Omaha daily bee., 1914-07-29
WHEAT PRICES GO SOARING
Fluetuste Over a Range of Seven
Cents When War is Declared.
MANY DEALERS MAKE CLEANUP
Most of the wheat on the Market is
sold Mt the Top Price-HiEhest
Prices Are Predicted ~
AZ Trouble Continues.

Omaha grain men Tuesday witnessed
The widest wheat market since tho local
exchange has been IN existence. fluctua-
tons Of the September and December
options having range Of more than
seven cents per bushcl The longs were
in their element and st Is reported that
number OF the local grain concerns
cleaned up fortunes while the shorts
lost correspondingly.
The cause Of the wild market was due
TO the report that the European war was
a fact, instead OF rumor and talk and
that fighting was due to be started at
q moments notice.
September wheat opened around S3s
cents, with December at S5A cents. on
these quotations there was little trading,
but about 10 o'clock the report OF n
deolarstion OF war came over the New
York stock wire, quickly followed by a
confirmation over the Chicago wires
Then the market became wild, the two
options jumping up at quarter and half
cent clips, some OF the advances follow
ing one another with such rapidity that
the markers could hardly put them on
the boards before other advance quota
tions followed
Up and Then Down.
The advances we're usually quickly
followed by declines and subsequently
by more advances, each one above the
former. This continued until s9k cents
was reached on September and 95is cenSs
on December wheat. Then prices eased
off and there was a drop OF some three
cents per bushel
During the time when the fluctuation
was the greatest. covering the hour from
II o'clock to noon, the trading was not
unusually heavy, traders standing around.
watching the boards and wondering when
the end of the advance would be reached
Individual dealers and houses that had
been carrying long lines of wheat, how
ever. improved the opportunity and
closed out large quantities OF the cereal
at the top prices. With the shorts who
had been protecting the options, they
commenced to hedge. becoming buyers,
letting loose OF their holdings to the bes.
advantage.
The supply OF grain on the Omaha
market was fair. there being i2s cars Of
wheat; sixty-five Of corn and forty Of
oats. Practically all the wheat was sold,
most of II going at prices around the top.
The war news had some effect on corn
and oats, but the two grains were no.
where near ms active as wheat their ad-
vance, II was asserted being in a
measure due TO sympathy.
Many OF the local dealers are now pre-
dieting that " real war begins and con-
tinues. September wheat will reach 81
long before the option expires and that
December will go even higher.
Go Up mt the Close.
There was a lull I'm the trading In wheat
Just before the noon hour and the Sep
tember and December options sold off
the former running down cents and th'
latter nearly cents. Then came another
report that the war cloud In Europe
might spread over several countries, pos
sibly bringing England and France int
the conflict This was sufficient caus'
for the bulls TO put another boost unde
prices.
Until the close prices continued e
steadily advance. the closing quotations
being sess cents on the September an'
q5N cents on the December option, tn
TOD prices OF the day and clean ad
vance of almost 10 cents per bushe
within the last twenty-four hours
Rise of Sax Cents IN Chicago.
of the trade in wheat followed announce
m, today that war had been official
do rcd. Within few minutes the mar
ket touched a point about ) cents a bush'
higher than prices earlier In the sessio
and 2h cents above laHt night. Wild fluc
tuations ensued The r.se in the marke
was soon more than doubled, the septem
Der delivery jumping up TO Ss% cents. Q
about Sia cents above the minimum Valu
near the opening of business.
CHICAGO, July 2S.--It was nearly
half hour before the market became pal
TALLY steady. The range then average
10 "a cents a bushel higher as compare
with last night Reports that the Sci
Vian Parliament had conceded all the dc
mands OF Austria had aome effect in pre-
venting top prices from being fully mali
tanned. Neither provisions nor cerea
other than wheat made any remarkab
advance. although the feeling regardin
ali staples was strong
Tumultuous scenes not often equalle
in recent years characterized the wa
trading In wheat. The bulletin telling
ihe actual existence OF formal holtilti'
caught the pit nearly bare OF offering
sellers having become scaroer and scare'
after II was known that Germany ha
declined to take hand in the propose
peace conference at London.
Riaea Nine Cents iR Chicago.
CHICAGO, July 2s.-News of the m
bnization OF British battle squadrons can
5ust before the gong cleared the pit II
market closed wildly excited, with Sc
tomber at s29s cents a jump OF cents
bushel compared with twenty-four hou
before. The close was al the topmo
point of the day.
Scenes OF wild excitement marked Il
close OF trading at rs p. m. when 4
Dig gong sounded three times announcil
the close OF the day the big pit W
crowded with excited, perspiring broke
frantically shouting In effort 10 ex
cute as many orders possible eefo
the expiration of the time limit
There were hundreds OF men on 1
floor forming struggling mass and I
scene enacted win be long remember
By those who Witnessed IL. At times I
excitement surpassed anything Of tho XII
ever witnessed in the history OF &
board.