Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-07-30
ADVANCE OF CENTS IN P1RST
MINUTE OF TopATo
TRADING.
MAY OPTION GAINS
NEARLY . cENTo
Deferred Month Sell. at stoa, a.
Against s5ss Last Night - Patton
Reaps Big Harvest by Anticipating
BulIish Turn Of Market Longs
Mako Fortunes in Last Few Days.


Jumped up cents eushel In the first
minute OF trading
The December option, which closed
at 81 cents last night sold imerndiateiy
today at 1S Prices. were two cents
apart in different sections Of the Pit
a; the same moment
After lull such as has been seldom
witnessed in the market under any
circumstances. prices began fresh
advance and soon touched an extreme
nearly equaling the record Of the day
on which war was declared. May
wheat sold at s1O3. as against SsS
last night.
Other Grain Also Climbs.
Prospects for general war seemed
to deprive the market here OF sellerA
but values reacted about cent? all
around. from the top level. reached
shortly after the opening.
For the first time the corn market
Joined In the extraordinary advance
shown by wheat September corn rose
3 cents u bushel. Oats and provisions
also climbed, but only in . moderate
way.
Dispatches from ether speculative
grain centers, such a. Minneapolias
Kansas City, and st. Louia.,toid Of un-s
usual upheavals In prices. but hardly
| to the same extent as the Chicago mar.
ket.
| Despite the increased strain Of to-
| days big advance. on top of the extra
ordinary rise day before yesterday. the
| clearing house reported that all firms
had met their obligations.
Many Large Traders Withdraw.
| Many of the largest traders withdrew
| from the wheat pit altogether. With
| drawal of firms from active business
| operations on change Increased al tho
| day wore on. and news by cable be-
came more and more ominous. A num-
] her of houses went SO far as to give
numbers of their employees complete
| furlough.
| Patten Reaps Wheat Profits.
| The big upward swing in prices on
| the Chicago board of trade as a result
Of the war scare resulted in big win
| nngs for many traders. Recent SELL
| ing by Bartlett Frazier and credited
to foreign account was traced by many
traders to James A Patten, who Is
now in Europe and has been for some
time. Before leaving this country Mr..
Patten sent his firm here bullish ad-
vices in regard to the export trade. and
it has been the gossip that he was long
on wheat.
on one day recently Bartlett Frazier
sold 800. 900 bushels OF wheat, presum.
ably for foreign account The last day
or So also they have sold. and pit gos-
sip jumped to the conclusion Pattep
was taking profits on long wheat. The
Armour concern aud it's following were
supposed to be long on wheat with .
good profit.
Longs Make Profit.
AS there has been an advance oi
over 10 cents bushel from the low
point OF a few weeks ago. the profits
of the longs have been large, although
the extent OF their lines would be diff
cult 10 determine.
One OF the most active individual
traders on the board OF trade Arthur
Cutten. recently was short several mil
lion bushels OF wheat. according TO
popular report. A few days ago he
covered his line. and in the opinion Of
shrewd pit observers went long just
in time to gel on the big bulge. He is
estimated to have made over 100000
by his timely switch
Break in Prices Is Marked.
| J,l,. ho ay,fy 4.