Los Angeles herald., 1907-05-14
the Most
Sensational in
History
Predicted Price Will Go
to 125, Poss bly,
to 150
Orders to Buy Come from Every State
In the Unlon-SpecuIators
Fight for Su-
premacy

By Associated Press.
CHICAGO, May 13.-In the most
sensational operation in the history
of the Chicago board Of trade wheat
today shot past the dollar mark.
Heavy realizing sales pushed the price
backward somewhat but at the close
the market was strong and according
to a majority Of spectators on the
board the demand upon which the late
advance has been made is still un-
satisfied.
The net advance for wheat today
was 4 cents for the July and Septem-
ber options and 1-8 cents for the
December. From the low point of
Monday Of last week July wheat has
advanced 13 3-4 cents. September has
gone up 15 ga cents and in the De-
cember options the highest point Of
the day was 16 ga cents above re
low price of last Monday
1t was a certainty that a strong
bulge would take place in the wheat
market at the, opening. Country or
ders had been poured in in a seeming
ly endless stream and IL obedience to
lions of bushels at the market Shorts
were in a highly nervous. condition
| and were eager to cover. The result
was that as soon as the gong sounded
there was a terrific roar Of voices, all
anxious to buy and nobody offering to
sell.
The trade was too big and too broad
to be followed with any certainty, and
brokers filled orders frequently several
cents away from the point at which
they had hoped to buy.
The confusion was so great that for
a few minutes but little actual busi-
ness was transacted, the brokers fight
ing and struggling in the effort to get
hold of wheat from anybody or at
any price. The July option sold as
soon as figures could be registered out
of the confusion anywhere between SO
and 81 cents, which was / IA to 2 3-8
cents higher than the close of Sat-
urday. September opened at 95 to SO
cents, which was UP l 3-8 to 2 S-4
cents above the closing price Of last
week. December showed a wider
range than either Of the other op-
IlOllo, dllu IHc OpCIlllS Idll
at all figures between SO cents and
$1.03. This price was / 1-2 to cents
above the final quotations Of Saturday.
Orders from Everywhere
The rush of buying orders seemed to
come from almost every city in the
United States which was situated along
a telegraph wire. They came from
Winnipeg and from Louisiana, and
fa pT1 nd 10
seaboards. The professional traders
were of the opinion that the opening
was a little too vigorous and the
chance to seize profits on lines of long
wheat carried over Sunday were tempt
ing
AS soon, therefore, as trade steadied
a triflo, millions Of bushels were thrown
on the market on realizing sales and
the advance for time was checked.
The buying orders, however, still
poured in and the market scared up
again. Again the long wheat came out
and brought about reaction and again
the country buyers forced 1t up. The
situation was too strong for any man
or clique of men to stem.
The country at large seemed deter
mined to buy wheat at whatever price
it could be had. There were no claims
in any direction that the market was
being manipulated.
Crops Will Be Small
The general opinion seemed to be that
the advance was based upon natural
conditions which are certain to cur
tail in large degree the worlds coming
crop of wheat. The advices from all
parts Of the west and northwest con-
firmed the previous reports of dam
age by weather and by insects, while
kilograms from the Canadian north
west declared that there was still no
possibility of seeding In the district
and that every day of delay meant the
loss of thousands of acres that might
otherwise have been sown to wheat.
Cablegrams reported the markets at
Liverpool and Budapest to be in a
highly excited condition, with prices
strongly.
Liverpool was declared to be affected
by gloomy reports from Russia, and 1t
was the belief of many prominent COM
mission men that Europe will be forced
to buy heavily in the American mar
kets, and the American market instead
Of being able to meet this demand will
be scarcely strong enough to supply
wheat needed for home consumption.
Such prominent traders as William H.
Bartlett and James Patten declare that
the conditions warranted the sensa-
tional advance in prices, declaring that
the wheat problem for this year will
be difficult one for European powers
to solve Among smaller traders pre-
dictions were made before the present
advance has stopped July wheat will |
go certainly over 125 and possibly to
l50.