South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-07-29
WAR TALK IS BIG
BOOST To WHEAT
Pits Experience One of the
Most Sensational Days in
Their History and Prices Are
Showed up Ten Cents.
BY JOSEPH f. PRTTCHARD.

CHICAGO. July 29.-There was an
old time war scare in the wheat pit
Tuesday. That grain advanced With
in a small fraction OF ten cents and
the gains were held along the entire
line OF futures. Price changes We're
probably the most sensational ever
Witnessed in the Chicago wheat pit.
The trade was at sea, so to speak, not
caring to make heavy new commit
ments on either the buying or selling
side of the market and the average
professional changed his position
many times during the day. The July
future ranged between IS "a and
% IL. Sept. between S3 is and go 3-S
and December between So rs and
95 "a and May between 80 IA and
CSC.
The Joe" Letter deal as well as
the deals that were pulled of by B.
p. Hutchinson in the days long gone
by were Overbalanced by the sensa-
tional market OF Tuesday. There
was "A combination of circumstances
which caused the wildness. The en-
tering wedge was the sensationally
bad news from Russia where there
were losses compared with last year
of 152.000,00O bus. spring wheat as
reported by siXty-three governments
SO,000.0OO bus. barley and 270,0O0.-
600 bus. oats. This was followed by
reports from northwestern Canada
and especially from the province of
Saskatchewan that in many sections
the crop has been totally destroyed
by the high temperatures and lack
of moisture. AS these reports were
from some Of the best crop experts
i'm the country they were accepted as
showing actual conditions.
The day in wheat will go down as
a record affair. There were changes
Of as much as cents upward or
downward with only a few sales. so
eager were the professionals TO place
themselves even with the market. or
so eager were many OF the brokers
to execute the open orders held by
them. Not only were domestic specu-
latC~ on the buying side, but the
for lers who sold their wheat at
low prices on Monday were pressing
their claim for the much wanted
grain. Had not many OF those with
handsome profits been willing TO take
the money fairly thrown at them.
there would have been further and
more sensational price upturns shown.
Old timers in the Chicago market
recall the sensational wheat changes
in 1871 and which were caused by
the FrancOPrussian war. At that
time there were advances of 10 cents
going from 149 To 179. Many fortunes
were made and lost at that particular
time
The larger concerns in the trade
who are now handling cash wheat say
that the acceptances by the country
on bids sent out tonight were enOr-
nous. The southwest sold its wheat
freely and Kansas City reported heavy
sales there on hedging" account.
The cash demand for wheat was
almost completely shut off by the
sharp advance in prices.
Corn was up 1 - q lac in SYM
patty with wheat and oats were
higher and firm.
Hog products were also included in
the war excitement anC the list
showed a very good bulge. The sup
ply put on sale was not as liberal as
that of grain. Lard was in better
demand and il was expected that the
trade i'm meats will show some i'm
provement in the next few DAYS in
case actual hostilities are TO be seen
abroad.