New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-02
STOCK SPECULATION WIDENING.

MONDAY, Oct l-p u
The stock speculation continues TO widen ana
the market daily grows broader. To-day the
transactions aggregated 507,300 shares and the
business was so well distributed that no
one stock in the amount of business done
held a pronounced prominent position. The
market started at figures generally about the
same as Saturdays closing prices The average
traders operated for healthy reaction and
therefore generally were sellers in the first half
hour Yet the new market absorbed the Offer
ings and steadily advanced the prices. There
may be no reason in the late advances as
viewed through pessimstic glasses; but TO the
people who for twelve months have been selling
stocks " short on the advice OF Western railway
officials there is painful realistic and rcirospcc-
tive knowledge that their contracts to deliver
property do not come back TO them at their call
ing The recent deal in September wheat at
Chicago Of course " is wicked because IT. re-
suits in corner of the stall OF life buo
let us be Just as well as critical Wheat is
commodity which is on sale every day of the
year The crop of the country is harvested with
in a period Of SIX weeks; IL requires Il year .
consumption TO use it up. Ii there were no
midde-men. with capital and credit 10 handie
H. it would leave the farmers hands only
rs fast as the demand for milling ana
export required it, or, if faster, the price
would drop 10 unreasonable figures. There
WAS a capi1aiist or a clique OF them who believing
in the value Of wheat purchased 1t as ~ was oHerd
till they had purchased all there was in sight; an
other set Of operators who did not believe In the
current value of wheat sold, not what they had,
but contracted to deliver that which they had got
to buy 10 fulfil their contracts. lhen d DAY os
two before their contracts matured they discovered
that all the wheat and their contracts to denver
were in the hands OF one man ana that Pur,,
chascs could be made only from him. The original
contract required two parties to It, and IN the ao,
sence of the wheat for delivery the settlement on
that contract also required the assent OF two par
ties OF one thing there is almost dead GER
tainty: Ii there had been no shorts IN sep
tembcr wheat its price in Chicago would not have
reached 81. let alone 81 5Oas2 per bushcL ihe
stock market does not yet present an exact par
allel with the Chicago deal IN wheat because tho
short" contracts are not under the control or one
mind Bur no one now will dispute that prices for
stocks even with the reckless managemcnts we have
seen went much lower than they would have
done if the bears had not played such havoc
with values as they have during the last year
Where these short contracts as well as the
real stocks the low prices frightened OUT foInu
real stock passed from Wall Street, and thy
contracts into the hands that believed that trS
n long road: but the turn has been reached and
the holders Of the contracts, scattered as they
are, seem 10 be inclined TO nave the naming oil
the settlement prices inst as " Old latch IN
Chicago has price for wheat he bought in the
open market and which no one was compelled
to sell him. The stock loan market to-day
reflected little reduction in the aggregate OF
the short" interest: but it still vas there in
very large proportions. Generally the best prices
OF the day were not maintained at the close.
But the market closed strong after day OF
considerable realizing and large board-room
trading.
TIE DAY IN TIE BOND MARKET
The TFeaSury's purchase Of bonds covered
$4,000 As at 1919. and s359,2OO l-2s 40
lO7 1-ial0s; total si09,200 The rejected
offers amounted 10 about Sl,200oO0. In the
local market little was done. The syndicate
is no longer buyer, because il has no faith
in forcing the Secretary 10 pay higher prices
than those now current Annexed are the clos