Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1907-05-17
DOLLAR WHEA 3 FAUT.


history OF the Chicago 30 . ogTrsdo. wh-ss
Monday shot past the d. lar mark. leavv
realizing sales pushed TIE pre- ackwa-d
somewhat, bnt at the closa Il market v
strong, and, according 70 TIE msJ2uy
spectators on the boari, 10 demand up0
which the late advance been nsdc Is
still unsatisfed. The - ady.0co Monday
for wheat was cents .at Jolly and Ser
tember options and Al eas q Tho De-
Der option. From the e, point OF NongGy
Of last week July whea has advanced ti
September has gone up IL the ID .em-
Der option the high poinl 8aa i6s rbavs the
low price Of last Mon, week
1t was a certainty is Il strong baige
would take place in DC vAeat marked 81
the opening. CounT orders ad poure'
in, seemingly in an eadless fesn, and, n
obedience to them brokers food ready ,
buy millions OF bushels al 30 market price.
Shorts were In q highly nssYoua condi.lCu
and were ready to cove The result Uaa
that as soon as the gone soUbded there vas
aterrifc roar of voices, al snzioos TO bpyi
and nobody offering TO 5el. The ifAdo vas
too big and too broad @ be followed With
any certainty. and bfosers fi'ac order.
frequently several ce rom shS
point at which they had acpe1 ~ buy
The confusion was 30 3tesg tbs, for q lev
minutes but little actual business wss irs1s
acted, the brokers fighting sod struggling
in 10 hold nf a OH &
or ct any price.
As soon as figures could b registered ii
the confusion the July option sold 40 where
between SO and "a, which wss It to 81 high
OF than the close of Saturday Blp.ambaf
opened at 95 TO 90, whleh was up 10
above the closing prices Of last week. Le-
cember showed wider range than either Of
the other options, as the opening quotations
for December ran at all figures between 961
and 103, prices which were II to cents
above the final quotations of Saturday. The
rush OF buying orders seemed to come from
almost every town in the United States
which was situated along telegraph wire.
They came from Winnipeg and from Lou
isiana and from points on the Pacific and
Atlantic seabosrds. The professional trad.
ers were Of the opinion that the opening was
little too vigorous and that the chance to
seize profits on lines of long wheat carried
over Sunday was tempting. As soon, there
fore, as trade steadied a trifle millions oil
bushels were thrown upon the market in
realizing sales. As result the advance for
time was checked. The buying orders
however, still poured In, and the market
again scared. Again the long wheat came
out and brought about reaction, and again
the country buyers forced prices up. The
situation was too strong for any man or any
clique of men TO stem. The country al large
seemed determined TO buy wheat at what.
ever price it could be had. There were nc
claims in any direction that the market was
being manipulated. The general opinion
seemed to be that the advance was based
upon natural conditions, which are certain
TO eurtail in large degree the worlds com.
Ing crop of wheat. Advices from all parts
Of the West and Northwest confirmed pre-.
vious reports Of damage by weather and by
insects. In addition, kilograms from the
Canadian Northwest declared that there
was still no possibility Of seeding in thai
district. and that every day OF delay mean
the loss of thousands of acres that nigh
otherwise have been sown to wheat.
Cablegrams reported the markets at Liver
pool and Budapest in highly excited con
dition, with prices advancing strongly. Liv
erpool was declared TO be affected by gloomy
reports from Russia, and it was the belle
Of many prominent commission men tina
Europe will be forced TO buy heavily in thu
American market, and that the American
market, instead Of being able to meet thi
demand, will be scarcely strong enough t.
supply such wheat as is needed for HON,
consumption. Such prominent traders q
VIM. II. Bartlett and James A. Patten de
clared that the conditions warranted tn
sensational advance in prices, declaring tina
the wheat problem for this year will be
difficult one for European buyers to solve
Among smaller traders predictions wer
made that before the present advance ha
stopped July wheat will 30 certainly owe
$1.25 and possibly to 81 80.