Wheat Market Sizzling May Option Sets Record Then Dives
A May wheat option traded at a record high before a sharp retreat as activity surged and prices swung widely. Traders reported heavy volume and broad price ranges amid the volatile session.
24 Feb 1904
Page 1
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Newspaper
Austin Daily Herald
Location
Austin, Minnesota, United States of America
Date
Feb 24, 1904
Page
1
A May wheat option traded at a record high before a sharp retreat as activity surged and prices swung widely. Traders reported heavy volume and broad price ranges amid the volatile session.
Chicago reports a sharp drop in May wheat prices after an opening surge. May wheat fell from a high around $1.08 to about $1.03, with July also slipping. Fresh selling and liquidation pushed the market lower, amid a tense trading atmosphere and unsettled European cues.
In St Louis on February 24 the fusion and middle of-the-road wings of the Populist party resolved long running splits. They agreed to hold a joint People's party national convention in Springfield New Jersey on July 4. J A Parker of Louisville and J W H Edminston of Lincoln Neb chaired the two wings and said the party will nominate a straight Populist ticket with nominees submitted for direct endorsement.
A cable message to President Amador announced the American Senate’s ratification of the Panama canal treaty. Officials greeted the news with satisfaction as celebrations spread across the Isthmus, both in Panama and on the U S side.
W Bourke Cockran won the special election in New York Twelfth district to fill the vacancy caused by George B McClellan resignation. He faced little opposition as Republicans had no candidate.
A Russian squadron led by Admiral Virenius, including the battleship Osalbyia armored cruiser Dmietri Donskoi cruiser Aurora and five torpedo boats, will sail to Lisbou Courtland on the Baltic and not to Kronstadt as earlier reported.
The afternoon northbound Knoxville and Augusta train derailed near Grady Tennessee. Conductor T. M. Nipper and passenger J. J. Graham were killed. W. D. Seator and Arthur Watson were seriously injured.
Guthrie Oklahoma February 24 Carl Black and Cecil Hoggett two young men burned to death in the city jail at Mountain View about 2 oclock a m They had been arrested for drunkenness and it is thought their bedding came from a cigarette
An article recalls Canary Island athletic training under Spanish conquest, noting childhood drills, stone and chair throws, and swift defense. It highlights native prowess in avoiding projectiles and catching or hurling oranges, as proof of intense sporting culture and military conditioning.
Insects are described as oddly constructed beings with internal organs that vary by species. Bees have the honey crop or honey bag, while insects with mandibles show a modified gizzard. Some gizzards feature pads, horns, and bristles, and grasshoppers and crickets have finely toothed linings inside.
Reports from Chefoo and Seoul cite 40,000 additional Japanese troops landing at Chemulpo with smaller landings at Pigeon Bay and Tallewan. Panic at Pingyang is linked to approaching opposing armies. A separate dispatch claims Korea's emperor was dethroned and Chilean navy sold to France for Russia.
In Manchuria Japanese officers were hanged by Russian troops for attempting to blow a Sangari river bridge. Colonel Assai and Lieutenants Zonebiascha and Kacurta were disguised as coolies. Port Arthur reports suggest long transit times, severe cold, and troop movements across Lake Baikal amid unconfirmed casualty claims. The telegraph system remains active with direct lines to Irkutsk and St. Petersburg.
Russia issues a formal circular protesting Japan over Korea neutrality violations and aggressive acts before the Russo Japanese War. Lamsdorff accuses Tokyo of attacking Russian ships in Chemulpo and moving toward Korean administration, urging powers to view these actions as breaches of international law.
London sources say Japanese forces bombarded Port Arthur between February 8 and 14 with only slight damage. Seventy miles of rail line and bridges were reportedly destroyed between Harbin and Vladivostok, a move that could aid Japan. Russian ambassador to Constantinople refused to seek exit of the Black Sea fleet.
Dispatch from Harbin says ambulances are sent from across Russia and a Baltic railway sanitary train for 200 wounded. Port Arthur dispatch denies new torpedo boat attack reports and says they have been repulsed with loss each time in the roadstead. Russian colony at Seoul seeks refuge in the legation at Chemulpo and in the Russian East China Company offices guarded by sailors. Eighty two women study ambulance work at the central hospital amid volunteers arriving in Port Arthur.
Paris dispatch from the New York Herald reports Foreign Minister Lamsdorff intends to resign and suggests Count Witte as his probable successor to Tsarist Russia noted in the Paris edition. The piece cites unnamed sources and names no exact dates or formal announcements.
A Times dispatch from Tokio reports hundreds of Cos sacks arrived at Chonju near the Yalu on Feb 20. Thirty troopers crossed Kanzan that evening, nearing Pingyang. The diet is expected to meet in March to discuss the war budget. A Vladivostock squadron rumor lacks confirmation. Chinese mechanics reportedly staff Port Arthur and Vladivostock, hindering Russian repairs.
