New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-30
CHICAGO REPORTS
NO WHEAT FAILURE
Crisis Arising from Dec
laratiOn of War Be-
licVcd To Be Past.

20 lfif .t0e.
Chicago. July %. Tho crisis IN the
,ehcst market has hccn passed. This l.
tlc genera. feeling Tonight. Scvcra
houses. 81, minor OnCs. aIC hROI! MT
"a a rc~ul. Of yesterday. wild trading
after Au.tris's declaration Of war. But.
thanks 20 relief effected to-day. there
viii be- no failures. IL is believed.
The situation was SO pcriloUs TINS
morning that numorousiy igncd petit
ton was -cnt TO the directors of the
Board Of Trade asking them TO close
tic exchange 90 avoid tbC ruin tina.
threatened Tonight tho same dIrcc-
tors we're met with formal complaints
that the measures taken for safety IN
the emergency had become a burden.
What helped to calm the excitement
vas the action Of the bankers. Prsc-
ticaily every Board Of Trade house re
cei,cd informal notice from its bank
urging extreme caution. >uggc ting
thai no undue risk be taken and re-
curing All immCd ate statement OF la
hii;ic>. This caused calls for margins
o. all trades 10 rise 20 r, much as the
almost uuhoard-of figure of 20 cents a
bushcL and so automatically stcadlcd
the trading.
against this demand for such big mar
gins declared the calls a violation OF
the exchange code. under which, they
say. 10 cents a bushcl l. the authorized
limit. The directors deferred action.
Il Is believed the situation has so
changed that there will be no further
demand for such unusual margins
Bad Half Hour at Opening.
Other stcadying factors also helped.
The crippled houses succeeded i'm max
ing transfers OF trades. and all passed
the Clearing House. In the feeling Of
confidence which followed prices made
a lively advance. In the gloom at tho
opening there was bad half hour, and
prices ran down 70 Is under last
nights figure.
The glimpse Of possible peace seen
i'm the fact that the cmpcrOrs of Ger
many and Russia were in communica-
ton was 2 further steadying influence.
a. also was the statement from Liver
pool that. though English conSols had
fallen 20 q lower point than had been
reached ~ century. the wheat market
prices there had risen only about half
a. much as here.
The volume Of trading was kept down
TO less than quarter OF yesterdays
gigantic total. The reaction from yes
terday's extraordinary advance of near
" 10 cents a bushel Wa almost senSa-
tional ~ the close and was not with
out its element Of alarm as 20 IT'S et-
feet on yesterdays buyers. Price I'm
i.hed at virtually the lowest figures OF
the day, B., 20 T., cents under last
night.
Genes At the close Of the market
were in sharp contrast with those Of
Yesterday. The pit was crowded with
brokers. but they were parativcly
ouict. and their trading was extremely
conservative.
Visitors Gallery Crowded.
Throngs Of spectators crowded the
visitors gallery throughout the day
and curiously watched the traders m
the pit Several times the crowd grew
so large that police were required to
maintain order among the line of men
and women in the street awaiting adj
mission.
The brokers officers in the vicinity
Of the board were packed with people
who remained more continuous than
perhaps ever before in Chicago. FOR
the most part. however. despite eager
ness TO trade. would-be spectators
were deferred because Of large mar
gins.
Reports from the other wheat
markets show that yesterdays excite
meut was not repeated. A. -. Louis
wheat fell 20 cents but stool Al -
cents 3 bushel. : cents above tue low
est price yesterday morning. A. Kan
sas City, Mo, and Dul, IN, Mimi, there
was 4 2-ccrt drop.
Word was received from Topeka,
Kan. that the five days embargo
against wheat shipments 20 Galveston,
Tex. Is TO be lifted Saturday midnight
/ instead Of Monday midnight As plan
/ ned. According 20 message from
J Galveston steamship agencies there
denv that shortage OF vessels has
caused only nine ships TO be cleared
/ with grain this season 50 far. Il is
stated that since June 10 twenty-five
vessels have cleared 81 that port carry
ing 4.62A.S93 bushels Of wheat, OF
which 4.272,280 bushels have been
cleared this month. One agency say
il will average one ship day for the
To-