The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-05-13
Chicago Board of Trade Flooded
With Buying Orders.
December Wheat Makes a Jump
of 8 Cents.
is WILD AND EXCITED.
No Market Like 1t Since Letter
Corner in '9S.
Brokers Make Frantic Efforts
to Fill Requirements.

Chicago, May 13.-Wheat took tre-
mendous jump at the opening of the
board of trade today initial prices
showing a gain in the leading options of
Ia to cents, the latter advance being
on the December delivery, which sold
at $1.03.
The opening on the board of trade
was the widest and most excited that
has been seen in years, the predictions
made by the bulls on Saturday night
that dollar wheat" would soon be
reality was brought about within a few
calls after the opening, both September
and December selling above the pre-
dicted price, December going as high
as $103. The trade was too big and
too broad 10 follow exactly but every
commission house was stacked up with
buying orders which were to take the
wheat at the market price. The feel
ing in the country that the winter
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 slightest effect.
Prices continued to advance steadily.
The Liverpool market was reported
strong and there was a sharp advance
at Minneapolis because of small worlds
shipments and unfavorable weather in
the northwest.
At 10 o'clock July wheat was selling
at 977s and September at 975s; 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-
a 70 hIIx WI a 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 conserva-
tive 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 coun-
try continued and it was evident that
for some time at least, the market
would have an. pie support. sa
At 10:40 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 subsided that it was pos
sibIe for traders to execute orders
market at this time had reacted con-
sidera bly,. December wheat was
down 80 cents; four cents below the
high mark. September was selling at
9SA cents; July at 96 cents. May
was nominally at 961 1s cents.
The market was comparatively
quiet after IL o'clock and prices held
around 96 cents for July and at 97%
cents for September. Numerous re-
ports poured in from the southwest
as to the amount of damage done by
the green bug and buying orders
from the country continued in un-
abated volume Professional traders,
however, sold heavily and there was
grain upon the market
Under heavy selling for profit all of
the options sold off July declining to
$3.50 The volume of trading was enor- |
nous and the strong buying continued
until the close. Final quotations FOUND |
the July option up four cents above the
close of Saturday at 955s@95Ac. Septem- |
ber was also up four cents at 979sc. De
cember 41sc higher at 991sc.
Extends to New York. i
New York, May 13.-"DolIar wheat" /
on the Chicago board of trade today |
was reflected in violent advance on |
the produce exchange here, where trad |
ing assumed tremendous proportions. |
July wheat opened at $1.00% to $1.0617, |
an advance of four cents over Satur-
days close. September opened at $1.Ol
and $1.03as, an advance of four cents.
December jumped from s1.04 to $1.05%
at the opening, having closed Saturday
at $1.01%. In the first hour of trading
it is estimated over two million bushels
were bought and sold in the pit. Severe
losses are said to have been sustained
by belated reports.
Reports from the British grain mar
ket indicated a panicky condition for |
the first time in years, because OF the
gloomy advices from Russia and other
continental countries There was a wild
rush to execute orders for both the long
and short accounts at the opening here,
there having been heavy accumula-
ton of buying orders over Sunday