New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-31
WHEAT SOARSTO
$l.O3, THEN DROPS
Talk of Glut for Want OF
Carriers Nearly Causes
Collapse.
FEAR WAR MAY TIE
up FOREIGN MARINE
Many Large Traders Withdraw
from Pit. Refusing Margins
on Best Security.

Chicago. July 80 Wheat prices IN
the final dealings here to-day were
driven not up but down. After
ccnsationsl advance, spurred by the
rrosnect Of tho war in Europe spread
ING. first came dollar wheat then more
thsn dollar wheat, and finally SaS'
the market closing in almost state
Never has the lack OF al American
merchant marine been so strlhlhSl! re
facted as in this Huctuatlon contrary 10
all previous experiences. TOT IL "aS tHc
nostibility Of the surplus crop beng
confined in America by tle-uP oi toa
eion owned carrying vessels that
broucht about the finale OF the most
remarkable DAY the pit has seen since
.bc famous Letter corner. DeVeIoP-
r,on+s came with such surprising swift
ness and involved such JEOPARDY tnaI
nunbcrs Of the largest houses declned
- times to accept orders. even accom-
nanied By offers OF sound securities 10Y
margins to any limit. ,ho
The very first transactions aiter 'ne
onaning bell struck showed jump OF
Zen cents. A. one time rise Oh
rinc cents occurred Variations oil TWO
cents al the same instant between VI
fc,cnt sets Of hackers were not un
common. and there were some oese'7
There the extremes Of the simultaneous
rsnco amounted 20 fully four cents
Business at Standstill.
Notwithstanding the tremendous up
,,,n the volume Of business dic not
correspondingly increase III ~,
tranesrtions suddenly became scanty
n an extraordinary degree ana IN
few minutes business had come
nearlv 10 standstill. Only spectators
Who we're prepared 10 put up lnst"htiy
almost unheard Of margins were J" a
nosition 10 trade. Values shranh
much a. 3 cents IN thirty Es'h ute9' unJ
fnal sac coming when talk was cen ~
on tho possibility OF a gut WI" III
adequate outlet. IL IN, besi-
,.,c ~ being quoted by name IN DC.
/ DARING that export business IN "hea,,
4 from The United States already hau
beon paralvzed To lesser degree ,ue
came statement applied, for the t'inc
being. at least. 10 all dealings III
wheat. especially transacuonS OF q
.ncculative character. Ono OF the con
: ecouenccs was the action TO-DAY OF
prominent firms on the Board OF rade
in giving their pit repre- sentatlveS OF
ders 10 take furlough.
For il vas pointed out that pracu-
csIlv all the ocean carrying tonnage
vas Owned By foreign capital and was
subject 20 government use tor army
transport purposes and that gram
laden vessels, in case OF genera var
( you'd be the most hecnlY sough' prey
Of hostile fleets.
L. ether words. the United states
iarool, would lose its foreign outlet, II
wax said. and be powerieSs 10 prevehi
,bo ming m Of wheat at terminal
,n.,kots tho possible blocksding OF
railroads or he Cutting OF storage
/ facilities on farms.
Wisdom Of Optimism.
That views 20 gloomy. however, were
universally accepted by holders Of
.,hc.t vas made apparent by the fact
,ba, oriccs tonight we're SIX 10 seven
cnnt' higher than last night and that
wncst priccs to-day, for the first tune
,h,s year. went above the dollar marx
n wheat sold ~ 81 o., a. against
90, cents last night.
Unlike the previous day, Liverpool
.bost prices appeared 10 he advancing
lT.s.or than Value on this sidc OF thc
Atlantic. British consols were tumbilng
"a the German government direct was
lid 20 be buying huge quanrtIca OF
,,bcat for immediate delivery. sever
.nco If relations between Germany ana
pnssia VA expected ~ any moment
4, 49, tbcsc conditions that jcrkcd the
market upward in such astonishing
C..bion ~ the outset. Price change
sftor the initial ou,burst Of activity
were on relatively small transactons'
orccpt when the market swept 70 the
,opmort Lowell. hall an hour before the
closc
earn VA Influenced by .hc advance
,n wheat, and pcrhAps even more by
Nm slmost unprecedented upturn IN the
ouo,ai,ons for corn NJ Liverpool here
~ much evening up Of trades mere.
bo~cvcr, on The advance, and the close
- heavy. Al In the case Of wheat.