RAPID FALL.

Hawera Star, Volume XLVIII, 9 February 1925, Page 5

RAPID FALL.

aMERICaN IvHKAl 1 MARKET

MANY SPECULATORS CAUGHT

HI CABLE-PRESS ASSOCIATION COPYRIGHT'. VANCOUVER, Feb. 6. Chicago wheat prices; suddenly collapsed, "quotations lor May delivery dropping to l'S6£ cents a- bushel, or 2cents under last week’s hign record, j uly closed at 109 cents. In Winnipeg the market for two dollar wheat went a glimmering, May wheat falling to 192 cents, July to 188, and October to 146. - in New York the skyrocketing ol wheat ■ prices, which lar-t week caused, serious alann to European hou.seholders, broke severely yesterday, dosing some twenty cents lower than last week’s high level. • Tsie isvtcklen b resile is attributed to the action of the executors of the late Julius Fleischmann, who tell dead on Thursday on the polo field. It is reported that they dumped all his tremendous holdings hac-k into the market. Many heavy losses followed, a number of smaller speculations at Chicago were: May. 186 5-8 cents, a bushel; July, 369* cents; September, 146 i cents. . [unrealised selling in the Chicago wheat market revealed a market without adequate support from speculative buyers. The fluctuations were, very lapid. the downward swing of market trading assuming large proportions. The violence of the break was- made worse by the execution of distress orders for holders whose margin was exhausted. The quotations on the blackboards differed widely from the actual prices in, the wheat pit, the fall in values being too swift to he kept up with, either by telegraph or telephone. In some instances the market fell by overthree cents 'before selling orders could be filled. The crash was. halted by reports that exporters were seizing the opportunity to secure ownership of large quantities of wheat at the _ sea hoard in position for q.uidk sshi pmen t to Europe. The market, however, continued to fluctuate erratically with the total transactions on such a heavy scale that individual trading had little or no effect on the course of values. Profit-taking bv “shorts” contributed to the irregularity.

EFFECT TN BRITAIN. LONDON'. Fell. 8. "\V jv,t cargoes are dull in: sympathy with the sharp decline in America. Onotaitiorns are from Gd to 2s lower. Parcels are weak on; pressure to ('■ell. Manitobas are ■quoted at 2 s under the last rates. Livemool futures are quoted as' follows :—March, Lis 3|d; May, 13s lid; July, ]3s 6J-d. LATEST CHICAGO QUOTATIONS. ... ■ NEW YORK, Feb. 7. Chicago wheat quotations are as foil owe;—May, 191 cents per bushel: Jnlv. lP>2f cents; September, 149 cents. .