Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-08-17
WHEAT ON THE JUMP.
Rapid and Sensational Rise in
T. the Price. !
Gain Of SIX Cents In Two Days in Chi
I cago-Talk of Still Further Ad-
r.. vances - Western Farmers
= Pleased with the Situation.

Chicago. Aug. 13.-September wheat
sold from s25A up to SAY cents on the
board of trade Thursday. and at the
close it broke to ssh cents, a net ad-
vance of ~ cents over Wednesdays
closing price. Within two days Sep
TENDER wheat gained nearly cents
and No. spring cash wheat is selling
at premium of cents over the Sep
TENDER option. Excitement was in
tense on the board at the opening. Buy
ing orders were flashed over the wires
as fast as the operator could get them
from the receiver, and the whole coun-
try, and especially eastern exporters,
was buying everything offered. The
bull clique which ran wheat up from
65 to 70 cents and cleared 100000 by
the operation descended on the wheat
pit and is credited with having bought
100000 bushels.
Reason for the Advance.
Scarcity of wheat to satisfy mature
contracts is regarded as the primary
reason for the second great squirt in
wheat during the present season. The
movement of spring wheat. which is
already partially harvested, has been
mostly toward empty bins of millers
who have been compelled to shut down
for the want of wheat to grind. This
movement was expected to 20 eastward
for export, and the unforeseen contin-
gency caught the trade mapping.
May Touch Dollar Mark.
Laboring under the impression that
fhou will thu ~, ~ks1
higher, the farmers are also said to be
stacking their wheat. Forecasters in
sist that these reserves will be piled
upon the markets suddenly, and then
the boom will break and wheat will 20
down to Is cents. Robert Lindblom in.
sists that if wheat slumps to rs cents ii
will recover and even touch the 81
mark.
Excitement in New York.
New York, Aug. 13.-Wheat prices
shot up Thursday in leaps and bounds
surprising by more than 1 cent a
bushel all previous records since the
bull campaign opened. Chicago at first
led the rise, but gave place to New York
later in the day. Cash wheat in all mar.
kets was very strong. Locally No. ]
northern was quoted 6H cents over
September and No. 2 red AZ cents over
while late in the day the latter option
attained q premium of ~ cents over
December. Only few days ago they
were on an even basis. While some OF
the conservative bulls deplored such a
remarkable advance on top of recent
bulges as being too rapid and disas.
~trous to general speculation, popula,
opinion favored it on the idea that the
home and foreign situation justified dol.
lar wheat in New York. ~s''' :
The range on September was from
ss% cents, the opening figure, to s9X
cents, from which it dropped one cent
a bushel, only to recover later in the
day, reaching o0% cents. Right at the
close lot of long wheat was unexpect.
eddy dumped on the market, precipitat.
ing sudden break to s9M cents for Sep
TENDER, or one cent below the highes,
point. Total transactions for the day
were 11.350,0OO bushels.
: Awaiting immediate shipment there
is stored in the warehouses in rounc
figures S00,60 bushels. The export de.
mand, which is brighter than it has
been for several years, keeps the grain
on the move. If it. were not for this
there would be the greatest glut Of
wheat in New York that the city has
ever known.