New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-18
WHEAT SCARS HIGHER.
Wild Scenes in Chicago Pit-JuIy
Option Tops Dollar Mark.
IBy Tere-aph to The Tribune.

IF3y Z eETaph tn The Trihune.J
Chicago, May Livery pit on the Board Of
Trade went wild when July wheat topped the
dollar mark, the highest point of the year. at
IL o'clock this morning. The cry of 81 for July"
was echoed and re-echoed about the floor, and
brokers deserted other pits to crowd about the
wheat pit and watch the activity The entire
floor was mass of cheering brokers' who pulled
and tore at each other in riotous excitement.
The great rush of buying orders that poured
in the brokerage houses this morning
swamped the efforts of the selling crowd to stem
the upward flight Of the cereal. and gave the
shorts had few minutes. After the 81 mark
had been reached. July reacted to 991a cents.
where it lowered for some time. Then it went
up to 81 OPS closing at 81 OO1s. September sold
at 81 03l4, closing at 81 OlA. December sold at
81 O37s, closing at 81 %.
Hysteria in the wheat pit and open-mouthed
gaping wonder in the gallery characterized the
opening. In their frenzy to buy sell brokers
lost sight of prices and fluctuations violent
to the extreme, with quotations at times largely
guesswork. Within the first fifteen minutes Sep
, TENDER wheat had ranged from 971s cents to
81 0119 and back to 9924 cents. The high price
on Thursday was 81 00&.
July wheat traded in at the opening at
prices ranging from 96l2 cents to 9S cents. Enor
nous quantities changed hands between 81 and
9Tl2 cents Then it was suddenly whirled up
TO % cents. but the next moment dropped back
to IS cents
There was rush to sell at the opening to
secure profits. "Reaping the harvest was the
way one broker put it. These offerings over
whelmed buyers for the moment and forced
prices downward. but in the next breath the
market had been caught up by a fresh wave of
outside buying and the crest Of the sensational
! bull movement reached Again some of
! the professionals tried to stem the advance,
pounding the market viciousy, but soon
forced TO yield to the tide of speculation.
Apparently the buying craze is far from hav-
ing run ITS course. Commission houses all had
more orders on their books this morning than
at any time since the price touched the dollar
mark Improved weather for the crops. both in
this country and Canada. did not seem 10 put
any restraint on hullish enthusiasm The ex-
citelnent on foreign eXch&A was taken proof
| mat the world was facing q serious shortage of
breadstuffs, and that sufficient for Wall
Street, the Northwest and the country-at large.
In the volume Of trading all records including
those of the Letter Corner days and Of men
who went before him. were ecIipsed. according
10 the statements of traders who have been
the board for more than a generation. Even
the largest brokerage houses unable to
care for the mass Of orders sent them for exc
cutlon in the pit. Their private telegraph wires
were swampcd with business and their clerical
forces are working not only at top pressure
during the day, but the better part Of the night,
to keep track OF transactions.
Small orders TO buy or sell cannot be attended
to- In this record breaking market only trans
actions of moment are of sufficient Importance
to engage the attention Of brokers Incidentally.
+ The Fa4He 90 board memberships has scared 80
S2IW-douhlo the price OF month ago. Wall
street spectators. "hary Of erratic stocks have
come Into the grain market In force Fer- stl-
rope. for the first time i'm many years. is buy
ing directly from local dealers for future de-
livery.
The excitement IN tho local wheat rjt continued
yesterday and there was another sensational ad-
vance In the price OF tho cereal tho July future.
tho active option. jumping from s. pf, s. IS