The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1896-10-22
December wheat closed yesterday
q Minneapolis at 69sc and opened


this morning at 7laac-an advance over
night of 2sc, due to the very strong
position taken by foreign markets.
Cables gave good evidence of a lively
scramble on the foreign boards, and
before the session closed an advance
of Sc had been posted in Liverpool.
The low point for December was 71c.
The top was 73s and 1890, and the
close was 1890, making the net advance
to-day &c. The closing price year
ago was 55c. May wheat opened at
754c and closed at 7o5c, against 73aa
and 1899 yesterday and 595c a year
ago.
The news was unusually strong.
The foreign markets were a support
that could not be laughed at. The re-
ports from India are very discourage
ing. Peavey had a cable from Buenos
Aires reporting damaging work to
wheat by locusts. The milIers receiv-
ed large orders, and buyers were not
troubling themselves with technicali-
ties about prices.
After a session seldom equalled for
it's excitement and the heaviness of its
transactions, December wheat closed
to-day at 75sc-an advance of 3ac
since the close of yesterdays board.
The closing figures were not the top
ones by any means, for shortly before
the noon hour 76sc was being bid for
the December option. The advance
is attributable to but one thing, the
remarkable strength of the Liverpool,
Berlin and Paris markets. Everybody
was watching the cables. They have
been showing big advances for several
days and foreigners undoubtedly have
long lines of wheat. 1t was the gen.
eral impression that there would be
no reaction until they unload, and in
view of the failure of the India crop
and the shortness in Russia and Argen-
tine, this seemed to be rather remote
contingency. Every offer of wheat
made to Europe to-day was accepted.
One of the most influential items
was dispatch from San Francisco, re-
porting two more cargoes for Indian
shipment. Late Berlin and Paris
cables we're very strong, and it was
stated that all the grain tonnage on
both coasts had been engaged for
months ahead, one significant fact be-
ing the inquiry for sailing vessels.
There was no stopping the advance.
Up it went till 765c had been reached,
or exactly 4c higher than yesterdays
closing figure. Even at that quotation
there was little to sell, but enough
was offered to cause reaction to 1850
at the close. The oldest spectators
were astonished at the strength dis
played, and talk was heard that if to-
days advance is any criterion of what
is to come, that Eldorado of wheat
spectators, the dollar mark, is once
more in sight,
The excited character of the city
market Saturday, and the firm closing,
led traders to expect strong market
this morning, but expectations were
not up to what was realized. A Jump
of over three cents was about as be-
wildering to those who held wheat as
it was annoying to those who had no
holdings. The squirt of nearly &c that
followed the opening was largely the
result of heavy buying, led by Van
Dusen, and it was this that narrowed
the MinneapolisChica difference to
lc, The high point gained naturally
brought out realizing sales. Holders
who had bought wheat from the time
the advance started in September,
felt that it was time they tasted the
sweets of actual profit, and the selling
was heavy. But these offerings were
we'll absorbed, and the break was not
what might reasonably have been look
ed for
The advance of l2c in four DAYS,
and of 25c from low point in August,
is regarded by the grain trade gener-
ally as complete refutation of the
theory that the decline in the price of
silver and agricultural products is due
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