The Birmingham age-herald., 1909-07-15
July Delivery Jumps From $12O to S127 in Very
 Wild Market
JAMES 4. EATEN FORCES
 SHORTS ID PAY HIS PRICE
Demand Is Fierce in the Wheat Pit as Shorts Hasten To Settle Up Accounts and Thereby Car
 ry Prices Upward.

Chicago, July 14.-Wheat for July de- stormy session on the board of trade today esta blishing a new high record mark for the season and giving promise of a repetition of the recent deal" head ed by James A. Patten and his col leagues in the May option. The top mark reached by the July delivery to- day was s1.27, compared with s1.2O, the closing figures of the previous day. The immediate causes of the buying furry which resulted in the sensa ational ad- vance was additional rainfall last night in Kansas an,l Missouri where the new crop of wheat is now being harvested. or is awaiting the visit of the thresher and dispatches from other Investing and wheat shipping sections of the country telling of damage to the new crop by excessive rains Numerous re- ports were received from points in Illf- nois. Missouri Kentucky and Tennes- see which claimed that the wheat al ready harvested is sprouting in the sh ock owing to the unfavorab1e wealth CT conditions.
 That the weather man" was still on the side of the bulls was shown by the official forecast for tomorrow for the principal wheat growing states in this country, which predicated additional thunderstorms over wide area throughout the central and western states.
 A large sleeping" short interest had existed for some time in the July op- ton and the action of the market to- day indicated that many of these traders had awakened to the serious aspect of the stuation, Leading coyn- mission house men and professional 1 traders are said to be the principal shorts. The elevator men, weeks ago bought wh eat In the fields in Kansas Oklahoma and other winter wheat states and hedged against their coun- try purchases by selling July in this market. Since that time wet weather has interfered with threshing opera tions and thus prevented prompt de- livery of the new crop in Chicago and the southwestern markets
 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 succeeding in merchandising the grain delivered to him during the closing days of the May corner and he now demands the wheat sold to him for this months de- livery. When shorts went to him early in the day with offers of settlement 1t 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 cents bulge.
 Twice during the day the pit was thrown into turmoil first when , cents was added to the price of the July delivery during the first half hour of trading, and again near the close when two more points were added to the total. Demand was so fierce at the start that the price between sales jumped from Ac to 1c at a leap A wild shout arose when the price touched SIPS, and predictions were freely made that s1.50 would be reached before the end of the month. The mar Ret closed at almost the top, final quo tations on July being recorded at $l.26ss to s1.26&.
 As result of the sharp advance in wheat prices flour was marked up loo to 20c for the best descriptions of old wheat variety while new wheat four was advanced 10c per barrel