The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-08-18
up so CENTS.
Advance i'm Wheat Since Middle
of June.
Dealing on Chicago Board of
Trade Enormous.
100000 BUSHELS
Handled by One Commission
Firm in One Day.
others Sold from Eight to Ten
Millions.

Chicago, Aug. 1S.-A nervous crowd
of interested Spectators waited the tap
of the opening bell today on the board
of trade as eager to sell wheat as on
the previous day they had been to buy.
The price suffered a decline at the mo-
ment of opening, ranging from one cent
to about three cents a bushel. Later
prices had a sudden rebound, and May
wheat which was sold down to $1.0SA
at the start, jumped up again to SLIP.
The reason for the change in senti-
ment among the traders over night as
shown in the early trading, was the
failure of the weather bureaus forecast
of frost in the spring wheat country to
come true. There was nothing within
Is degrees of frost temperatures. AS
the price of wheat since the middle of
June last has advanced so cents a bush
el there were naturally numerous trad
ers who had made handsome profits and
the wheat they had been buying con-
stantly since then was the wheat that
was for sale as soon as the market op-
ened today. Hundreds of nervous wheat
owners hardly had got rid of their grain
when it was reported in a telegram
from Winnipeg sent by a well known
crop examiner who had gone up to
Manitoba that the rust that had ruined
the crops of Minnesota and the Dako-
las was at Work IN the BRUSH nOrCn-
west and threatened that part of the
country with a similar calamity.
How immense is the interest taken in
the grain market by people of all sec
uOnS may be judged from the fact that
one Chicago commission house bought
and sold for customers Is, 600 900 BUSH
els of the various kinds of grain yester-
day and other large houses sold from
5000, 900 to 10000, 900 bushels each.
The last hour of trading showed the
sentiment of traders again divided with
a strong leaning toward the bear side.
Conflicting reports from North Dakota
caused doubt as to the real seriousness
of the situation and the tirnid among
the holders of long line preferred to be
on the safe side. The close ON the May
delivery was easy at s1.o91A q SIS. a de-
cline of 19sc from the previous close.
Fresh Set of Bulls.
New York Aug. 1S.-There was a
general shifting around of the specula-
tive position in wheat today, on a vio-
lent opening break of cents a buShel,
carrying September down to $1.095s;
in the local market, and many big
holders took their profits and turned
their loads over to a fresh set of
bulls, who stood ready on just such a
break to assume the burden.
The result was an equally rapid recov-
cry but later the market again yielded
to a midday break that carried active
positions back again to within a cent
of their low price.
Failure of the predicted frosts to ap-
pear in Manitoba and the consequent
weakness of early Liver
pool cables in the face of yesterdays |
advance in American mar
kets, explained the disposition among
bulls here to take profits.
Germ declined a cent on reports of
good showers throughout the belt.
Rise OF 12 Cents.
London, Aug. 1S.-The condition of
the American wheat markets caused |
little effect on the produce exchange !
here. No excitement prevails. There |
has been rise of 2 cents. but there |
are few buyers. The furry in Ameri- |
ca caused a slight increase in the price |
of Russian and Argentine wheats.