Omaha daily bee., 1909-07-15
Recent Rainfall In Kansas and Mis-
souri, Indicate Small Harvest.
PATTEN DEAL MAY BE REPEATED
Shorts" Are Alarmed Over Situation
Confronting Them.
MUCH TURMOIL IN THE PIT
Flour Goes Up Ten and Twenty Cents
Higher As Result of Raise in
wheat-wiId shouts Accom-
pany Advance.

CHICAGO. July l4-wheat for July deliv-
ery advanced cents during a stormy ses-
sion on the Board of Trade today. estab-
fishing a new high record mark for the
season and giving promise OF repetition
of the recent deal headed by James A
Patten and his colleagues in the May op-
ton. The top mark reached by the July
delivery today was S127. compared with
81 90 the closing figures OF the previous
day.
The immediate cause Of the buying furry
which resulted in the sensational advance
was the additional rainfall last night in
Kansas and Missouri, where the new crop
of wheat is now being harvested or Is
awaiting the visit of the thresher, and dis
patches from other harvesting wheat ship
ping sections Of the country telling of dam
age to the new crop by excessive rains.
Most Reports Indicate Shortage.
Numerous reports were received from
points in Illinois, Missouri Kentucky and
Tennessee, which claimed that the wheat
already harvested is sproutlng in the
| shocks owing to the unfavorable weather
conditions. The official forecast for tomor-
row for the principal wheat growing states
in this country predicts additional thunder
storms over a wide area throughout the
central and western states.
A large sleeping" short interest has ex-
listed for some time in the July option and
the action Of the market today indicated
| that many Of these traders had awakened
to the serious aspect of the situation. Lead
| ing warehouse men and professional
traders are said to be the principal shorts.
The elevator men weeks ago bought wheat
in the fields in Kansas. Oklahoma and
other winter wheat states and "hedged'
against their country purchases by selling
July in this market. Since that time wet
! weather has interfered with threshlng
operations and prevented quick delivery
Of the new crop in Chicago and the
southeastern markets.
Patten Demands wheat.
There is practically no wheat suitable
| for delivery on contracts in this city at
the present time and what little there is
belongs to the Patten interests. The leader
of this clique succeeded in merchandising
the grain delivered to him during the clos
ing days of the May corner and he now
demands the wheat sold to him for this
months delivery.
When shorts went to him early in the
day with offers OF settlement, II is claimed
they were told to buy the grain In the
pit. The attempt to carry out this line
of action was the cause of the 7-cent
bulge.
Twice during the day the pit was thrown
into a turmoil. first when cents was
added to the price Of the July delivery dur
ing the first half hour of trading and
again near the close when two more points
were added to the total. Demand was sc
fierce at the start that the price between
sales jumped from 4 cent to 1 cent at g
leap Wild shouts arose when the price
touched s1.25, and predictions were freely
made that $50 would be reached before
the end of the month.
The market closed at almost the top
final quotations on July being recorded a
81 2G4sql. 2624. AS a result OF the sharp ad
vance in wheat prices flour was marked
up 1O92O cents for the best description.
Of old wheat variety while new wheG
flour was advanced 10 cents per barrel.