New-York tribune., 1909-04-08
NEW HIGH WHEAT LEY Ell
Europe's Estimated Need in Ncrt
-Four Months, $4,000, 900 Bushels.

Chicago. April On sensational opening wheat
on the Board Of Trade to-day reached the high
point. with one exception. in more than twenty
years May wheat touched 81 2524, and the July de-
livery 81 p The market closed strong at almost
the top.
Liverpool advanced yesterday and continued to
da-. being reported 2l7d to 3lqd Monday s
closing prices. An English authority startled the
trade with estimate that Europe would require
fifty million bushels from America within the next
four months. Where this is to come from no
trader was found to-day TO explain. AS indicating
the shortage Of the domestic crop 1t is stated that
Kansas City. great shipping point for winter
wheat. has been a heavy buyer at Minneapolis for
her mills.
How much the congested condition Of the May
delivery has to do with present prices can he ex-
plained only by the man who controls the market
and his only word is that supply and demand. and
not manipulation. responsible for the advance.
This trader has for months been accommodating a
line estimated at 2,5Hg9 bushels.
The highest previous price for May wheat within
twenty years was reached during the Letter deal
in 1895 when the price reached s. s.. At that time
the price Of bread in Europe, notably Italy, ad-
vanced SO that the peasantry suffered severely.
Letter, however, lost heavily on the deal.
The local wheat market opened yesterday with
sensational advance in the NAY option due TO
ports from Chicago that the Patten interests had
all but engineered a corner in the cereal for de-
livery in that month. Brokers fell over one
and the price Of May wheat rose cents
busbel 10 81 3I2 the highest It has touched since
the climax Of the famous Letter corner in 1895.
The T7ily and September options advanced in sym
pa-hv the former and the latter i cent, TO
s. 1Ss. and g. lpas. respectively.
Prices Of wheat also advanced on all the foreign
Grain markets yesterday, there being upturn Of
q. cents a bushel al Paris, cents al Berlin and
"a cents at Liverpool
After the sharp opening advance in the local
market Yesterday there came a reaction, due
r,rofr taking by the bulls. which carried prices
down about cent from the top. The bullish
mort of the Department of Agriculture, however,
which was issued at noon, caused another sharp
buving movement which again carried prices up TO
the high point the day. ard the excitement in the
nit 7yas renewed. The report indicated that this
wears harvest Of winter wheat viii he the smallest
IN five years, and this without allowing for the
acreage sown last-fan and abandoned during the
winter
The Hutchinson corner Of 1888 forced the price Of
wheat 10 g a bushel but except for this and the
Letter corner in 1898 the price touched yesterday
wears namely in April 1882. when It touched 81 ~;
in October. 1851. when It touched s. 1872, and in
January 1880. when It touched 81 32
The high price Of wheat has forced up the price
Of -four in some instances much 90 cents
barrel having added by the millers. The
standard price on the Produce Exchange yesterday
was Sc % as against s6 Monday and $ 50 at tie
beginning Of the year. The high price OF wheat is
expected to continue and millers are said to be
greatly concerned over the outlook