New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
CONSOLIDATED EXCHANGE.
Sustenance
Cereals

Wheat.-There can be no doubt
that Yesterday was the widest and
most active day Of modern times IN
wheat markets. There are old timers
in the trade who can tell Of more SEN
sational rises and falls when the lead
ing operators of former years were
running their big deals, but that was
before the time of the present genera
ton. Even some of the veterans say
they never saw such wide range OF
prices of the first sales. There was
world of wheat for sale at the opening,
and as buyers were extremely hard to
find markets were completely democrat
lied, sales made at the same time IN
various parts of the pit showing dlt-
ferences of from 8 to 7 cents. Within
the first few minutes prices in Chicago
showed losses Of from tx to sA cents,
while Northwestern markets were from
4 10 3 cents lower. Immediately there
after Chicago prices rallied from 6A
m 5Ik cents, while other markets re-
covered proportiOnately; so it will be
seen that Chicago prices moved nearly
IA cents in about a duarter-hour, which
certainly comes close to being a rec
ord. Following this recovery, prices
sustained another striking break, and
closed from 81 to liz cents below
Saturdays closing figures. While there
were, as heretofore, many strong fac
tors in the situation, they were COM
pletely eclipsed by American labor
troubles and European war develop
ments. The report that Rumania had
declared war on Austria was the head
line item in the news. IL not only
meart that her army Of 100000 men
would join the Entente Allies in the
Balkan campaign, but, in addition,
would permit the passage through her
territory of a large force of Russians.
IT also suggested to many that Greece
would soon be forced to take similar
action. OF course, this brought about
a much more general feeling that the
control of the Dardanelles would soon
be wrested from Turkey. This, it is
argued, will open the way for liberal
shipments OF Russian and Balkan
wheat. Whether this will occur or not
remains to be seen. The opening Of
the Dardanelles is not yet a fat &C
compli, and some well informed people
believe that nav igation through these
important straits may not be open
until the spring. Others point 10 the
fact that Russia is using ell the rail-
roads to move her troops, which would
doubtless cuftail the movement Of
grain, even if other obstacles to eK-
portatlon were removed. At any rate,
even il illfounded, this idea certainly
was effective. Ii was augmented by
less hopeful opinions as to an AMIGA
bic settlement of our railroad problem.
The idea that strike will prove a
depressing factor predominatsd, al
though it was pointed out that the re-
strietion of exports and shipments into
domestic consumptive channels will be
Offset by the interruption of the move
ment from the small country stations
to the big terminal markets. Certainly
the curtailment Of this movement
would not be helpful to dealers who
have sold wheat for future shipment.
Nevertheless, September contracts In
Chicago led in the decline, and prem
iums in some cash markets were re-
duced. As was expected, exporters
seized the opportunity and bought
close to 100000 bushels, although
fears Of a strike checked the offerings.