The Cairo bulletin., 1907-05-14
BULLS BATTLE TO
BUYDOLLARWHEAT
IN MOST SENSATIONAL DAY IN
BOARDS HISTORY PRICES
HIT HIGH MARK.
END is NOT IN SIGHT
And $1.25 or $3.50 July Wheat is Ex-
pected--Tremendous Rush Of
Buying Orders at Opening
Stalls All Transactions.

Chicago, May 13-In the most sen
sational opening In The history of the
Chicago board OF trade wheat toda,
shot past the dollar mark and at the
close predictions re made that be
fore the present advance Is stopped
july wheat will go certainly over
$l.25 and possibly TO $3.50.
Heavy realizing sales pushed the
price backward somewhat but at the
close the market was strong and ac.
cording to majority ofthe specula-
u RS on the board the demand upon
which the late advance has been made
is still unsatisfactory. The net adj
vancs today for wheat was cents
for July and September options and
4ls cents for December From the
low point Monday of last week July
wheat has advanced 13A cents. Sep
tember has gone up 1914 csnts and
December iGA cents
II was certainly that a strong
bulge would take place in the wheat
market at the opening Country orders
had bc en- poured in seemingly in an
endless stream, and in obedience to
them brokers stood ready to buy mil
lions of bushels Shorts Were In a
highly nervous condition and were
eager to covsr
The result was hat as soon as the
gong sounded there was terrific
roar of voices all anxious to buy and
nobdy offered to sell The trade was
too big and too broad to be followed
With any c rtainty and brokers filled
orders frequently several cents away
fro mthe point at which they had
hoped 10 buy
Confusion BaIks Transactions.
The confusion was SO great that for
q few minutes BIT little actual busi-
ness was transacted, the brok rs fight
ing and struggling in an effort to get
held of wheat from anybody or al any
price, July option sold as scon as
figures could be registered out of the
confusion, anywhere between 93 and
"a cents. which was IA to 2ss cents
h CHER than at the close Saturday.
September opened at 95 TO 80 cents
which was up ~ to SIS cents above
ths closing price of last week. Decem
ber showed wider range than eth
er of the other options and the open-
iny ran between 96ls cents and $103.
The price was / la to s cents aboy
the final quotations of Saturday.
Professional traders were of the
opinion the opening was too vigorous
and chance toseze profits on the
lines Of long wheat, carri over Sun
day was tempting. Soon, therefore
as trade steadled tr,fie, millions of
bushels were thrown upon the market
in realizing sales and the advance
fer a time checked. Buying orders
however. sill poured in and the mar
kct scared up again. Again long wheat
came out and brorght about reac-
ton and again country buyers forced
it up.
No Cry of Manipulation.
There were no claims in any direc-
tion thta the market was being manip-
Mated. The general opinion seemed
to be that the advance was based up
ON natural conditions which ars GER
tain to curtail. in large degree, the
worlds coming crop of wheat. Ad-
vices from all parts OF the west and
ne northwest confirmed the previous
, eports of damage by weather and in
sects while legrams from the Cana
dian nor Invest declared that there
vas still no possibility of seeding In
that district and that tvery day of de-
Law meant A loss of thousands of acres
that might otherwise have been sown
10 wheat.
Cablegrams ported the markets
al Liverpool and Budapest in highly
excited condition with prices advanc-
ing strongly. Liverpool was declared
to be affected by gloomy reports from
Russia and 4 was the belief of many
commission men that Eu-
rope would be forced to buy heavily In
the American market and that the
American market insead Of being able
o meet this demand will he scarcely
5 rcng enough TO supply such wheat
as is need 4 for home consumption.