The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1914-07-30
PRICE OF WHEAT
BOOSTED BY WAR
Tremendous Panic SeizeS Trad.
erS in Chicago.
FLOUR GOING MUCH HIGHER
Spectators on the New York Elk
change Throw Million Shares Of
Stock Overheard Amid Scenes
of Wild Excitement.

Chicago, July ga panic I'M
paralleled since the declaration of
war between France and Germany,
40 years ago, swelled on the board OF
trade at the announcement OF the
Austro-Seryian war Wheat jumped
more than nine cents a bushel during
few minutes OF psndemonium.
Traders saw the possibility of Rus
sia's becoming involved, with cOnse-
! Quent cessation of its exports. This
would leave the world practically de-
pendent upon the United States and
! Canada for wheat.
The scene in the pit was most dra-
matte. brokers shouting wildly in at
tempts to buy back the wheat they
| had sold. Frenzied disorder reigned
for an hour in the middle of the ses-
sion
Pit In Panic Of Excitement.
The pit was thrown into spasms OF
excitement a few minutes before noon
on the word that war had been de-
! clared. Within a few minutes wheat
prices jumped six cents. At noon
prices were moving erratically while
frantic trading was in progress, prices
| changing by seconds. At the stroke
of II, the market showed gains OF
from four to five cents.
For some time after the highest
prices already mentioned had been
raanbad tho oycYt anont diad nut mr..
TALLY, and it looked as If quiet was
about to be established, but the hope
of that kind was soon dispelled and
pandemonium again broke out. and
the second reign OF unreasOning panic
was worse than the first.
Losses to those who had wheat sold
short must have been enormous, but
trade was so great and general that
individual transactions were lost in
its immensely.
Prices Jump in ST. Louis.
st. Louis. July 29.-The receipt of
the word OF reported declaration OF
war of Austria preCipitated scene in
the pit of the st. Louis exchange not
seen IN a number OF years. and prices
of wheat quickly shot up six cents.
The close was eight cents higher.
Sales were one and two cents apart
in instances. Shorts sought to cover
and could not get the grain.
Turmoil in Kansas City.
Kansas City, Mo. July 29.-SuCh a
turmoil Of clamoring by buyers as
was seldom or never before expert
enced here held sway for a time
when the news OF the Austrian declar-
alton of war reached here. AS a re-
suit wheat climbed about eight cents
Corn market started slightly low
er because of fair local rains in Ne
braska, Iowa and parts of Missouri,
but it quickly turned up when the
wheat market began to advance and
for a time buyers were almost as
clamorous for corn as for wheat
Price of Flour to Go Up.
st. Paul. Mimi, July 29.-The i'm
mediate effect In st. Paul of the
declaration OF war between Austria
and Servia probably will be to send
the price of -four up 20 cents per bar
rel. according to J. c. Enright, mem
Der of the Equity Cooperative ex-
change. 1T is not so much because
OF the increased need or scarcity as
Of the speculative tendencies OF the
grain market, said Mr.. Enright
Within half an hour after the news
of the war situation in Europe struck
the Minneapolis wheat pit, the prices
of wheat shot up AZ cents. There
was more excitement on the local
bourse than any member OF the cham
Der of commerce remembers having
seen before.
Stocks Dumped Overheard.
New York, July pa panic in
stocks occurred on the New York
Stock exchange as a result OF the
declaration OF war by Austria against
Servia and the disorganization OF
credit between this country and Eu-
rope
In the wild rush to convert secur-
files into money more than a million
shares of stocks, the largest volume
witnessed in about two years, were
thrown upon the market. forcing
prices down from three to seven
points in the standard railroad and in.
dustrial shares.
Run on Big Vienna Bank.
Vienna, July 29.--The run on the
Vienna First Savings bank, the first
institution OF its kind in the dual
monarchy. continued when $1,000, 900
was paid to 1000 defositors The out.
put was partially balanced, however,
by new deposits aggregating $500. 600
At the close OF the days business Of
ficials OF the bank announced that all
demands would be met