, 1879-07-20
NO. 2 SPRING..
Another Terrific Break in the
Wheat Market.
An Immense Cleaning Out Of the
Bear Clique.
climax Of the Second Act as Played by
the New York Company.

As vas in measure predicted IN TEE TR1B-
psa. there Was an exceedingly erratic wheat
market Yesterday. AT an early hour the clique,
which largely represented the combination that
SO ef1ectually worked the deal for last month,
beean their deliveries, and In short time re-
coints. some Of them dating back to October and
November of last year. came piling In thick as
leayes in Valamhrosa- Under the pressure to
realize On the part OF those to whom the wheat
was coming in at loss Of from 10 to 16 cents
pcr busbel, there was q calamitous breakdown.
The market opened at 6S aud all OF sudden
dropped to 66}1, at which large blocks were
purchased by q few discreet bears, who
came to the rescue, fearful that the
plunge to which the market had been subjected
would eyentuate in wreck to all concerned.
The situation was tick}ish one The combina-
ton which manipulated the June deal sd sue
cessfu1ly had taken advantage OF the sudden
"bull u movement TO unload at the exalted prices
consequent upon change OF front by many
who had hitherto been On the "bear" side,
aud the wheat which was sold on the
KY option a1 in ,Ss bors rangS gd from
Maid for. The pressure to realize was more than
enormous Those onwhom the ewbeat was poured
we're anxious TO realize at once, aud they who
were on the short side began calling margins at
au uue1aUtpteu rate' AAe Gctlou spleau viii
ali the rapdity, Of a yellow-feycr scare
in the South. Those who were Oh the
long side On all kinds OF grain and provisions
began calling for additional margins. and in
brief hour there was lesscning OF hank bal
pens: pension a. Of The day was tat Of ". T. sicfIcnry.
who early saw the course OF events mud
shut down in order to definitely as
certain where he and bis clients stood.
BY Monday or Tuesday he hopes to resume. In
y, nf&
a TRIBUNE reporter as:ertened that 20 far as
heard fypm bis country clients had promptly
responded to all calls, but the city spcculators
through whom be had operated had failed to
coma to time. Han the marGet remained
noon, Alr. McBenry ont Of his own private re-
sources would have promptly met all marginal
dcmauds that could have been made on him.
The panic soon exhausted itself. The lowest
depression was OF temporary character. Some
with the idea that things were going to
the eternal bow-wows, jumped into the
relief Of the market. not from any particularly
charitable motive as far rs heard from, but from
4 desire to save themselves from any possible
wreck. Under this influence there was steady
opprec;ation OF values, and, though at the close
the highest prices were not maintained, there
was full five cents advance from the lowest
figures Of the dar.
OF Bull Run, 1t had apparently only one OBJ
ject, and that was sauve qui peut. They who
we're long on all kinds Of property we're per-
sistent in calling additional margins. and they
on The bear side had about all ther could do to
respond to the calls. 4 y
Generally speaking, the deal OF yesterday J
seems to have climaxed the second at OF the
commercial -pastoral-aCrieu1tura tragi-comedy;
and, as all well-regulatea plays are endowed
with three acts, the question now under discus-
sion By the operators is What will be the cuIn1in
alton OF the third and last? 1t is generally
admitted fact that the great bulk OF the dellv-
cries Yesterday, whieha' aggregated 100000
bushels, found their way back to the manlnu-
lators Of the juno deal. Some OF the dealers
think that tomorrow QE next dav there will be
sslumped ~ on the market fully as much more,
while others arc incliped to believe that the
June tactics will lie reSopted to for the close OF
this month and the Rtnd-up Of the deal for
August, As one Of '"Sittng-Bu -Bull's" country
men once said, .indiah all right, but white
man very uncertain" ~"
The rango Of price@saas se'Sc to 92c for the
July option, closing at about o1Lc. The
August deal ribrated Between 693<c aud 924c,
closing at a31Sc. September onions ranged a1l
quiet at 91lc.