Evening star., 1914-07-29

vancing. as most traders expected, the
wheat market today made a startling
break right at the opening First prices
were down more than cents q bushel.
In another minute the market had drop
ped an additional 2 cents or more, then
there was a sudden REBOUND Of more
than cents. followed by another de-
scent, but in this case not quite so vio-
lent.
Work Until Daylight.
Clerks and members of board of trade
firms worked until daylight today getting
ready for the expected continuation Of
yesterdays upheaval OF the wheat mar
ket, when prices went up 0 cents a
bushel for the September option on ac-
count of the European war situation.
War news was more eagerly awaited to-
day than at any time since the Russo
Japanese war.
The pits and galleries this morning
were crowded to their utmost capacity.
ever, after operations actually began was
decidedly less tumultuous than yester-
day when news was received that war
had been declared.
The extreme point of the break in the
early trading was 4as under last night
proximately 2 cents down for active
months and less SO for other options.
Closing Is Considered.
The directors of the Chicago Board OF
Trade held a special meeting this morn
ing to discuss the advisability Of closing
the board because of the tense situation.
They finally decided to let the board re-
main omen for the time being
The fact that Notwithstanding English
consols were lower than at any previous
time in a hundred years the Liverpool
wheat market had risen only about half
as much as the Chicago market was
largely influential in steadying prices
here.
= Heavy Margin Calls.
The heaviest margin calls in years
reached brokers' customers today. Traders
were asked to margin their deals up to
20 cents a bushel.
Commission houses with many short
trades on their books were apprehensive
and took precaution to protect them
selves.
Similar conditions existed in other grain
centers, st. Louis. Kansas City. Minne-
apolis Milwaukee and Duluth offices were
busy all night and almost up to opening
hour Of the grain exchanges today. pre-
pairing for another day of excitement
Everything is in good shape" said c.
H. Candy, president Of the Chicago Board
Of Trade. "westerday was the worst day
and the crisis is past. haven't the
slightest doubt that the powers of Europe
will localize the strife, with the result
that wheat prices here will be but little
settle themselves in few days"
All members Of the board of trade clear
ed at the end Of the day and there were
no signs Of any failures.
Charles T. Atkinson. secretary Of the
cial difficulties among Chicago brokers.
Heavy Transactions in Wheat.
War ran up wheat transactions yester-
day on the board Of trade to a total of
nearly 1OOO00.000 bushels, and shot prices
skyward. sA to 9A. No other day Of the
twentieth century has witnessed trading
here that was equally wild.
Stories Of fortunes made and lost were
numerous, but in most cases were not
well verified. The most specific case of
sudden riches was that of a heretofore
obscure pit trader. who actually pock-
eted $4,000 which he had netted in an
interval of exactly five minutes.
Hundreds Of spectators thronged the
galleries on change and looked down
upon the traders who struggled and tum-
bled about in the pits The uproar made
by the brokers was plainly audible In
the streets surrounding the board. and,
notwithstanding the day was delightfully."-
cool. it was noticeable that few. IL any.
Of the traders in the wheat pit were not
dripping with perspiration.
The first throb of excitement was given
when news came that quotations had
been discontinued at Paris. Bullish feel
ing rose rapidly after advices were re-
ceived that Germany would stand aloof
from any peace conference Even after
the bulletin of the declaration of war
there was a check in the shape of a re-
port that Servia had conceded every
thing asked. 1t was later dispatches
seeming to involve Russia and Great
Britain that carried spectators COM
pletely off their feet.
No Bears in Sight.
In the end the market resolved itself
into a spectacle of bulls frantically sell
ing to bulls. There were no bears in
sight.
The calling of margins to the extent of
20 cents bushel is next door to the
action Of European and Canadian authori-
ties in locking the doors of exchanges
outright. The effect of demanding such
heavy protection for brokerage houses, il |
was said, would be to restrict speculation
to minimum. and to shut off ventures
from small-caliber traders who might |
easily work far-reaching damage by not |
by obligations should the mar
ket take an unexpected course.
High margins were defended by those |
the ground being taken that
the present situation was paralleled only |
by conditions in the American civil war
and at the time of the Franco-P -Prussian
war During both of those conflicts. varia-
tions of 10 to 90 cents a day on wheat |
values were not unprecedented. and might
now be euualed, either up or down. if not
far outdone.
Developments in the wheat pit depended
on the character of the war news re-
ceived. AS to the ultimate effect of the
war on prices, opinions of traders Diff
fered. Some expressed the opinion that IL
England, Germany and France are In
volved wheat might go to 81 a bushel.
while others declared such a sensational
rise was improbable because of the great
risk in attempting shipments of grain to
blockaded ports.
Aso Yosr GoSoo Orrt of