Salt Lake Telegram | 1933-06-26 | Page 1 | Stocks Soar as Wheat Nears $1

I STOCKS SOAR AS WHEAT NEARS HEARS 1 Spectacular Rise In 10 Chicago Prices Sends Up Shares Wheat Jumps 7 Cents Per Bushel to Close at 99 4 1 In Wild Day COTTON ALSO ADVANCES Other Commodities Show Firm To Tone Tono no B Br Associated Pru NEW YORK June 26 Sensational 26 buoyancy of oi grains at Chicago was accompanied by a sweeping ri rie e In jn cotton and extreme advances of 1 to around 7 in jn stocks here today With wheat Jumping 6 to 7 cents a bushel and cotton making extreme gains of better than 3 a bale Wallstreet Wall Vall Wallstreet street traders rushed to buy the so called commodity and farm belt issues m most st of which rose vigorously Industrials as a group were strong and rails developed considerable strength in late dealings Sales approximated approximated approximated ap ap- ap- ap shares Trading on the New York cotton colton exchange was at a furious pace Prices whirled to the highest levels since July 1931 on successive waves of buying which sent all positions above 10 cents a pound Mills and speculative traders purchased heavily as as' as the market listened to pred predictions that growers were ready to cooperate with the governments government's plan for acreage acreage acre acre- age reduction With the stock market less active than it has been on many of its recent upsurges it was apparent that traders were switching some ome of their funds Into the There was as however a Well Veil demand for farm implement and mail order issues on the theory that com corn panics in those lines of business would profit by better staple prices Lesser commodities were firm Sugar and silver futures improved the latter running up about half a ant cent nt an ounce while bar silver rose rose 7 cent to 35 cents an m ounce CHICAGO June 26 A W-A A spectacular spectacular spectacular spec spec- cent 7 advance today carried wheat prices to whispering distance of the dollar a bushel line The May 1934 delivery sold cents a bushel a few minutes before the close with the December up t to 94 cents Crop damage news from districts suffering from heat and drouth sent prices skyward from the start All grains reached n new w peak prices forthe lor for the season in iii one of at the wildest buying movements seen in a long time The Thc wild buying continued up to the close the days day's highest prices being recorded Just as the gong sound sound- ed The advances in wheat ranged 6 to 7 1 cents a bushel The max maximum maxi maxi- mum gain was shared by both the September September Sep Sep- and December deliveries With the huge trading in the wheat pits slopping over into the other grain pits as w well corn prices advanced as much as 3 cents oats 5 rye about 4 i cents and barley almost 6 The December delivery ry of corn reached 61 cents the first time that corn com has sold above 60 cents for 30 months and the close was 50 60 Oats pushed along to 45 cents paid for forthe forthe forthe the December which contrasts contrast with 15 cents current for December oats about the first of ot the year Rye pushed over the cent 80 line with the December close at 82 Barley was well above 50 cents and December reached 56 The volume of or trading was so large larce that most of the day prices on the blackboards were at least 2 cent away from quotations in th the pit and at times were three minutes behind Action of the Winnipeg and Liverpool Liverpool Liver Liver- pool markets were almost entirely ignored by the trade who concentrated concentrated concentrated concen concen- on the steadily growing news of oC what one authority called a major agricultural catastrophe