Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-13
WHEAT PIT SEES
ITS Widest DAY
Dealings in Chicago Marked by
Sensational Advance in July
and September Options.
RANGES FROM 22 TO 29 CENTS
Traders in All Bourses Wonder
ing What Steps Will Be Taken
to Check Skyrocketing.
RANGES FROM 22 TO 20 CENTS

a day such as the Chicago hoard of
Trade never saw before traders we're
asking one another what measures
would be taken. If any, 70 check the
sensational upward nigh, OF wheat
prices. And i'll other markcts-Minnc-
apolis, Kansas city 81. Louis and
lesser bourses-thc same query was
being put There was no answer. save
in the resolutions of such bodies as the
Illinois Council of Defense. which
urged Congress to take rigid control
OF the whole foofand basic commodity
situation.
May wheat was lesislated out Of en-
istence by the board OF directors as a
patriotic duty" and because it's sky
rocketinE course might inspire a run
away market. AS check for ad-
vances, the move failed signally. At
the opening prices for July and Sep
tember options hestated few cents
below the previous close. but in a short
time began TO boom. When the clos
ing gong sounded at noon, July had
shown a net rise of 22at to 25t cents
with final figures ranging from s2.,3 to
s2.75. and September an even more
startling jump of &c to 80 cents with
last sales varying from se.44 to sg4s
COURSE best vISUALIZED
IN BIG SMOKING ROOM
The course of the market was hest
visuaiized in the big smoking room OF
the board. where quotations from the
markets of the world, as well as those
Of the homo market. are posted.
blackboard who saw more in the fig
of supply and demand. To them il told
the story OF a stricken worlds demand
for bread. the cry OF desperation from
the ruined cities and the wasted farms
of Europe, the plea of emaciated chill
dren and the savage hunger OF sol
diers.
In the massive trading room. with
its octagonai pits. the brokers and
their clerks were clamoring for wheat.
There were few who would take a
chance of selling short, as il is termed
when a trader sells something he has
not for future delivery, hoping that the
future will enable him to buy in at a
lower price what he sold al the apex
before delivery day comes around.
Prices continued their ascent until
the shorts had covered" and taken
their losses. probably very heavy in
many cases.
The opinion WAS expressed that de
crease in trading might be expected
on Monday; that contracts had been
largely evened up, and that spectators
would be slow TO bind themselves TO
contracts which might be affected by
action such as that taken with regard
to May options.
ALLIES NOT-ACCCSED
OF SPECULATION
1t is said that agents for the allies
have been long of wheat as much AS
u 900. o00 bu.hels at one time in va
rious markets. They are at present
said to be big owners OF spot wheat
that is. the actual wheat. There is no
disposition to accuse them OF specula
,on. They needed the cereal more
than they needed money, and they had
TO bid against American millers for
crop which was short the world over
America had TO bid TO keep her own
wheat and prices scared.
With these immense purchases 1or
future delivery, the allies in time
found that they could not provide
ships TO transport il to The hungry
ones al home. They sold their options
on "A market which had advanced enor-
mously and to an extent contracted for
more distant futures in the hope that
the shipping situation would improve.
Their unsouGht profits Were said to
have run we'll into the miliious.