Omaha daily bee., 1907-05-20
Practically All the Selling 60 Far Has
Been to Realize Profits.
:RoP SHORTAGE PROCLAIMED BY BULLS
Liverpool Exporters Have Bought Large
Quantities in Chicago.
EXCITEMENT is LIKELY TO CONTINUE
Brokers Insist There Has Been No
Material Change In the Crop
Conditions in Any wheat
Growing Section.

CHICAGO, May 19-rhe past week, with
its dollar wheat" has been an historic
one in the history OF the Chicago Board
OF Trade. While statistics on the quantity
Of which which changed hands are not
obtainable, the assertions OF veteran
traders that the volume of business was
OF unprecedented proportions may be safely
accepted. There have been many wild ses-
sions in the wheat pit before, notably when
corners were being run, when prices
huctuated more violently-when small
cliQues made or lost.-mostly lost imposing
fortunes, but never before has there been
a broader or better sustained general
market
Never before have grain brokers done a
larger business. For more than a week
when the rest of the city was asleep the
lights In their offices were abiaze, where
heavy-eyed clerks worked into the small
hours trying to keep track Of the business
oohe' Hardly house in town has a suffi,
cieht force OF clerks in the pit to fiIl the
oroers winch are pouring in from Maine to
California nor are there enough wires tn
handle the mass of daily business. The
inevitable. therefore, has happened and
only the larger orders are considered T.,
the language OF the pit, 1T is no msrl,o,
for a piker."
Weather the Great Factor.
Crop reports, private and public 81.
so.emn verdicts of experts" statistics
Official and unofficial crop estimates and tho
enticing literature Of the commission
houses, which are growing rich ON com.
missions alone, vary noticeably in detail
but they are practically united in the state
ment that the world cannot grow this wear
all the wheat II needs to consume Minor
Items such as green bug damages and
the like. have been made much of. but
the weather here and abroad is the ALI.
influential factor. Spring has been so late
that the whole country has observed IL
and bought wheat. Even Liverpool import
ers' who usually work for cheap wheat
In America, have bought directly I'm this
market, precautionary measure thev
were compelled to take in the face Of the
probability that their action would '.buIi's
prices still further. They bought early
in the week at what would now be caIled
bargain prices. The majority of traders
proclaim loudly still higher prices, but
take profits on good advances.
One house alone has come out with n
note discordant to the chorus, declaring
that the market is one manufactured bv
big houses who have made a mountain
OF damage out of a molehill of unsatisfao-
tory weather and green bugs
Prices during the week have been an
index of the relative strength of two
forces-buying against a. crop shortage, and
selling, not in the belief OF a good crop,
but TO secure profits The week ended
with the indicator pointing to the success
of the bulls, with May wheat showing a
net gain Of ~ cents; July, ~ cents; Sep
tember 3& cents. and December OF 81
cents
Dollar wheat n Reality.
Dollar wheat" became an actually last
options both passed that mark. Tuesday
and Wednesday profit-taking sales were
enormous, but prices receded very stub
bornly and kept we'll above the level at
which the market had begun the week
Thursday the market again advanced ex-
citedly and on Friday all records for the
session were broken when July went to
Sl.O2A, September to s1OSh and December
TO SlOS7s. The close showed these three
options still over 81. Saturday brought
forth another deluge of proit-taking sales,
together with a great deal OF purely spec
ulative short selling. but heavy as was
this pressure. the reaction in prices was
not serious as affecting the net advance
OF the week.
This week promises TO furnish further
speculative excitement. for there has been
no material change in crop conditions re-
ported