The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-04
WHEAT BUYERS
WHIPSAWED IN
WILD MARKET
Drops Early 3 II Cents to
Sl.5G 81. Reaches S1.66.
Closes at Sl.59 IA.
LONGS ARE HIT HARD:
ACTIVE L. $. INQUIRY

Cut.ro. Fco. 3.-Scenes Of wild ex-
citemcr' attended n break in the wheat
market to-day on tho Board OF Trade.
when the p-'ce FOR May delivery dropped
81, cents to Si.56ai bushel. next shat
40 10 si66. a new price record. then
d.oprci again to $685. at the close.
, loss 81 =, cents from Tuesdays clos.
mg
Veteran traders SAID that the panicky
condition % the market had caused more
excitement IN the pit than at any other
lime since the famous Patten and Leitet
deals. For few minutes while tho
excitement was at its highest traders
we're rushing around the pit waving
.he.r arms wildly and shouting at thc
tons ~ their voices: messengers were
speeding In and out Of the doors. carry
ny rush orders TO buy and to sell.
md the Visitors crowiing the gallery
ldding 20 the din with their screams
and Dolsterousness.
Conditions SO far as the pit trade was
concerned were reversed from previous
lAAN. A|fIf N'lt llg bhN WIS piNNAH a.
the opening to he filled on an advance
NJ , 90 . cents as In previous days. The
.neavy calling OF margins ranging from
zen 90 twenty cents after tho clos
ne yesterday shut out fresh business
on May contracts.
'Longs" stampede 10 sell.
.,NN
the par OF the longs" The alarmed
condition Of the longs" caused by the
increased margins was augmented by a
eport that the Allies mad reduced four
forts in the Dardanclles.
Thousands of bushels were hurled into
me pit by the excited longs" and the
ma ket broke several points at n time.
traders who injected their knowledge of
geography into their business bought the
panic stricken longs " wheat as fast as
I WAS offered, knowing that the reduc-
lion of the forts on the Dardanelles
would have to be followed by the much
more difficult feat of the reduction OF tine
forts ON the Bosporus before Russia
could export It's wheat.
The lower the price dropped the more
the traders who remembered geography
bought until finally the tering ceased
iud the reaction set in. The longs
rushed in and tried to buy back all the
grain they had sold. and the price shot
up 20 S16G bushel in about ten min
Ites.
Decline ns support Fails.
Thereafter the big houses which had
rallied their buying forces to hold up the
market began to withdraw their support,
and the price began to decline under a
more natural market for the next hour.
There was a reaction I'm the May to
SL62ii and later bulge to si.6S and
over, followed by another selling furry
near the close, May contracts breaking
10 tl.5S, then recovering to Sl.59L
Cash wheat sold at Sl.64ia n bushel.
which is / y cents higher than Tuesday
nest price and tho highest cash price
record for seventeen years. Cash wheat
sold IN 1898 at the time of the Letter
Iell at S1.S5 a bushel July contracts
a!so shared In the excitement.
With flour having reached IS a barrel
bakers throughout Chicago raised bread
prices to-day to and ~ cents a loaf.
Prices to grocers and retailers ranged
from ( and cents to and 10 cents a
oaf Many bakers also raised rolls
from 10 cents to IL cents "A dozen.
Federal District Attorney Clyne wanted
10 know to-day how several million
bushels OF wheat were sold in the local
pit when there were only about 265, 00O
bushels OF wheat in Chicago deliverable
On contract.