Reports from Northern Korea say Russian forces have not crossed the Yalu. Scouts may have reached south of Wiju but the main army remains north of the river. Estimates place Russian strength north of the Yalu between twenty thousand and forty thousand men.
The consuls plan coordinated measures to neutralize Newchwang and seek Russian official views before proceeding. A Japanese report claims 100 refugees from Port Arthur were unaccounted for as of February 19, and United States Consul Miller faces continued information refusals complicating his duties.
The United States cruiser Brooklyn departed Genoa on Tuesday with Rear Admiral Cotton aboard. She sails eastward under sealed orders to be opened only at sea, as the vessel continues its mission from Genoa.
In Wichita Kansas on February 24 a Black man entered the home of Mrs A L McPherson a white woman who was ill and refused food. He battered her with a stove handle and left her senseless. Gray Robbins was later arrested as the alleged assailant and the woman remains in critical condition.
New York on February 24 Clement A Griscom resigned Tuesday from the presidency of the International Mercantile Marine company. J Bruce Ismay the managing director of the White Star Line was elected to succeed him.
The chamber approves the treaty with a decisive 66 to 14 vote marking formal ratification of the canal agreement. The result signals strong support among lawmakers as the pact proceeds to implementation steps.
The U S Senate ratified the Panama canal treaty by a 6 to 14 vote with Republicans united for ratification and Democrats split. An amendment to compensate Colombia for Panama loss was defeated 24 to 49. Executive discussion focused on secret papers, while plans proceed for ratifications and military/engineering steps to advance the canal project.
The U S Supreme Court ruled against a free passenger seeking the same fault-liability as paying riders. The case, Northern Pacific Railway Company v Toulse H Adams and Frank H Adams heirs of Jay H Adams, Spokane attorney, involved a death in 1898 from railroad carelessness.
In Dyersville Iowa on Tuesday an Illinois Central coal train crashed into the caboose of a local freight wrecking five cars and injuring two men. C M Corrigan of Cedar Rapids died from his injuries and Thomas Martin sustained painful injuries.
In Modena Utah on February 24 three armed bandits entered an outfit car where fifteen Greek railroad laborers were sleeping and, at gunpoint, forced them to surrender nearly 93000 dollars. The highwaymen escaped.
Washington Feb 24 The House spent the day on the naval appropriation bill with little progress under the five minute rule. Most Democratic amendments were rejected except one on the Charleston naval yard funding of 656 500 for existing contracts, agreed after Foss spoke. A debate over the Great Lakes naval training station was expected, while the printer was authorized to produce 10 500 copies of A Few Directions for Destroying Mosquitoes.
Washington Feb 24 The Senate ended routine business for an executive session on the Panama canal treaty. After voting on the treaty work began on the agricultural appropriation bill with over two hours of debate on an amendment to fund stock feeding experiments. The amendment was adopted after a point of order by Mr. Lodee was withdrawn, but Rule 16 intruded on time. The agricultural bill remains unfinished business.
Washington notes reveal Senator Hanna penned a February letter to President Roosevelt thanking him for visiting his hotel to inquire after his health. The note, written February 5, was Hanna's final act before his death, with Roosevelt later sending the letter to Mrs. Hanna for preservation.
Berlin reports Colonel Leutwein stating Osanbos attacked Amatoni Feb 2 under Captain Nechale and were repulsed with sixty Osanbos killed. A Schults division fought Hereros at South Tsumana Feb 8, Hereros lost ten men. Germans suffered no casualties and seized cattle. German main forces gather at Okhandja awaiting reinforcements for a broader push.
Fond du Lac Wisconsin, February 24, Miss Julia Flint, who sailed for Europe last December, died in Rome from a nerve shock after a robber seized her purse on the way home from church in Naples. She was captured, deprived of her purse, and did not rally. Remains will be brought back for burial in Fond du Lac.
James Duggins a section hand killed Mrs. Benjamin Ramsey and her children Myrtl e age four and Albert age two in Terre Haute Indiana. He later sought a policeman, confessed, and surrendered the razor used. He had been staying at the Ramsey home and said jealousy prompted the crime.
At a creditors meeting in London the estate of John Lockie former Devonport MP is disclosed. Liabilities total about 1.25 million with assets around 550 thousand. Lockie began shop owning in 1896 with 2,500 capital.
Chicago February 24. The Cook County board of election commissioners ruled that primary ballots marked with the union label or any similar device will be void and not counted if cast.
Paris February 24 government bill regulating secondary education and excluding members of religious orders from teaching passed the general assembly Tuesday by a large majority.
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