WHEAT PRICES.

Hokitika Guardian, 9 February 1925, Page 2

WHEAT PRICES.

SUDDEN COLLAPSE. AISTItAI.I.YN AND X.Z. CAIII.K ASSOCIATION VANCOUVER, Feb. 7. The Chicago wheat prices have sudji'iilv collapsed, the May delivery price dropping to 1801 cents per bushel, or 22 cents under last week's high record. July delivery price closed at cents. |} In the Winnipeg market “two dollar wheat” went aglimmeriiig. May wheat lias fallen to 192 cents. July ISS cents, and October 140 cents. CAUSE OF THE FALL. NEW YORK, Fob. 7. The skyrocketing of wheat prices, which last week caused serious aiarin to European householders., broke severely yesterday, prices closing some 20 cent's lower than last week’s high level This sudden break is attributed to the action of' the executors of the late .1 ulius Fleisciimi'.nil who fell dead on Thursday on the polo field, ft. is reported that they dumped all his tremendous holdings hack into the maiket. Many heavy losses followed. A number cf the smaller speculators were wiped out. . Yesterday's quotations at Chicago wore: Ma'v. 1891 cents per bushel: July, 159\ : and September MG).

DROP VERY SUDDEN. NEW YORK, Fell. G. 1 ncre used selling in the C bieago wheat market lias revealed that the market, is without adequate support from speculative buyers. I lie fluctuations have been very rapid. The downward swing of the market, trading is assuming large proportions. The violence of the break is made worse l, v (,he execution uf distress orders for those holders whose margin is exhausted. The quotations on the blackboards differed widely from the actual prices in the wheat pit. the fall in file values being too swilt to he kept up v.ith either by telegraph or by telephone. In some instances the market tell, over three cents before the selling orders could he tilled. The crash was halted by reports that exporters were seizing the opportunity to secure the. ownership of large quantities orf wheat at seaboard, in a position for quick shipment to Europe. The market, however.continues to fluctuate erratically, with Llie total of the transactions on such a heavy scale that individual trading has had little or no effect on the course ol values. Profit, taking by the shorts lias contributed to the irregularity.

FRENCH ACTION. PARTS, Feb. fi. The speculation on the wheat market lias caused the French Government to take action to prevent the price of bread from increasing. Tt lias decided to introduce a Bill making it obligatory on dealers to disclose their stocks, with the object of taking a census of the available supplies. If these are insufficient for the national needs, the Government intends largely purchasing abroad, wherefore special credits will be asked. PARIS. Feb. 7. The Chamber of Deputes by 328 votes to 225, adopted the Government’s wheat proposal (cabled on I hursduy). Premier Herriott made the question one of confidence and urgency.