The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-08-07
FARM BOARDS MONEY
TO AID DROUGHT REGION;
TURMOIL IN GRAIN PITS
Wheat and Corn Close
TumuItuouS Session
Slightly Lower.
TRADING BREAK IS LATE
Paper Millions Added to
Values Melt Quickly as
Public Quits Buying.

CHICAGO. Aug. 7.-Grain
prices swept through a series
of spectacular ups and downs
on the Chicago Board of Trade
today and ended a session OF
tumultuous trading fraction
ally lower than Wednesdays
close.
Paper millions we're added to
wavering farm fortunes in the fast
rises, but melted just as rapidly IN
the declines that started around
noon under the pressure of profit
taking.
March and May wheat, which hit
new highs at the opening, closed at
$1.06% and $10915, off respectively,
e and q cents.
March and May corn closed at
$685. and $1,000, off Ia and 1ss
cents.
Break Comes Near Noon
Three corn futures sold under the
dollar mark at the close, whereas
only one, December, opened below
that figure.
The late break came when part OF
the unusual public interest was
withdrawn about noon.
Buying on the dips Stem1ned the
decline somewhat, but failed to hold
the prices quite to yesterdays levels.
At the opening buying orders lit
orally swamped the lockwood grain
puts in the Board of Trade sky
scraper at the foot OF La Sale
street.
Deals consummated so rapidly in
thousands of bushels Of grain that
the perspiring clerks fell far behind
i'll recording sales on the big black
board.
For the first time in months the
public was sharing in market tu-
multi that rivaled big days of 1929
on the Stock Exchanges.
Shoot Up at Opening
Wheat and corn prices shot up at
the opening and, except for profit
taking fluctuations, remained con-
siderabiy higher in the II a. m. quo
tations.
March and May wheat, under
flood of buying orders, touched new
highs for the season at the opening
at about cents over the previous
close.
After two and half hours OF
trading the prices remained near
the high, May standing at $1.08 de-
spite tremendous profit raids.
September and May corn re-
NAMED above a dollar for the first
time since surplus reports began
beating down prices several months
ago. At IL a. m. September corn
sold at $1.011s and May at $1.00B,
the former virtually the same as the
higher opening, and the latter
slightly lower. September was high
err than the previous close and May
slightly lnder.
Strenuous days of the bull grain
market of 1925 were re-enacted in
the pit today.
Traders, their dollars wilted de-
spite the artificial cooling system
of the new forty-three-story build
ing, fought their way through clus-
tiers of fellow brokers to buy or sell.
In many cases before they could
turn their deals prices had jumped
as much as II of cent.
Quotations went up and down
faster than the chalkers could post
them. Prices in the pit varied as
much as u cent from the prices
marked on the balcony boards, due
to the speed of trading.
Commission houses were reported
to be on both sides of the market,
giving rise to the inevitable crop Of
rumors that stirred the trading to
further speed.
Trading Floor Is Bedlam
The large wheat pit was a moving
forest of frantic fingers as traders
Signaled from the steps to catch the
attention of another buyer or seller.
The smaller corn pit nearby was in
as great a turmoil with the din ex-
tending to the still smaller oats pit.
The entire 300-foot, cathedral-like
room was bedlam in contrast TO
the rather restrained trading OF
ordinary days. 1t was so noisy the
spectators IN the balconies were UNI
able to distinguish one sound from
another.
In one of the biggest grain trad
ing sessions since the World war,
corn Wednesday went up more than
Z cents to $1.O2A a buslel on the
exchange and wheat climbed 6 cents
to S1.027s, both passing the dollar
,,,n,ir fnr the fret time in almost a