New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1907-05-22
WHEAT CONTINUES TO SOAR
The Past Week a Record Breaker
in the Wheat Pits.
Price Based on Belief that Worlds
Crop Will be Short.
Speculative Excitement Apt to
Continue For Some DAYS.


wheat has been a historic one in the
annals of the Chicago board of trade.
While statistics on the quantity of
wheat that changed hands are not OBJ
tainable, the assertions of veteran
traders that the volume of business
was Of unprecedented proportions may
be safely accepted There have been
wild sessions in the wheat pit before,
notably when Corner were being
run, when prices huctuated more vio-
lently, when small cliques made or
lost-mostly lost-imposing fortunes,
but never before has there been a
broader or better sustained general
market.
Never before have grain brokers
done a larger business. For more
than week, when the rest of the city
was asleep, the lights in their offices
have been ablaze while heavy-eyed
clerks worked into the small hours
trying to keep track of the business
done. Hardly a house in town has a
sufficient force of clerks in the pit to
fill the orders that are pouring in from
Maine to California. Nor are there
enough wires to handle the mass of
daily business. The inevitable there
fore has happened, and only the larger
orders are considered. In thelanguage
of the pit, sit is no market for
piker."
Crop reports, private and public,
the solemn verdicts of ''experts, sta
tistics official and unofficial, crop es-
Inmates and the enticing literature of
the commission houses, which are
growing rich on commissions alone,
vary noticeably in detail, but they
are practically united in the statement
that the world cannot grow this year
all the wheat it needs to consume.
Minor items, such as "green bug"
damages and the like, have been made
much of, but the weather here and
abroad is the all-infiuential factor.
Winter has fingered SO long in the
lap of spring that the whole country
has observed it-and bought wheat
Even Liverpool importers, who usually
work for cheap wheat in America,
have bought din ectly in this market, a
precautionary measure they were COM
PEELED to take in the face of the GER
tainty that their action would "bull"
prices still further. They bought early
in the week at what would now be
called bargain prices.
The majority of traders proclaim
loudly still higher prices, but take
profits on good advances. One house
alone has come out with a note aiscor-
dant to the chorus, declaring that the
market is one manufactured by big
houses that have made a mountain out
of mole hill of unsatisfactory wealth
er and green bugs.
Prices during the week have been an
index of the relative strength of two
forces-buying against crop short
age, and selling, n OF in the belief Of a
good crop, but to secure profits.
s'Doilar wheat" became an actuality
on Monday of last week when Septem-
Der and December options both passed
that mark. Tuesday and Wednesday
proft-taking sales were enormous, but
prices receded very stubbornly and
kept well above the level at which the
market had begun the week.
Thursday themarket again advanced
excitedly, and On Friday all records
for the season were broken when July
went to S1.02a, September to Sl.034 and
and December to S1.O9B. The close
showed these three options still over q
dollar.
Saturday brought forth another de-
luge of proft-taking sales, together
with great deal of purely speculative
short selling, but heavy as was this
pressure the reaction in prices was moi
serious as affecting the net advance o.
the week.
This week promises to furnish fur.
Their speculative excitement, Tor there
has been no material change in croI
conditions reported.
The scores made on the King targe
at Hunters Rest Sunday morning were
as follows: Fred Meyer, 1852; Armand
Petry, l44; Gebser, 1873; Muhs, l27
Henry Meyer, 125; John Hauenstein
l25; Koch, 10; Schrodt, Ill; Henri.
Petry, SO. On the Standard target
equally poor shooting was done, thu
scores being as follows: Fred Meyer
33; Armand Petry, 81; Gebser, 40
NUNS, 20; Henry Meyer, %; Koch, 43
Schrodt, 33; Henry Petry, 81. The re
cords are bearing out the Reyiey
story of Chief Koch and the mountain
lion.