Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-05-14
Brokers Loaded with BUying Orders from
All Parts Of dOuntry,
NET ADVANCE OF FIVE CENTS FOR July
Opening Sales Show Spread of About
One Cent.
EUROPEAN MARKETS ARE HIGHLY ExCnED
Buying Movement is Due Largely
90 UnfavOrRbIe Reports from
Nebraska, Manitoba and
Russia.

CHICAGO. May l2-In the most sensa-
tonal opening in the history OF the Chi
cago Board Of Trade, wheat today shot
past the 81 mark. Heavy realizing sales
pushed the price backward somewhat. but
at the close the market was strong and.
according TO the majority Of speculators
on the board. the demand upon which the
late advance has been made is stiIl un-
satisfied.
The net advance for wheat today was
cents for july and September options and
IA cents for the December. From the low
point Of Monday OF last week, July wheat
had advanced l3% cents. September has
gone up 15% cents and In the December
option the high point Of today was l6%
cents above the low price Of last Monday.
II a certainty that a strong bulge
would take place in the wheat market at
the opening. Country orders have been
pouring in seemingly In an endless stream
and in obedience TO them brokers stood
ready to buy millions 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 nothing to sell The
market was too big and broad to be fol-
lowed with any certainty and brokers
AAlNA bAAtAo AANAuNliAA9 NHilAo oWtAA AAbAAA
the point at which they had hoped to buy.
The confusion was so great that for a few
minutes but little actual business was
transacted, the brokers fighting and strug-
Cling in the effort to gst-hold Of wheat
from anybody or at any price. The July
options sold. soon as figures could be
registered out of the confusion. anywhere
between 90 and o. cents which IL TO
22s cents higher than the close of Satur-
day. September opened at 95 to SOC, which
was up 12s to ~ cents above the closing
OF Saturday. December had a wider range
than either Of the other options and the
opening quotations ranged at all figures
between s6Iz cents and S1.OS. This price was
III to s cents above the final quotations OF
Saturday,
Advance Temporarily Checked.
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 from all points on the Pa
chic and Atlantic seaboards. The profess
sional traders were of the opinion that
the opening was a little too vigorous. AS
soon as trade steadied a trihe millions OF
bushels were thrown upon the market in
realizing sales and the advance for time
was checked. The buying orders, however,
! stil poured In and the market scared up
again. Again the long wheat came out and
brought about reaction, and again ths
country buyers forced 1t up. The situation
| was too strong for any any clique
! OF men to stop. The country at large
{ seemed determined to buy wheat at
whatever price It could be had. There we're
no claims in any direction that the market
was being manipulated. The general opin-
| foF, 70 ha al
based on natural conditions which are GER
tain 70 curtail in large degree the worlds
coming crop Of wheat. The advices from
/ all parts of the west and northwest con-
! frmed all previous reports OF damage by
weather and insects, while the kilograms
| from the Canadian northwest claimed there
was no possibility Of reseedng in that dis
trict and every day Of delay meant the loss
of thousands Of acres that might otherwise
/ have been sown to wheat.
| Cablegrams reported the markets at Liv-
erpool and Budapest TO be in a highly ex-
cited condition, with prices advancing
| strongly Liverpool was declared 20 be
affected by gloomy reports from Russia and
II was the belief of many prominent COM
mission men that Europe will be forced
20 buy heavily in the American market
I and that the American market. instead Of
being able 10 meet this demand will be
scarcely strong enough to supply suOA
/ wheat as is needed for home consumptioa.
Such prominent traders as William H Bart
lett and James A. Patten declared that the
/ conditions warranted the sensational ad-
vance in prices. declaring that the wheat
problem for this year WIN be a dimcult
one for European buyers to solve. Among
smaller traders predictions were made that
before the present advance has stopped July
I'll .N..Har aH
sibly $50,
Rise Reelected in New York.
NEW YORK. May lS.-"Dollar wheat on
the Chicago Board Of Trade today was
reflected In a violent advance on the Pro-
duce exchange here. where trading assumed
tremendous proportions. July wheat opened
at S.OoSl al. O3h. an advance Of &c oysr sat
urday's close. September opened at u.Ol9
1.O8ss. an advance Of 4c. December jumped
from t1.Ol to s1O5ss at the opening, having
closed Saturday at s1Ois. In the FIRST hour
OF trading II is estimated 20O0OOO bushels
were bought and sold In the pit Severe
losses are said to have been sustained by
belated shorts.
Reports from the British grain market
Indicated panicky conditions because Of the
gloomy advicss from Russia and other con-
tinental countries. There was a wild rush
70 execute orders for both the long and
short accounts at the opening here. there
having been a heavy accumulation OF buy
ing orders over Sunday. Fluctuations were
violent and In some instances cent apart
The local traders vigorously pressed their
advantage. Heavy realizing on the ad-
vance did not appear 10 check the upward
movement. but after the first hour the
market became quieter.
! The nit fairly boiled with eNciteuent in
the FIRST hour. The execution OF each
heavy buying order with a resultant ad-
vance IN prices caused Wild demonstra-
ton.
During the afternoon there came a pause
In outside buying and prices fell on from
10 81 points from the extreme hish hg-
ures In the early advance The decline
was materially assisted By selling, which
began soon after prices began 20 run ahead
OF the quotations In Europe