Omaha daily bee., 1907-05-18
Volume Of Dealings Even Larger Than
During Letter Corner
NEWS FROM CALIFORNIA SURPRISING
Statement that Golden State Will Have to
Buy Ten Million Bushels.
BUYING ORDERS CONE FROM EVERYWHERE
Spectators Are beginning to Talk
of S1.25 Wheat-JuIy Reached
s1yO2 8-s and Closed
at 81 90 -.

CHICAGO, May l7.-wheat options for
July September and December all fed up
past the dollar mark today and stuck there
to the close, with the pit In a condition
which q local newspaper describes as
"brainstorm" Erstwhile mythical dollar
wheat being a reality, prophecy took on
new enthusiasm and talked of SIS wheat
1t was this sort OF talk. coupled with ret-
erations of previous short crop predictions
that brought flood of buying orders into
the market today and set a new record for
the volume of business done.
News from California was surprising. Or
dinarily that state is a good wheat pro-
ducer Today California bought half a mill
lion of wheat to be delivered at it's gran
aries and predictions from that state were
that California would need close to 10O0o,-
COO Of bushels ere long.
wild scenes in wheat Pit.
The scenes Of wild excitement which at
tended yesterdays sensational advance in
wheat prices were duplicated during
early trading today. The market however,
instead OF opening at a higher level. as
predicted by many showed sharp declines
on initial transactions, the losses ranging
all the way from hc to &c, compared with
final quotations Of the previous session.
within the first fifteen minutes, however
the market had not only regained all the
opening loss, but had in some cases ad-
vanced to a point of 1Hc above Yesterdays
closing. The July option opened at 951h@9Sc
and advanced TO 991zc. September. after
opening at g71kd99c, crossed the dollar mark
and touched $1.01. The December delivery
also touched Sl.O1 after opening a. 99ca$l.
The market advanced sensationally later.
! July bounding to $1.O29s and closing 1850,
over yesterday at S1.0Oh; September to
81 .O424 and closing 17sc up at N.Ol%, and
December to 81 .O3B "a new high record)
and closing with net gain OF 114c at 81 OH.
BY noon the market had become sensa-
tionally strong and the activity had ex-
tended into corn and oats. A new wheat
record was set when July. the most active
option at this season of the year. made
! a frenzied jump to $l.02, which was 315o
higher than yesterdays close September
! swept past the dollar mark without a sec
| onds hesitation and went in long jumps
| to 81 .O2%. The December option, which ear
| Iier In the week led the way to the dollar
mark eclipsed the other options at noon
by quotation of 81 .09%. The upward trend
of prices during the forenoon caused con-
siderable short selling among professionals
who play habitually for downward turn,
but the nationwide demand completely en-
quilted selling orders and figures continued
to grow on the blackboard almost as II
there were no sellers.
In the volume of trade all records, in
Guiding those OF the Letter corner days
and of men before him, were eclipsed,
according to statements OF traders who
have been on the board for generation.
Even the largest brokerage houses are un-
able TO care for the great mass OF orders
| sent them Their private wires are
| swamped with business and their clerical
| forces are working not only at top pres
| sure during the day, but most of the night
Small orders to buy or sell cannot be at
tended to- in this record-breakinB market
only transactions Of moment are OF suffi-
cient importance to engage the attention
| Of brokers incidentally, the value of
board memberships has scared to $500.
double the price a month ago. Wall street
SPECTATORS. chary of erratln stocks have
come into the grain market In force. Even
Europe, for the first time In many years,
is buying directly from local dealers for
future delivery.
The oats market also exhibited unex-
pected strength and surprised spectators
with an advance of SIC at one time.
July oats closed at a net advance OF 2ikc
at 4s5sc. The high points touched by wheat
were as follows: July, Sl.02ss; September.
aOsH; December, Sl.O37s. new higher
| record.
Bears Work of L1ttle Avail.
NEW YORK, May 17.-Bears in the local
wheat market made an attack on prices to-
day and succeeded in getting them down
" cent for the July option, nearly cent
for September and / cent for December
The lowest points reached were n.0Sk fol
July and September and $l05 for December
A rush OF buying orders from all parts
Of the country met this drop and prices
took sharp upturn, carrying July Il
81 O54h, a gain OF u cents over last nightI
closing; September to slO55s, a gain Of IL
cents and December to Sl.07h, gain oi
IL cents.
In the afternoon fresh buying trade
was started by the reports Of a heavy snow
at Winnipeg and July options went to F.OS
| representing over cents advance from
lowest and IA cents since the government
report This was followed by bad breal
under proft-talSing sales and the marks
closed unsettled at 2q21s cents advance.
|