New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-15
WHEAT PRICES HOLD.
TALK Is STILL BULLISH.
Heavy Profit Taking CheckS Ad-
uance. bit Close Is Firm.
L. Telegrarh ID - Trlbune ]


Chicago, May 14-Wheat graZed the aLufIhs
dollar mark on change to-day, and then dropped
back rs to = cents below the closing price OF
yesterdays sensational market, in the course OF
which the December option shot 10 81 % YET
Il was q great day for the traders for it kept
them in a fine suspense.
The word had gone out to take prohts ana SO
the wires from out Of town directly 10 the moor
of ,crapge were kept hot with orders, mainly
selling The market closed with prices on the
Jump, reports of heavy snowstorns in the
Northwest reaching the floor late in the day and
giving fresh impetus to the buying movement.
Julv wheat fully recovered from its early
sIrnlp. closing al 9594 cents just where It did
Yesterday September and December each
showed loss Of * the former closing at 97ia
and the latter AT 9Saa cents.
While the selling and buying proceeded in the
wheat pit on the floor, busy bunch Of traders
kept constant vigil on the blackboard bearing
the ever changing quotations from New York
s.. Louis Winnipeg. Duluth, Minneapolis and
Kansas City. OF course the figures there were
rroportlonately the same as those in Chicago
hut nevertheless they were consulted hundreds
Of times from the moment the bell opened the
trading until the end Of the days business at
! :.
The biggest fellows in the main are inclined
n the belief that the end is not vet in the
soaring Of prices, and the talk IS stn bullish
Walter Fitch, Of PrlngIe. Fitch & Rankin. is one
Of many big traders who say the market is
no. out Of shape. lie points TO The present sup
Ply, reduced acreage and late seeding The
event is free-for-al and the public is taking
profits as we'll as some traders who view the
situation correctly" he said to-day
Admittedly the public is playing big part in
determining wheat values. and professional
rrr5n-- -Tr.rr.
quotations
There was great excitement at the opening OF the
local wheat market yesterday and an advance OF
14o 10 Pic bushel. A flood OF prof. taking sales
however, aided ny better weather reports and a
sharp decline in cables, resulted in q pronounced
reaction, and the close was from i4c TO ac decline
Great feVerishness and irregula,ity prevailed
throughout the session. prices rising and falling
with great rapidly. but. as contrasted with Mon
days Wild and panicl.y conditions the market
after The monentary excitement at the outset was
notceaby qUieteT. Transactions did not approach
The huge volume OF the preceding day, but never
theless the dealings were on fairly large scale.
The professional element took the view that the
sensational rise had gone too far, and that reac-
ton, on technical conditions alone was in order
and they played the market accordingly. There
was heavy realizing on the part Of the public also
VINO We're inclined 70 convert paper profits into
Selling was also prompted by Secretary Wilson'S
statement thar the crop damage had been greatly
low reT7ra~sr~l e.a57f,,o - ,--5i-i,,,, - ]
ress in the Northwest where the soil is in excel
moisture Reports from the Southwest were also
more favorable TO the growing plant The bulls
weather would have tendency 10 increase the
Al midday wheat was off &c to SIC from the
opening price but toward the close there was
ker and prices illrrTed m again on -anorts o4
another blizzard in the Northwest. The closing
prices Were July, g oz54 September, 81 OPS; De-