Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1907-05-16
A BULGE IN WHEAT
Opening on the Board Of Trade In
Chicago Was the Widest
IN Years.
SPECULATIVE PRICE SCARED
Gold for December Delivery at $t.o3
Reports Of Cold Weather In
Z Northwest and Damage to Crop
In Southwest the Cause.

Chicago, May 14.-Wheat took 9
tremendous jump at the opening Of
the board Of trade Monday, initial
prices showing a gain In the leading
options Of / IA to eight cents, the lat
ter advance being on the December
delivery, which sold at S1.03.
The opening on the board Of trade
was the widest and most excited that
has been seen In years, the predic-
tons made by the bulls on Saturday
night that dollar wheat" would
soon be realty was brought about
within q few calls after the open
ing, both September and December
selling above the predicted price, De-
cember going as high as $1.O3. The
trade was too big and too broad to
follow exactly but every commission
house was stacked up with buying or
ders 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 Saturday and the
demand came from all 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 be-
cause Of small worlds shipments and
unfavorable weather In the north.
west.
At 10 o'clock July wheat was sell
ing at 95 7-8 and September at 81 5-S,
both having dropped back somewhat
under selling pressure.
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 two to three cents
Of the expected price, SO rapid were
the fluctuations. The entire country
seemed to be back Of the buying
movement and although the con-
sentative traders on the local board
seemed TO be largely Of the opinion
that the advance was too abrupt to
hold, the flood Of buying orders from
the country continued and 1t was evi-
dent that for some time at least the
market would have ample support.
At 10:45 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 steadie. The excitement
had SO far subsidized that 1t was pos
sible for traders to execute orders
with some degree Of certainty. The
market was comparatively quiet after
IL o'clock, and prices held steady
around 06 cents for July and o. 7-Sc
for September. 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 una
bated volume. Professional traders,
however, sold heavily and threw
much long grain upon the market.
Under heavy selling for profit all |
nj the options sold off. july declining
n "a 6-Sc; September TO vs. l-sc. ann
December to W 7-Sc. Inc yolume OF
trading was enormous, and the strong
buying demand continued until the
CLOGS. Final Quotations found the
July option mp four cents above the
close Of Saturday, at s5%0x
September was also up four cents
e7kc December was AZ cents higher
st aaHe,