Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-09-24
BATTLE NOW ON AMONG BIG
TRADERS TO AVOID SQUEEZE
AT END OF MONTH.
ARMOUR GRAIN COMPANY
REPORTED FAR BEHIND
Said to Be Short 100000 Bushels and
Action Of Board May Be Asked to
Save Concern-Longs Said to Be
Lying in Wait For Sharp Upturn
anei ResuItan. Squeeze.

| Chicago, Sept. PA wild wheat
market is looked for during the closing
days of the month. Traders short OF
!; the market may face heavy losses as a
ter wheat on September contracts. The
Armour Grain Company alone. it is
said. is 100000 bushels short on Sep
TENDER wheat
I In an effort to avoid being compelled
to buy winter grades at prohibitive
prices many shorts have been buying
spring wheat TO fill their contracts. The
longs have objected strenuously to
taking this class of wheat on Septem-
| Der contracts unless il is cleaned and
a big fight is on. The board of direc-
tors of the Chicago board of trade have
wrestled with the problem for two days
and met again today at 2:30 in an eff
fort to reach a decision
Longs Lying in Wait.
The situation is acute. and it is said
; the longs are waiting for the shorts to
jump into the cash market To fill their
contracts to send the prices bounding
upward. September wheat advanced AS
cents during the day as result of
heavy purchases by shorts who are I'M
certain as to what the boards ruling
will be in regard to spring wheat.
The shorts have been buying a GER
tain variety OF spring wheat known as
velvet chaff No northern. The deliv-
cry of this on September contracts is
held by many longs to be violation OF
both the state law and the rules of the
board of trade.
The present situation is due to the
heavy rains during June. July and
August, which wiped out a large per-
centage of the winter wheat crop and
necessitated late deliveries OF wheat
was saved
James Norris Long.
James Norris. one of the leading ex
porters. is credited with being long on
September wheat for foreigners who
bought the September when they could
not get hold of cash wheat. The Ar
mour firm started delivering velvet
chaff on its short contracts. and Nor
ris & Co. entered a vigorous protest
asserting the rules of the board OF trade
do not contemplate the delivery of this
variety unless it is well cleaned.
Ordinarily a long in September wheat
would expect delivery of either No. 2
hard wheat or No. red wheat This
year. however. these grades are so
scarce that no grain of consequence is
available. and prices in the winter
wheat grades are much too high to per-
nit of their delivery.
The velvet chaff is the cheapest va
riety which can be obtained for deliv-
derstood bought large amount OF this
to get around the situation. According
TO the rules OF the board this Is deliy-
cradle. II it grades No. ! northern. Il
usually contains a considerable per-
centage of dirt or dockase. and the
longs who want the grain TO fill imme
diate export sales object TO accepting
it unless the dockase has been re-
moved. With only few days left in
the month traders say it will be next
TO impossible to clean the wheat in
time for September deliveries
Short Firms Influential.
1T is against the state law for them
tracts" insisted one broker. Clean
! 10 ciicc:c I. hct"een and oct i?
:
cides that this grade is deliverable I
Hook for jump In prices. | don't see
where the shorts are going 10 fill unless
they jump into the cash market and
thai will automatically boost prices. 1t
all depends on what action the board
takes.
There are many Influential concerns
short. ard I lock for settlement of
some kind
/ There is no fight on at all" said
! President c. II. Candy. II is merely
"a question as 70 whether this spring
wheat should be cleaned or not be-
| fore delivery. This means about two
/ pounds from each bushel. None Of this
grain has been accepted on Septem-
I Der contracts recently. and it's ques-
| tion that hasn't arisen for a long time.
| We shall try 10 reach some conclusion
1 in the matter tomorrow
The pigs Of Morocco have learned