New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1896-10-21
AN ER UM!P
Wheat Market Cont nues It's Up.
ward Course With Remark
able Rapi,Iity.
The Opening Quotations Show
an Advance Of About
Three Cents.
Liverpool Market Opened {
Cents Higher The New
s@@.z York Market.

CHICAGO, Oct. 2O.-Wheat made ].
record breaking jump, going up at tn,
opening from 1870 to 791sc, steadyinl
at the latter figure, an advance Of sac
The widest excitement characterized
the trading. There was talk of possibl,
failures as result of the unparalleled
advance. After a momentary reaction
to 79c, December wheat soon went be-
You'd the top figures at the opening
touching as high as 79114c several times
within the first 10 minutes of business
Then there was sudden plunge down.
ward, followed by quick rally to 79c.
1t is ono Of the features Of the bulge,
which is one of the most remarkable in
the recent history of the trade, that
there has been no big short selling. A
big short interest would have made the
course of the market little more ir-
regular from 81 cents to rs cents.
Wheat has developed into what old
grain men refer to kindly as an told
fashioned bull Market" There have
been wilder advances and sharper fuc-
tuations in the past, but under existing
circumstances the speculative move
ment in wheat has been in many re-
spects phenomenal. Money has been
scarce and speculative interest at the
lowest possible ebb.
What are known as the country
spectators, who are depended on to
come in and add to the enthusiasm on
all "up" turn, have not had means or
inclination to trade and the profession
ais had been educated up to a theory
that high prices were thing Of the
past.
Now the whole aspect of affairs has
been changed. Prices have advanced
80 per cent, receipts having increased
to such an extent that the grain re-
ceivers have no time to brood over en-
croachments of the warehouse men, and
commission firms have forgotten that
there are such things as telegraph tolls,
clerk hire or office rent.
In the advance which has been under
way since Labor day there have been
few setbacks. Realizing sales have
been at ever increasing limits, and
while the higher prices have brought
out enormous deliveries from farmers
in this country, arguments for higher
prices have been piling up abroad. The
international features of the wheat
market have been brought out in the
strongest possible light.
Attention was first attracted to sup
plies in Russia. Last years offerings
of Russian wheat had much to do with
depressing prices. While the shipments
were heaviest reports regarding this
years crop began to come in. A big
shortage was predicted and now seems
to be confirmed. The Berlin market
was the first to reflect the Russian con-
ditions with an advance of over 10
cents in two weeks. But for the none
tary conditions this would have started
a boom here. Then came the reports
of scarcity of wheat in India, country
which has become one Of Americas
dangerous rivals in the export grain
trade. California then took hand in
the game and sent reports of sales and
shipments of wheat to Calcutta and of
export sales to Australia.
Such an abnormal movement seems
incredible, but the" sharp advances in
San Francisco excited. Liverpool, and
between Liverpool and the Pacific
coast the wheat market has been kept
boiling since. The heavy receipts of
wheat at all primary points, big in
creases in the visible supply, and, in
fact, everything but news directly or in
directly confirming failure of supplies
in wheat countries of the Southern
Hemisphere has been ignored: