New-York tribune., 1907-05-12
WHEAT NEAR A DOLLAR
Wild Rush to Buy Stampedes CHI
cago Erchange-Prices Jump.
[By Telegraph to The Tribune. ]

Chicago, May 11.-There was the widest con-
fusion the Board of Trade has known in months
to-day when wheat approached the dollar mark
as the climax of the week of sensational price
advances. The bull crowd had stampeded the
pits and the buying element was in control. De-
cember wheat closed with rush at 90
cents. a gain of cents in the week while
July closed at 91%. a gain of "a cents on the
week. Frantic efforts to cover by the bears
who had not needed the warning of previous
days. added to the excitement. Operators went
into the pits and fought shoulder to shoulder
with their clerks in frantic efforts to fill the
rush OF orders to buy which poured in from all
the country
Strengthened by sensational news from Mani
toba that the late spring has assured a d.
mnished acreage, and by the adyiCes from crop
experts reporting rayages of the green bug, fol-
lowing the government crop estimate the mar
ket seemed to have no limit TO its ascent. It'd
ings of feet of snow in Wyoming, and OF
the appetite of the Kansas green bug have
added fuel to the current conhagratlon- Com
mission houses were so overwhelmed with busi-
ness that 1t was necessary to impress every
available man in service, and even then some Of
them were unable to I'LL all of the orders before
the market got away from them. Business
poured in from every part OF the country. all
of the outside markets forwarding orders with
out number.
on many Of the orders no limit was set. the
senders apparently being anxious 70 get into the
market at any price so thoroughly imbued were
they with the belief that wheat is headed for 81
or more. Some OF the leading houses traded in
millions ~ bushels during the first half hour
OF the session.
Tho wheat market yesterday was again violently
excited. and there was further sensational rise
in prices. tho advances being from I3ac 10 20 a
bushel IN the first half hour The trading was
enormous. and with prices easily going up and
profits in every purchase there continued and
persistent buying. Tho strength OF the foreign
markets. which showed an important response to
the American gain together with insistent com
plants from the Northwest and Manitoba, and the
influence exerted by the government report, ere
atcd immense volume OF speculative buying and
caused prices to he carried up with a rush
The developments In wheat this week character
tied the market Il one OF tho speculative leaders
The advance In the commission house trade might
easily be termed sensational. eliminating in the
Ipi-' Ipi,1 M :" 90, Gash wheat had Already
both here and and abroad. combined with the big
gest speculative interest that has been seen in
many years, accounted. II IS said, for most of tho
In = letter to the trade yesterday. Bartlett
hons on mis- side of the water Justified the ex-
Was desperate and that under no possible future
conditions could that section raise anything but a
In contradiction to tho report of conditions as
made IN the above letter was the statement made
yesterday I'm Chicago by the general manager Of
me lSG9" 1 aIwaVg optistic he said especially
in regard TO the Southwest. and see no reason
large losses I'm wheat in Texas and Oklahoma, and
some losses this side. but the main body OF the
phasis has been put upon drouth and cold weather
A person travelling through the winter wheat belt
apprehension the crops, and
none over the business situation"