Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1911-09-26
AC1OEFEA1SENOS
WHEAT SOARING
AFTER WILD SCENES IN MINNIE.
APoLls CHAMBER, DEcEM.
Der ADVANCES 6 CENTS.
ORDERS FOR 100000 BUSHELS
Heavy Declines In Wall Street Stocks
Partial Recovery Follows
Bear Drive Against Steel
and Hill Roads.
ORDERS FOR 100000 BUSHELS

Minneapolis, Sept. 23.-Wild scenes
we're witnessed in the wheat pit when
the chamber of commerce began bust
ness and the price advanced SIS cents
in five minutes, scoring 6 cents ad
vance before the day was over. While
frantic brokers fought to fill buying
orders for wheat in Minneapolis,
heavy declines occurred in Wall
street. Steel common fell 5 points,
Canadian Pacific advanced Az, Great
Northern and Northern Pacific fell
2 points, 500 went down S points,
Union Pacific was strong, and Wis
consin Central up from As to 491a.
Barley went up s cents in Minneap-
oils. Flax, corn, oats and rye also
registered material advances.
Wild-eyed grain brokers, Selling
kilograms that were rushed to them,
dashed into the pit to fill orders, but
the price went up SO fast that they
could not get them filled without pay.
ing up for the wheat.
Rush Of Country Orders.
North Dakota alone sent into Min
peapolis buying orders for 100000
bushels of wheat.
Messages from Fargo, Grand Forks.
Minot and Devils Lake to Minneapolis
grain commission firms. said that the
towns were filled with farmers who
had stopped their theshing or other
farm work and were in town to cele-
brate and talk over the defeat of reci.
procity.
From towns like those named, and
from Comstock, Sioux Falls, Aberdeen
and other places where Minneapolis
brokers maintain branch offices with
private wire connections, the orders
to buy wheat We're heavy.
Immense Amount Sold.
Buying directions for five million
bushels or more came in before the
noon hour in the form of orders for
5000 and 10000 bushels from towns in
Minnesota and the Dakotas, and some
from western Canada points.
Meanwhile the local element that
trades in privileges or puts and
calls" found themselves obligated on
sales Of a million or more calls at
prices from $1.06A to $1.07, and they
started to cover. Chicago held back,
after q moderate advance. but Min.
neapolis kept climbing.
The advance was SO sudden and di.
rect that reaction followed, December
wheat going back from $1.O9 to
S1.07%, and May. which had risen from
t1.O7A to $1.12A, came back to
t1.11%. But the excitement broke out
airesh along towards the noon hour,
December went to another high point
at $1.09M and May bounded up to
$1.13%. Then the last of the short
sellers bought in, December shot up
to $1.10A and May to $1.14A. De-
cember closed at $1.095s @l.O9A, and
May at $1.13%.
Calls" for December wheat, sold on
the curb, after the close at $1.13 or
lA@4A cents above the closing price
Of the option, difference greater
than for years and witnessed only
few times before during periods of
great excitement.
SIumps In Stocks.
In the stock market, Steel common,
that had declined from 63 to So Thurs
day, fell quickly to 53A, and Steel pre-
terred that had been ia and had de-
clined before the close to 1O6, was
down to 1881. Great Northern fell
from $124k to 1904, Northern Pa
cific 10 from 1141s to 1925 and other
stocks We're proportionately weak, ex-
cept Union Pacific and Canadian Pa
cific, which were stronger.
Local traders who stood about the
tickers and saw stocks go sliding
downward were surprised to see them
turn suddenly and start up again later
In the day. Steel came up to 57A,
Northern Pacific to ia and Great
Northern to 1913. Canadian Pacific,
against Yesterdays close at 224A, sold
up to 2295s.