The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-30
DOLLAR WHEAT,

CONTINUED from Page One.)
the initial sale at IS and Immediately
gained hal .ent more
Big DROP in Cotton.
New Orleans Jul. 30.-As the result
o. pessfnaistl. cablegrams today from
! large market ceuter. Of Europe and
vague rumors to the effect that biz
English concerns were cabling this side
not to risk further shipments Of COM
and half bale during the late fore
noon.
FIood Of Liquidation.
New York, July 30.-Another flood Of
liquidation swept over todays stock
market Opening prices were only
moderately lower in comparison with
London, but before the end OF the first
hour a huge selling movement was un-
derway which lasted until the late
afternoon.
Declines ran from five to II points in
such speculative issues as Reading and
Lehigh Valley, amalgamated copper
and the Hill and Hartman shares,
while specialties were proportionately
affected. Apprehension here was
heightened by numerous new gold ex-
ports which helped to swell the already
enormously large total.
Foreign exchange was again demon
allied and definite quotations were al
most unobtainable. but the fact that
many OF today's engagements were in
small amounts was accepted as fur
Their proof Of the urgent demand for
gold abroad.
Stocks recovered one to three points
around the last hour. but the under
tone lost none of its weakness.
Jump of Cents.
Chicago. July 30.-Wheat today
jumped up seven cents a bushel in the
first minute Of trading.
The December option which closed at
81 last night sold Immediately at So.
Prices were cents apart in different
section OF the pit at the same moment.
Far more warlike conditions today
than were believed likely from yester-
big advance. The immediate cause was
a sensational drop in British consols
and excited buying In the wheat mar
ket at Liverpool, resulting from pur-
chases from the German government
direct.
OF trading here had virtually no spec
tators Not to exceed half q dozen
persons were In the galleries. the COM
parative tam. ness OF yesterdays mar
ket having been a disappointment to
sightseer& The pits and the noor. of
the exchange, however, were unusu-
ally crowded.
49,
turn the volume OF business did not
correspondingly increase. In fact the
transactions suddenly became scanty
to an extraordinary degree and in 9
few minutes business had almost come
to complete standstill. Only specula-
tors who were prepared to put up in
stantly almost unheard of margins were
in q position to trade and such CAPT
talists proved wary.
After a lull such as is seldom wit
h. Hp~A HSva-
cumstances, prices began a fresh ad-
vance and soon touched an extreme OF
almost cents in the May option. near
ly equaling the record of the day on
which war was declared. May wheat
sold at dollar and three cents as
against IS SO, yesterdays close.
A rally of 1 to 2 points followed the
first decline after which another sell
ing movement ensued carrying prices
, below the opening and in several i'm
portant instances under yesterday.
There were many transactions for cash
suggesting some of the extreme ne
cessities OF the situation. Trading in
the first hour amounted to 255. 900
shares, somewhat under yesterdays
huge total.
Many of t. largest traders with
drew from the wheat pit altogether.
after reports Jecame current that the
English reservists had been called out.
On this news the market began to
jump upward again, but steadied
somewhat at a point one cent under
the highest prices attained in the
earlier transactions.
Corn Joins in Advance.
Prospects for a general war seemed
to deprive the market here of sellers.
Nevertheless on such limited trading
as there was values reacted about 2
cents 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 cents q bushel. Oats and pro-
visions also climbed. but only in a
moderate way. Dispatches from other
speculative grain centers. such as
Minneapolis, Kansas City and ST.
Louis, tcl6 OF unusual upheavals in
prices, but hardly to the same extent
as the Chicago market.
Sharp Break I'm Stocks.
New York, July 30.-Af the opening
OF the stock market here today prices
again broke sharply on the latest turn
in the foreign situation. Losses
ranged from to points. the latter
in Canadian Pacific, the weakest fea-
tnTe.