The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-05-17
STORM
RULES BOARD
Brokers Worn to a Frazzel
by Continued Excite
ment in Wheat Pit.
CONFUSION IN ORDERS
Traders Pressed Into Service Get
Mixed And Add to
the Panic.

Chicago. May 17-Excitement ran riot
again today in the wheat pit. Nothing
dauntod by the show OF weakness at
the start OF the market this morning.
the bulls took hold with the same vim
and determination as in the previous
wild and exciting days OF the pres
ent week.
Every available corner OF the pit
was occupied by brokers who were
stepping over themselves in their
eagerness to execute orders. mostly OF
which were 10 buy and the main from
outside sources.
The pressing into service OF brokers
who have not been on change IN many
months has worked some hardships and
caused losses to several brokerage
houses. An order today TO buy nifty
thousand bushels of July wheat at
the market when the market was
selling around 9S cents was in
terpreted SELL" a new broker ex-
ecuting the order. Within five min
utes the market was selling around 80
cents, thus entailing a loss of $500 TO
the brokerage house for whom this
broker executes orders on change.
That it was a runaway market and
that the public are the largest indi-
vidual buyers may be seen from the
fluctuations today. July wheat opened
at 97jh to Sc and sold up TO 102h. an
other day OF a range of six cents q
busheL
Dementin Rules Pit.
II this kind OF q. market continues
4 much longer. Americana dement.nT
and paranoia brain will be the by-word
in LaSalie street. The market had q
lpotent factor the same class Of news
& as has been in circulation for the past
week Despite the fact that foreign
markets did not show the responsive
!; strength to our advance OF yesterday.
y traders pay no heed TO 1t whatever.
On the contrary they buy wheat in spite
of the foreign situation Nebraska.
Kansas, illinois, Iowa and Indiana all
furnished their quota OF the bull news.
Crop damage reports are as thick as
flies on molasses. Some OF them from
Kansas go so far as to estimate only
! half crop; while Nebraska reports
new invasion OF green bugs which Is
doing great damage.
| When the gong sounded at 1:15. the
} closing hour, the market showed an adj
vance OF about four cents a bushel for
) July, September and December wheat.
The close was strong and predictions
| lOI new 4l6h ASNN+ VI go -
{ every side.
The coarse grains Joined the bull
: procession In a modest way today.
= Early prices in corn showed a fair ad-
e vance with indications that the bull
e spectators are preparing a campaign
h in that cereal. An effort by bear op-
i orators to buy back short contracts in
{ July and September corn disclosed the
e fact that there was very little for sale
e Corn "Safe and Sane"
e There is nothing in the news t.
: cause an exceptional furry In corr
e values with the exception OF a sym.
pathetic advance to keep in line Will
wheat values and the possibilities o.
farmers refusing to sell the balance Of
their holdings at current prices.
There are indications that the sam,
upheaval will occur In the oats marke
: as the one now going on in wheat.
I Prices scored an advance Of almos
l three cents a bushel for all Of the &C
tive futures. making new high rec
ords for both July and September. Thi
same pests are at work in the oat iels
r that have damaged the wheat crop. Tn
bull and the farmer are certainly hav
ing q feast these days.