for q
month or six weeks. And the rise Is
not due to speculative manipulation.
either. II went beyond that stage long
since. The big spectators builded bet
ter than they knew when they started
their bull campaign. Then they exT
pected that the country would come in
to the market on the buying side. as
1t did last year. The country did not
come in. but a more potent influence
was at work to speed the upward ten
dency of the market. Added TO the
fact that the American crop Is from
5O,c 900 to 100. .000. 600 shorter than that
OF last year, India and other exporting
countries have come into the American
market at San Francisco. and at Liv-
srpool as heavy buyers. Bullish In
fiuences have been accumulating for
three weeks. and Chicago is not the
vortex Of the movement. As a matter
OF fact, Chicago is simply taller, IL
has been carried along by New York,
Liverpool. 81. Louis. San Francisco,
and other markets. A comparison OF
figures will show this.
Mig jump All Around.
In New York December wheat closed
Friday at ~ cents, and thirty minutes
Co yrn
cents. At st. Louis il jumped cents
over night; at Minneapolis Sb cents
while the overnight rise in Chicago
was n of cent less than 2 cents. AT
IL o'clock Saturday the Chicago mar
ket reached rs centc, with strong indi-
cations OF going higher. Millions oil
bushels were licked up by foreign buy
ers. This IN unusual, as II is seldom
that foreign orders reach the specuia-
tive market.
The immense quantities OF whea'
| which the northwestern farmers who
| are pressed for ready money are rush
| ing into the primary, markets has nc
| effect on the boom. The delivery OF L.
| $50 900 bushels q day is a mere drop II
| the bucket. What would under ordin
| ary circumstances check the upward
| tendency seems only to add fuel 70 TIT
fame.
Big SPECTATORS, who at first attrib
uted the bulge to manipulation, AM
looked for a break. have since swunI
into line on the buying side. and ar
now accommodating extensive lines. w
r. Linn, John Cuhady, w. 7. Baker
| Charles Counselman, Sidney Kent
Frank Dunn, w. c. Mitchell, ana {
II. Clifford were big buyers Saturda
morning.
swung into the HUI Line.
| Charles Singer, who returned fror
Europe with the idea that the rise wa
due TO manipulation and that a brea
was jnevita BILE, and who. upon his al
| rival In New York. wired orders to Sc
| wheat at a certain figure, about
| cents, has changed his mind since n
return to Chicago, and swung into u
| bull line. Some of those named nav
| at various times since the boom set
| sold on slight advances, but they nav
| returned to the other side with u
| creased energy. taking up all the sma
| spsculators, who were deceived by u
sharp turn. had to offer. Armour's p'
s,tion in the market has been a puzz
to his fellow operators. He has dol
some open selling Of December whea
but has been an extensive buyer
May wheat, showing that he has fai
in the stability of the market. Ere
Logan has accumulated big line. Oi
OF the effects of the rise. with co
responding rise In rye. pork. ana 9th
speculative commodities. has been q
cause of better feeling among the farr
ers In the Mississippi valley