The news-democrat. (Providence, R.I.) 1906-1909, 1907-05-14


of the widest excitement wheat yesterday
reached and passed the dollar mark for
the first time In three years. The wheat
pit was in "A turmoil Loaded with thou
sands of orders 10 buy. the brokers on
tho broad floor dsheveled and hoarse.
pushed, struggled and even fought to
place their orders.
The demand was enormous and the
market closed firm. with prices for the
several options close upon or over dol
lar Prediction were made that before
the present advance has stopped July
wheat will certainly go over $i.25 and pos
sibly to $3.50.
The public bought in big quantities.
The orders came from all over the coun-
try. and the efforts OF the brokers 10
I'll them nearly paralyzed the activities
of the pit at the opening Of the trading.
When the. gong changed roar OF voices
all offering 20 buy and none wishing TO
sell. broke forth. For a time the floor
was in confusion and little actual busi-
ness was transacted AS the frantic trad
crs clinched and shouted and shed their
collars and portions Of their clothing
under the clutohing hands OF their eager
colleagues. From the balconies an eager
crowd looked down upon the pande-
monium. and the throngs that beseiged
the doors OF the Board OF Trade in an
effort to gain admlttance were on the
verge Of n riot
AT THE DOLLAR MARK.
When September wheat touched the
dollar mark the air was filled with rain
OF small objects thrown on high by the
excited brokers, while the cheers OF the
traders and the shouts OF the spectators
in the galleries we're deafening. In the
turmoil one woman lost her balance i'm
leaning over the rail and norrowly es-
capped falling TO the floor
July option sold anywhere between 90
and a. which was IA to "a cents higher
than the close OF Saturday. September
opened at 95 to 60 which was up 12s to
5ss above the closing price OF last week.
December showed wider range than
either OF the other options, as the opening
quotations for December ran at all fig
Wes between 96la and l03. prices which
were Ia To cents above the final quota
tions of Saturday
The rush Of buying orders came from
Winnipeg and from Louisiana and from
points on the Pacific and Atlantic
boards. The professional traders were Of
the opinion that the opening was little
too vigorous, ana tlat the Cnance To
seize profits on lines of long wheat car
ried over Sunday was tempting As soon.
therefore. as traders Steadied a trifle,
millions OF bushels were thrown upon
the market i'm realizing sales.
AsN result the advance for a time was
checked, the buying orders. however.
still poured in, and the market again
scared. Again. the long wheat came oVrt
and brought about a reaction and again
the country buyers forced prices mp. The
situation was too strong for any man or
any clique OF men TO stem. The country
a large seemed determined TO buy wheat
at whatever price II could be had There
were no claims i'm any direction that the
market was being manipulated The gen
eral opinion seemed 10 be that the ad-
vance was based upon natural conditions.
which are certain 10 curtail In large de-
gree the worlds coming crop Of wheat.
sHoTAGE ENORMOUS.
The condition OF the crop has. II is be-
lievad, deteriorated greatly since the pub
lication OF the governments report OF
acreage and conditions. and the decrease
in America alone, according to conserva-
tive traders. will amount 10 at least 1O0,
100000 bushels. Yesterday mornings ad-
wise from the Northwest. instead OF in
dicating an Improvement in weather con-
ditions, showed that there was no imme-
diate prospect for the starting OF spring
seeding Snow was falling on the Cana
said tn be frozen from bank to bank.
Abroad. prospects are little II any bet-
ter From Russia, Austria, Roumana
and Germany come stories of damage In
calculable. Dry hot weather in Russia
and Austria have made conditions all but
hopeless. while the crop in Germany has
never been recovered from the effects of
the colder weather early in the season.
Experts are estimating the European
shortage at from 2000o0,000 to 30O0o0.0o0
bushels which. II true. would run the
worlds total shortage to 100000 900 TO 500.-
100000 bushels.
NEW, YORK EXCITED.
New York MAY 14-"Dollar wheat i'm
the Chicago board of trade yesterday
was reflected in a violent advance on the
Produce Exchange here. and trading
sumed tremendous proportions. attended
with much excitement. The entrance OF
the public into the local grain market
was feature OF the days trading. July
wheat opened at s1.O0& TO $t03h, an adj
vance OF cents over Saturdays close of
e9h cents, while September wheat opened
at s1.Ol and S103ss. an advance of 4 cents
over 99r cents, the close Saturday an
s10i%. Tn the first hour II is estimated
that over 2Oo0,Ooo bushels were bought
and sold I'm the pit. Severe losses are said
TO have been sustained by the belated
shorts.
During the afternoon there came
pause In the buying and prices fell of
from 1 TO sac. from the extreme high
figures. The decline was assisted by SELL
ing which started soon after prices began
20 run ahead OF the quotations in Europe.
OMAHA TRADERS BULLISH.
Omaha. Neb.. Nav IA special train
filled with a committee OF 20 members or
the omaha Grain Exchange. which has
been making a tour OF investigation OF
the Nebraska and Kansas wheat fields,