WHEAT MARKET

Otago Daily Times, Issue 13942, 29 June 1907, Page 9

WHEAT MARKET

SENSATIONAL ADVANCE W

AMERICA,

Press A«»ociation-By Tolcgraph-CopjrigM,

NEW YOBK, June 28, (Received June 28, at 9.20 p.m.) Owing to the revised wheat estimate placing the Oklahoma, Kansas, and Texas combined muter yield at 50,000,000 bushels, compared with 111,000,000 bushels last year, a sensational advaace occurred in. ths American markets. September wheat jumped at Chicago from 94|- cents to 100 cents, and at New- York from 101g ceuts to 106 cente. Prices at. the close receded partially on realisations.-

Tho New York corespondent of ihe London Tribune sent the following cablegram on May 13:— "Delirium reagaod to-day in tho New York and Chicago wheat markets. Wheat for September and December dolivery reached a doliar a bushel. Enormous buying orders this morning overwhelmed both markets. Each, pit was ' filled with' howling crowds. December wheat reached' 1.03d0l a bushel. There were reactions in •both markets somewhat before the close, but further sensational 6 cenea are- expected, for the violcneo of the publio appotito for speculation hue temporarily converged! upon tho wheat markets. At Chicago the floor of tho exohanec was thrown into a state of excitement such as has not been witnessed for years. Hats, coats, and everything of an avuilablo nature wore. coat into tho air when tho dollar mark was reached, until the oxehange was , black with flinir objects. Tho cheering of those on tho floor and galleries was deaforiihg. Beforo tho opening of the doors of,tho exohaiige there- wero oxciting scenes, as thoro was quite a mob outaide, which bocamo almost riotoiiu-in its straggle to gain admittance in the expectation of senjational developments. Tho wholo country seemed to bo at tho back of the buying , movement. Tho gtrongth iras principally duo to sensational Liverpool oabta and the- crop situation here and abroad."