Berlin Buys

Chicagoans marveled at an order for May rye telephoned to the Chicago Board of Trade by Henry Hentz & Co. of Manhattan. The amount was not so stupendous--30,000 bushels. The bid price was not so unusual--$1.19.* But when Chicago said, "All right, we'll fill your order," Manhattan replied, "Please execute it at once and confirm. It's an order from Berlin, and Berlin is holding the wire." Chicago executed and confirmed. Manhattan told Berlin. Berlin hung up, pleased by efficiency. . The entire transaction had occupied nly three minutes, cost $53.25

Henry Hentz & Co. reported that this transaction was but typical of other German orders similarly placed, executed and confirmed by telephone in recent weeks. Observers marveled as much at the German enterprise as at the rapid communication. During last fortnight's furor on the New York Stock Exchange, a busy floor man was asked by his office for a quotation on General Electric. "What the--!" he roared. "I can't be bothered for quotations at a time like this!" "But Berlin wants to know. They're holding the wire." Abashed, the floorman dove into the nearest drift of ticker-tape. "138 1/2 and still going up!" he reported. Berlin bought 3,000 shares.

*High for rye, but not for rye last week when "natural corner" sent rye as high as $1.26.