New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-10
THE GREAT WHEAT BUBBLE
AFALL OF 1ola CENTS IN TWO DAYS.
ALL THE BIG BULLS GETTING OUT WITH THEIR
PRoFITs-A WEAK, UNCERTAIN MARKET.
JBY TELEGRAPH TO THE TRrBUSE1


Chicago Oct 9-The wheat market weak to-
day. because the wild frenzy that has prevailed for
weeks Is passing away and giving an opportunity to
consider facts. While everybody was buying from
millionaircs servant girls attention was paid TO
tho situation. For month past to buy wheat was
like picking up golden eagles in the street. The crazo
to speculate spread all the country and 1t seemed
impossible for the big and little operators to get
enough wheat The old conservatives who had been
through such experiences in the past knew that
time would come when effort would bc made 10
take profits, but the unthinkng multitude were nrm
believers In the that Sufficient unto the day is
the evil thereof" So they went on putting up
pyramids until yesterday. On Mondays bulge the
old heads began float ont OF their holdings leaving
the clerks, servant girls and miscellaneous lambs TO
hold the bag This they have done until to-day. But
tho burden has grown heavier the hours waned'
and 1t looks II there might como upon the
scene free for all foot that will be anything but
merry 90 round to tho participants.
On tho early break in the morning. Hutchinson at
tempted TO stay the decline and rallied tho market
cents, but the offerings were so large that his
brokers were swamped and fairly driven out Of the
pit The close the lowest Of the day, 10 IL
cents below yesterdays top In an ordinary market
this would be break enough to buy on but when 1t
Is realized that prices might have gone above
a dollar but for manipulation, and that American
wheat be bought at present prices and sold
that there can be little lnducemcnt to invest. The
enormous purchases OF -four by consumers in antIc-
patton OF famine prices have kept the mills running
night and day, and created the impression that there
was going TO be great scarcity of whcat. But the
visible supply is larger than year ago. the receipts
OF farmers have exceeded those Of last year. and con-
sumers are generally stocked up with double the
quantity Of -four that they usually lay in. II there is
any real occasion for bulling wheat. oven on this
sharp break 1t certainly is not visible to the naked
eye
But manipulation may take It up again and boost
1t higher than ever. great deal Of long wheat has
been Sold and the short interest is Increasing. This
makes good foundation for rally whenever the bull
leaders may turn the providing the country
men do not let 60 Should they become discouraged
and drop their loads, is not impossible that there
might be a repetition of last years juno panic.
In and oats thero has been rather quiet trade
and fluctuations unlmporant. They were dragged
down somewhat by the weakness In other products.
but no apparent effort was made to reprcss values.
The receipts were G26 OF and BAT Of oats.
Wednesdays estimate is for 465 OF corn and 2oO OF
oats. The lns pecon 2S5,0OO bushels OF corn
and 5000 Of oats. Charters wero made for 100000
bushels of at = IL cents.
The bears had their innings to-day In provisions.
The receipts of hogs 1000 above the estimate.
and have been considerably larger than expected thus
far In the week The break In wheat has intensified
a bearish feeling in provisions, and effort was
made TO stay the Decline the market was successfully
attacked.
On the curb, May offered at 81 II. A weak
opening is looked for Tomorrow but It is thought tho
market Will then be taken In hand and rallied.