The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1907-05-16
WHEAT PIT IN PANIC.
Dollar Mark Was Passed and $3.50
Predicted.

cagO BOARD OF lrade MONDAY When
in a twinkling wheat took skyrocket
course and shot over the dollar mark,
paused a moment and then edged up
another half cent, making the most
sensational opening known in the his
tory of Chicago Board of Trade. In
the brief period which interviewed be-
tween the opening and the closing of
the pit fabulous fortunes were won
and millions were lost, with the re-
suit that perhaps several prominent
brokerage firms may be precipitated
into bankruptcy.
The promised dearth in the wheat
crop is responsible for the sudden
rise of the great world staple and
brokers declared Monday night that
the price will in all probability con-
tinue to rise until it has touched the
81 so mark Others assert that before
the market is broken wheat will be
selling at 50 bushel, which was the
price reached during the Letter wheat
corner and panic, and not since the
Letter campaign has the Board OF
Trade seen the equal to the frenzied
bull struggle of Monday
Climatic conditions throughout the
country, which has suffered with ex-
treme cold weather together with the
ravages of the green bug" which
has destroyed thousands of acres oil
whe;t in Texas, Kansas and other
southwestern states, brought about
the present crisis. There was no man.
ipulation of the market, although
many brokers and Board of Trade
operators, anticipating the present
situation, have for weeks been buying
all the wheat they could secure. II
was the September option that SCARED
above the dollar mark, but the pre-
dictions of the operators who had
closely watched the agricultural situa.
tioon were fulfilled when July whea
ais was forced from 81 3-s cents ur
to 81 cents and closed at 95 "a cent.
a bushel, setting the wheat pit nearl,
crazy.
Just when the panic will end nc
one can tell and the feeling of uneasi
ness which overlook operators earl,
in the day became more aggravated
as the price continued to rise, ane
last night many brokers remained a
their offices mapping out plans fol
Tuesdays campaign
Indications are that at least on,
big operator was caught short and j,
financially embarrassed as a result o
the days market operations. Thi.
was indicated in a purchase of 500.
600 bushels of wheat by A. ". Bootl
& Co., on behalf of second person
whose name is withheld from tn,
public. The wheat is bought on TIL,
account of whom it may concern.
I'VE can not make public the NAM
of the purchaser" said one of tn
clerks at the Booth Office Monda,
evening, nor can we say whethe
the wheat was bought to cover vi
losses"
James A. Patten, who is reported I,
have. netted several hundred thous
and dollars in Mondays market, an
ticipated furthe.- rise in wheat Tues
day.
Il expect to see rise of 25 or s.
cents bushel on this market sail
Mr.. Patten. "The quotations tell tn
whole story 1t is sensational trade
but the conditions warrant it. Crop
all over the world are short and TIL
wheat problem this year will be
hard one for European buyers t.
solve"
Mr.. Patten is quoted as having sal
that he would not shave until whea
reached $3.50, but Monday night h
would not discuss the statement fur
Their than to say that he had not we
shaved and that he believed the SIS
mark would be reaced in few days
A. ]. Lichstern, one Of the big trad
ers who has been credited with larg
winnings for the last fortnight, is re
ported to have been short 5000, 90
bushels. Mr.. Lichstern said he wa
unable to make any statement as t,
what extent the market has affecte,
his interests.
Il can't tell just at present wher
stand, said Mr.. Lichstern, NOR do
know whether there will be a contin
ued advance in wheat. The whea
market is peculiar thing and ma
never knows when it will show sign
of eccentricity"
No man can predict where tn
present market will end, according t
John w. Roberts. president of tn
firm of Robert & o.,who have nette
thousands of dollars in the past TWEEN
ty-four hours.
There is bound to be smasl
some time, but just when it will com
no one can say"
That many brokers' were aware O
the shortage of wheat several month
ago and forecast the present advanc
is indicated in letters which were sen
out to customers as early as las
March, urging them to buy. One let
ter issued March by local oper
ator reads:
at looks to us as though wheat j
about ready for good bull. We ar
informed by reliable persons tina
bugs in the southwest have don
much damage. You will remembe
a few years ago when the green bu
put in its appearance and the effect
had on the wheat market"