The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-08-21
WHEAT CONS SOARING.
September Quoted at Over 60
Cents at Chicago.
DOLLAR MARK At MINNEAPOLIS.

New York, ST. Leuis, Philadelphia and Du-
luth See Century Figures-At Chicago
the September Cereal Advanced Cents
in "a Day--Bears YeH Themselves Hoarse
on the Board of fTrade-Everybody Talk
ing of Dollar Wheat.
Chicago. Aug. 21.-September wheat
had advanced s cents over Thursday
nights closing price at 1880 Friday.
when il reached 931s cents a bushel.
Wild excitement reigned in the wheat
pit all day. The opening Of wheat was
32s cents above Thursdays close and
within a minute the price was 9lR
cents After another slump il rose to
93h cents without any material de-
cline December wheat also fluctuated
wildly. The market closed strong at
SO cents falling off Of only IS cent
from it's high point. Liverpool cables,
immense trading in call wheat bought
Thursday night against Fridays mar
ket and an increase of the European
deficit from 900, 100000 TO 2S4, 900
bushels Of wheat sounded the tocsin
for an opening of 33s cents above Thurs
days closing price Of September wheat
and record breaking advance TO 911e
cents within thirty seconds after Fri
days opening Of the market.
Yelled Themselves Hoarse.
Bears scrambled, paved the air and
yelled themselves hoarse i'm a vain ef-
fort to get some whea ~ I the opening
price. Not until the price had been
| lifted TO 91ls cents or 43s cents above
| Thursdays final figure. did the lucky
| holders Of long wheat consent to let
| the shorts have some Of the golden
sheaves Nearly 100000 bushels OF
wheat were transferred on account of
| the calls before the price of September
| again declined. The excitement at
| tending the quick upturn to 9112 cents
was powerful enough TO even break
| down the stold look of Indifference with
| which President w. II. Baker views the
wrangling bulls and bears. From New
| York there came an nsistent cry for
wheat Foreign buyers are reported
| to have taken an enormous amount of
the cereal for export. The high tension
! OF the New York market was exhibited
| by a sudden jump in September from
( "a to 9S cents. Dollar wheat" is said
| to have been reached at st. Louis and
| Minneapolis.
Additional Food for Bulls.
At any rate, the official quotations
! showed an advance I'm st. Louis on the
J price of the December cereal from 92A
} to 96h Minneapolis boosted the price
I Of September from S5h To SS7s, and Du-
luth tackled on cents to the opening
quotation Of SSM cents. All current
! gossip. private wire information and
I correspondence from the northwest
I brought additional food for the bulls
| After a slump to S97s cents September
! wheat shot up with lightning speed to
( 925s cents and December wheat touched
( SO cents. Everybody caught the fever
} when wheat mounted TO this eXtraordi-
/ nary figure. The tumut on the floor
of the exchange hall was such as would
! have made the eyes Of the famed old
| kings of the wheat pit sparkle with de-
| light-providing they were on the right
| side of the market. In all the outside
! markets the frenzy of the local market
was reflected. Everybody is now
| speaking of dollar wheat" and shorts
! are beginning to realize that they are
victims of the dollar wheat mania.
Nothing Like IL of Late Years.
1t is market such as used TO startle
! the country ten and twenty years ago.
( There has been nothing like it Of late
! years. In 1887 the famous Kershaw cor
| ner put the price 70 94% cents, but 1t
| was On strained manipulation and use
] Of money which put a big Cincinnati
banker i'm prison and ruined many
houses in the local trade. In 1883 B. Z.
Hutchinson caused a squeeze for a
! short time and forced a few settlements
at 81. This market is different. 1t is
a natural corner The world is making
the prices. There is a bull clique in the
local trade but it is successful only be-
cause natural conditions are under the