The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-28
DAY IN
THE WHEAT PIT
Declaration Of War Sends
Prices Bounding Upward.
Harvest for the Bulls In Chi
cago and X. G.

SEPTEMBER ADVANCES 9 CTS.
Dealings Are Characterized BY
Violent Fluctuations.
Cash Dealings Lag Behind the
Transactions in Futures.
Chicago, July z8.-The wheat market
closed wildly excited today with Sep
tember at 81 3-8. q jump OF nine centa
a bushel compared with "A hours before.
The close was at the top most point Of
the day, ne fnal squirt following news
Of mobilization Of British battle squad
rons IN connection with the Au0tr0-
Servian crisis. Within few minutes
the market touched point about
cents Dushel higher than prices earlier
In the session and La above last night
Wild fluctuations ensued. The rise In
the market was soon more than
ing up to 50 3-4 or about IL above the
minimum value near the opening OF
business.
Prices in different parts OF the pit
at the same moment showed Wide va
riatfons, nd 1t was practically impoo-
where extraordinary margin was al
lowed.
Profit taking on q huge scale by
fortunate holders led to q sudden re-
action. In the main. however. bullish
excitement continued rampant.
It was Yearly q half hour before tho
market became ven half way steady.
The range then averaged to ~
higher as compared with last Night.
Reports that the Servian parliament
had conceded all the demands Of
top prices from being fully main-
tanned. Neither provisions nor CO.
reals other than Whe t made any re-
markable advance, although the feel
ing regarding all staples was strong.
drew to a close. Renewed buying car
ried the market up tc 81 for Septem-
Der, a rise o. 8 cents q bushel from
the low point Of the day. Indications
of strained relations between Germany
and Russia caused the fresh outburst
/! of the fever Of buying.
Close IL Feverish.
Chicago, July 2S.-War news formed
4 tlee Influence during thu last ham -
the day. Prices shot skyward ON news
I OF the iec1arat1ngE Uk Hosti1ities reacted
suddenly on profit taking. and again
swept upward on Indications that blood
shed would by no means be probably
confined to a struggle on the Danube.
The market closed feverish at the high
est level, reached Ia to 9 Ia above
yesterday. The close was at the high
est poin. of the day, because Of panicly
buying on reports that British war ves-
sells were n.obiliziug.
Sharp Expansion at Kansas City.
/ Kansas iCty, July 28.-Sharp expan-
of If f1a In IN vvh nm no 1f1N0
market followed the announcement Of
the declaration of war. In a few min
utes the market was jumping upward.
At noon the close was S 3 to 5 =
wheat showed the most marked tn-
crease, jumping = &5 z over yester-
day. Cash wheat increased Y to 2 Y
cents.
The news Of the mobilization Of the
British fleet in connection with the
Austro-Servi crisis. and indications
of strained relations between Ger
many and Russia, caused an immense
amount of buying. which carried the
market to its highest point at the
close. September wheat closed 1t
86h. a rise OF ~ cents over the
closing price yesterday. December
wheat reached ssA. July closed
at IS.
1t Hits Dlilwaukee.
Milwaukee, July 28.-Great excite
upturn in .he price of wheat Of about
S cents a bushel for September delfv-
cry followed the news of q declaration
lOf war by Austria against Servia- At
one time the price went 8 cents above
the opening but settled back upon
realizing.
4 wild Scenes at Close.
Chicago, July 2S.-Scenes Of wild
excitement marked the close of trad.
ing at rs p. m. The pit was crowded
|. with brokers frantically shouting in an
effort to execute as many orders ~
. possible before the close.
There were hundreds Of men on the
floor and at times the excitement SUR
passed anything Of the kind ever Wit
. messed in the history of the board.
When trading closed with September
. estimated that business was being
transacted at the rate of 100000 .
minute, according to the represents
tive Of q prominent brokerage firm.
Il Another firm estimated the days
!. sales at from. IL to Is million bushels.
] The oldest traders declared that nothz
, ing like the seen - had been enacted
on the board since May. 1898, when
+ Joseph Letters wheat corner ran the
a price up cents q bushel in few
| hours.
Word Of the bulge in wheat reached
, the public AID the visitors galleries
: Of the board were soon crowded with
81 a curious thrOng- Every brokers Of
: ice was crow ed with traders and tlhG
e Office employees found 1t din1cult T.
d transact the o n given bX eno-
3 toners.
greater than the facts indicate win no
y fe kmovnvu until f,r6aaP rnmfnpna