The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-18
WHEAT STORM IN CHICAGO.
Prices on the Jump AEnin md Many Traders
Scared.

Prices on the Jump AEnin and Many Traders
Scared.
CHICAGO. Feb. l7.-There is n great spccula.
tive storm raging on the Chicago Board of
Trade. No such skyrocketing has been seen
in a long while as has taken place since the
opening of the market on Monday. On Mon.
day night May wheat was 9SIo cents. At close
of Tuesday it was 99]1 cents. Yesterday on
regular market the price was 39A cents to
$l.O3ss. On late curb price it went to $l.O6.
On the curb this morning May was quoted at
81 .O7hs. For regular session tho price opened
at Sl.o6 to $l.05. 1t sold of to S1.O3Le. In
two minutes it rallied to $l.05A. The next
minute it sold at $l.04 and quoted down a lit
tie. The close was at S1.04B.
On tho early market to-day July wheat went
to 91LS, broke to s04. jumped TO 81, dropped 10
80, and quieted around 80. This is action
enough for a jumping jack. 1t might be sup
and jumping prices about at will. This was
not the case.[IIhe Letters were not taxing a
leading part. II WAS thought they might mar
ket a big line on the opening swell. The ucst
brokers in the pit say they did not.
showing the conflict, between the Armour and
Letter brokers on the, frontier.
additional reports OF the same tenor were re;
ceived to-day. Yesterday Counselmans bull
utterances OF the European deficit OF wheat
stocks infamcd the shorts and to-day it Is
Armour who sees the hand writing on tho wall.
Wheat will command $l.25 in this market
and Letter may put II up 10 $3.50 il he wants
to-" MIR. Armour is quoted as saying.
A larger short interest than usual was COW
cred during tho big bulge this morning. Geddcs,
Parker, Norton and Worthington. Baldwin *
Farnum. Cudahy and probably Armour were
the principal sellers and they offered no small
amount of wheat. which was taken UP by bearo.
The real short interest Is among foreign ship
pers and buyers at the seaboard and in Cali
lowing in this city, which Letter holds in check.
The local stocks OF wheat do not show any
signs of diminution, although Letter las con.
tracted for the removal of 300 900 bushels of
wheat to the seaboard. The largest part Of
this is already in the cars. The stocks are still
as high as 9,725, 900 bushels.
Letter has Providence on his side" said a
manager OF one OF the big commission houses
on the ground floor of the board. 'He will
pull out with an immense profit. Europe has an
estimated shortage of 200.O 600. 900 bushels, and
looks to our stock for a great part OF its supply.
Wheat producing countIi les which have harvest
time between now and May are not prospering
very well, and although the figures received
here 10 no doubt that Letters position IL strong
or than any big bull has occupied for many
years. There is no war scare back of this rise.
as the wheat situation 10 not affected TO any
great extent by the possibility OF serious con-.
plicatiOns between the United States and spain,
except that 1t might impair the service OF the
merchant marine
AS a result of the days work on Change the
oldest traders are completely bewildered. bears
arc frightened by their own shadows. They
are-seized with panic. Nobody has any idea
what mark will be reached by May wheat. but
that II will go to 1928 there seems little doubt.