Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1896-10-22

While at the closing or the market
there was some falling off from these
gains. it was not sufficient to afford the
bears any satisfaction or comfort.
Twenty Years. Record Broken.
Twenty years have passed since the
wheat market has seen any such activity.
Britishers have been accustomed to wait
for war times before expecting such mar
ket excitement as seen in Liverpool Mon
day. Their uniform cablegrams to Chicago
agents were: Wheat excited and I'D
higher" On the continent the excitement
was still greater. Paris and Antwerp
felt the tremendous bulge of Saturday in
the Berlin market. Berlin. which set the
pace Saturday. advanced By cents. On
the Pacific coast the net gain for the day
was but ) cents per GENITAL, although ut
one time it was $ cents. New York's
opening gain was 5 cents. and Of this it
retained } cents until the close.
December wheat in Chicago was with
in one fourth of a cent of 80 cents Mt II
O'Clock Monday morning. This was the
highwater mark of the day. Two years
ago on Oct. 10 December wheat sold at
closing at tOA cents. The closing price
was 77A. or II cents higher than "
SVNAS uSo. IL plSkcSl DedI vi llV HAT
ket could not take cheer ont of that COM
parison. especially since the foreign de-
mand continues strong and without a sign
of letting up.
The advance was not checked by the
posted figures showing an increase in the
visible supply of 2,5OO.OOO bushels. max
ing a grand total in sight of 55.OOO.OOO.
Europe wanted wheat-wants it still
aud that badly. America has the gran.
Unloading at Quick Profts.
The bulls, wise sometimes and some
times not, thought the situation at OPEN
ing warranted the unloading of part Of
their holdings. They wanted II profit at
20 cents. They got it, and then under
foreign pressure bought bach the grain
they had sold at a higher figure than they
had received for it. Law of supply and
demand proved stronger than all specula-
tive rules. and made many a wiseacre on
the board wish for a few moments Mon
day that he was omniscient.
The gamut which December wheat ran
Monday in the Chicago market was:
Opening. 1917 cents, 1919 cents, 79N
cents: closing, 77ss cents.
The hot haste of the bulls to realize
quick profits had more to do with ham
merlng the local price down than any
thlng else. There was no weakenink in
the foreign demand. But as it was xhere
was a net gain of ~ cents from S$1tur-
days closing figures and no declinH5 A
hood of buying orders from California
and foreign markets caused an advance
on the unofficial curb market in the af-
ternoon OF ! cent over the closing price
on the Board of Trade.
No one better explains the situation or
makes it more plain why the eyes of the
whole world are now turned to the wheat
stores Of America than John HYDE. ex-
pert special agent of the eleventh census.
in his statement:
~ is worthy of note that in 1867 and
1918 the failure of crops in Great Brit
an. which the United States was unable
10 make good out of its own surplus. cans
Ell an advance in price of no less than AZ
cents per bushel. Wheat during the last
ninety days, owing to deficient haryests
IN other countries. has advanced from "a
70 - cents per bushel."