The Pensacola journal., 1907-05-14
Shoots Past Dollar Mark and
May Go to S1.25 and
S1.50 in Day or Two.
Widest Scenes In Pit Since
Great Letter Corner
of Year 1898.
OLD TRADERS BELIEVE PRICE is
BASED ON NATURAL CONDl-
TIONS UNDER WHICH 1T IS
THOUGHT WORLDS CROP WILL
BE VERY SHORT.
Nv Associated Press,

Chicago, May 13.-ln a most SenSa
tional opening of Chicago's board OF
trade. wheat today shot past the dol
lar mark. The net advance was for
July and September, with options OF
four cents and four and an eighth
cents for December. From the low
point of last Monday, July advanced
thirteen and three-fourths cents, Sep
tember fifteen and three-qUarters, and
December sixteen and three-quarters.
The confusion was so great that for
a few moments little actual business
was done After trade -steadied, mil
lions of bushels were thrown on the
market in realizing sales and the ad-
vance was checked temporarily. Buy
ing orders still poured in from all
parts of the country and prices
scared again.
The general opinion. seemed that
the advance is based on natural con-
ditons which will certainly curtail the
worlds coming wheat crop. Proml-
nent traders declare conditions war
rant the advance and ,others predict
the present rise viii reach S1.25 or
$3.50.
Wild Scenes at Opening.
The opening on the board was the
widest and most excited that has
been seen in several years, the pre-
diction made by the bulls on Satur-
day night that dollar wheat" would
soon be a reality. was, brought about
within a few calls after the opening,
both September and December selling
above the predicted price, December
going as high as. 81 93s The trade was
TOO big and too bread TO follow -ex-
actly. but every commission house
was stacked up with buying orders.
which were to take wheat at the mar
1et price The feeling in the country
that the winter wheat crop has been
badly hurt, was even stronger
than on Saturday, and the demand
came from all parts of the United
States.
Many traders realized heavily on
the enormous bulge at the opening,
but the bid demand continued to ad-
vance steadily The Liverpool mar
ket was a sharp advance at MinneapO-
lis because Of small worlds ship
ments and unfavOrable weather in
the northwest
At 10 O'Clock July wheat was sell
ing at 95 rs cents, and September
at 81 5-S cents, both having dropped
back somewhat under selling pres
sure.
Recalled Letter Corner.
The scene on the board of trade
for the first half hour after the open
ing was the widest that has been
witnessed there since the collapse of
the Letter corner in 1898. Brokers
made the most frantic efforts to fill
orders for wheat but in many cases
were unable to buy within or 5
cents of the expected price. so rapid
were the fluctuations. The entire
country seemed to be back of the buy
ing movement. and although the con
servative traders on the local board
seemed to be largely of the opinion
that the advance was too abrupt to
hold the fiCOd, buying orders from the
country continued, and it was evi-
dent that for some time. at least. the
market would have ample support.
At 1915 buying pressure, which
was responsible for the wild opening
of the market. was less urgent. Long
wheat was being thrown on the mar
ket in large quantities and prices
were much steadier. The excitement
had so far subsided that it was pos
sible for traders to execute orders
with some degree of certainty. The
market at this time had reacted con
December wheat was down
to % cents. cents below the high
mark September was selling at 9S
IA cents and July Il 90 cents. The
May option was nOminally 90 Is