The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-12-10
WHAT COES TO SI.O9.
December Cereal Reaches High
Figure at Chicago.
PRICE AT OPENING WAS $i.O1 1.s.

Makes "A Big and sudden Upshoot and Gre
ates Much Excitement and Wild Scram-
BILE OH the Board of Trade Bulls Have
High Old Time of IL and Then Turn I'm
Their Tracks and Proceed to Butt the
Price Down Again.
Chicago Dec 10.-At 1880 o'clock In
the morning wheat reached $1.O9-the
highest mark OF the year and the cul-
minatng point Of a sudden rush which |
has carried the price up the ladder in
a way scarcely equaled in the whole |
history of the board Of trade. When |
the crisis was reached the wheat pit |
was a pandemonlum. The tide ebbed |
and flowed for a moment, ard then |
came the reaction. Bulls turned bears |
for the moment: the united forces from
both sides Of the usual battle fought
side by side to stem the onslaught of
| the coterie which was sending up the
| figures, and for a moment the advance
| was stayed. The price was forced
down to $1.07. and remained there for
| some little time This skyline figure
| was, 1t il reported attained through the
| efforts of clique, composed of the Lett
| ers several Wall street men. Schwartz,
( Dupee & Co., and several others. The
coup was sudden. pyrotechnical and
| spectacular, and yet not wild plunge
and reckless furry.
Crowning Effort of the Campaign.
1t was the result of careful planning
clever concentration of forces-the
crowning effort Of a campaign which
was begun three months ago. Ten mill
ion bushels Of wheat. II is stated. have
been quietly bought up for December
delivery, the members of the clique TAX
ing turns I'm the deals to divert suspi-
| cion. At present, ii is said, there are
but 5000. 900 bushels in Chicago. The
time was just ripe for the coup, and 1t
was executed with skill, force and pre-
cision The skirmishing, the little fur
| res and rushes of the past few days
were only ripples on the surface-faint
windpuGs in advance of the coming
storm. Wheat closed "Wednesday at
S100A. There were rumors OF heavy
play in the market when the board
| opened in the morning, and 1t jumped
!, to $1.O2 within the first few minutes.
Then came the plunge. The big men
| turned their batteries on that wheat
pit They raked it fore and aft. They
sent sauadrons OF cavalry to turn the
]
along the front. Up and up went wheat
The bulls stood agasht The bears
fought the best they could.
Shot Up to s1.O5.
Within twenty minutes the price sho
ur to 81 05. and the stoutest efforts o.
the opposition could not force 1t down
For a time the balance hung abou
even at the $1.05 mark, but the Letters
and their friends were merely gathering
their forces. At 1O:40 the rush came
- Whack! Whang, Bir! The clique mad
guards back play. sent flying wedg
against the center and pushed the op
., ! position down the field for tremendou
gains on every down. Wheat went VI
- at a lightning gait. The news OF tn
big 10 900, 600 bushel corner was spread
, ing and everybody seemed too dismaye
70 make an effective fight. Mark afte
mark, figure after figure, and still whea
climbed UP. At IL 80 the cereal touche
D. the $1.09 mark, and the climax OF Tn
day was at hand. Up and down IN
IS, | nit the bulls and bears raved and strus
r | gled. The men behind the great pla
n were resting on their arms Known
so | well that they had done about as muc
~ as could be expected of them. and IN
! whole pit was fighting to pull down tn
price The bulls turned bears as me-
- reasoning struck suddenly home
N them.
- BuIls Turn in Their Tracks.
an IF wheat gets higher SAID the'
,v western and st. Louis shippers can a
n ford to send their grain here. the ma
he ket will be glutted. the crash VIII con
nd | and the downfall of prices that VIII 10
he low will be the destruction of us all.
IN Completely overwhelmed by the fore
M bile idea, the bulls, turning squarely
,et their tracks, proceeded to butt the PR
ar for all that there was in them. !
80, figure. even with Wall street and q
For Letters behind it. could stand hr
aa against tnat storm. AT l2:15 the hr
a.. break came and the mark was Sc
M staggering back to s1.07. Another q
termined attack and 1t fell TO 81.
There IL stood-three points below I
biehwater mark, but still far above I
mic nrice of opening, monument TO I
dly | s,<iu of the men who had worked I
ses | corner and overwhelmed all oppositlt
six And the men in the pit, exhausted
i'd beveled. hair flying, voices worn
OF frazzles. surged up and down; the g
ing leries rang with the cheers OF the
all cited crowd and the echoes from
has nit below. and the great wheat rush
the day was nearly over.