The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1907-05-14
PASSES DOLLAR MARK
December Wheat On tie Chicago
Market Gees to $l.Oa.
EXCITING SCENES IN THE PIT
Entire Country Seemed to Be Back of
the Buying Movement and Brokers
Were Unable to Fiji Orders as Rap.
Idly as Received.

Were Unable to Fill Orders as Rap.
Idly as Received.
Chicago, May 1i-Wheat took
tremendous jump at the opening Of
tho board Of trade, initial prices show
ing a gain on the leading options of
Ia to 8 cents, the latter advance be-
Ing on the December delivery. which
sold at s103.
The opening on the board was the
widest and most excited that has
been seen In several years, the pre-
dictions made by the bulls on Satur-
day night that dollar wheat" would
soon be a reality being brought about
within a few calls after the opening,
both September and December selling
above the predicted price. December
going as high as S1.03. The trade was
too big and too broad to follow exactly,
but every commission house was
stacked up with buying orders which
were to take the wheat at the market
price. The feeling in the country that
the winter wheat crop has been badly
hurt was even stronger than on Sat
parts of the United States.
Many traders realized heavily on
the enormous bulge at the opening,
but the big demand continued and the
selling had apparently not the slight
est effect Prices continued to ad-
vance steadily. The Liverpool market
was reported strong and there was a
sharp advance at Minneapolis because
of small worlds shipments and un-
favorable weather In the Northwest.
The scene on the board Of trade for
the first half hour after the opening
was the widest that has been wit
messed 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 un-
able to buy within to 3 cents of the
expected price so rapid were the fuc-
tuations.
Whole Country Buying.
The entire United States seemed
to be back of the buying movement
and although the conservative traders
, on the local board seemed to be large
ly of the opinion that the advance was
too abrupt to hold the flood of buying
orders from the country continued and
1t was evident that for some time at
least the market would have ample
support
At 1924 the buying pressure, which
was responsible for the wild opening
Of the market. was less urgent. Long
wheat was being thrown upon the
market in large quantities and prices
were much steadier. The excitement
had so far subsidized that 1t was possi-
BILE for traders to execute orders with
some degree of certainty. The market
at this time had reacted considerably.
December wheat was down to 80,
cents below the high mark; Septem-
ber was selling at 98A cents and July
at 96 cents.
The market was comparatively quiet
after II o'clock and prices held steady
around 96 for July and 97B for Sep
tember. Numerous reports poured IN
from the Southwest as to the amount
of damage done by the green bug and
the buying orders from the country
continued in unabated volume. Pro-
fessional traders, however, sold heav-
lily and threw much long grain upon
the market.
Under heavy selling for profit all Of
the options sold off. July declining to
94B, September to 96h and Decem-
ber to 98N. The volume Of trading
was enormous and the strong buying
demand continued until the close.
Final quotations found the July OPP
tion up 4 cents. at 95% 095M. Sep
tembor was also up A cents, at OTIS.
December was 4ls cents higher. at
An1L