Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-08-15
RYE COMES HIGH.
a Novelty on the Gotham Pro-
duce Exchange.
EFFECT OF THAT RUSSIAN UKAsE.

The Inferior Grain Challenges Wheat
and Threatens to Pass 1t In Price-An
Order by Cable for liz, 900 Bushels
Sixty to Seventy Million Bushels of
the Cereal That Europe Will Not Get
This Year from the Cars Plantation
A Change in Diet Possible.
NEW YORK, Aug l5-Things were
topsy-turvy on the Produce exchange yes
terday. 1t was a day for the bulls, and
they made the most of it, but that was
not where the reversal of the usual condi-
lions came in. The chief novelty lay in
the fact that rye, generally considered an
inferior grain, not only climbed up to an
equality with the more aristocratic staple,
but gave signs of willingness to pass it.
There has been very marked rise in the
price of rye during the past two months.
In the trading yesterday the advance con-
tinued, and gain of to cents was re-
corded. The last sale for the day was at
Sl.O5. State rye sold at sl.O6 and s1.07,
practically the same figure as was noted
for elevator red wheat.
Big Order by Cable.
On an order by cable from Germany
ll2,0o0 bushels We're taken at 2lO marks
per 1000 kilos Even for yesterday
this was a remarkable transaction.
y mont ago the idea that such
price could be obtained for rye
would have been secuted by most of
the brokers. This particular lot of grain
is for September and October shipment
The rise in rye is by far the most notable
feature of the exchange market, and from
everybody in the trade it is receiving a
great deal of attention. BY far the heavi-
est operator in rye has been E. Pfsrrius.
He said that he had received many in
quiries from European correspondents as
to the state of the market here
The Cars Rye Decree.
Apparently the greatest demand was
from Norway and Sweden These coun-
tries" he said use great deal of rye
and they get il usually from Russia As
a rule, Russia exports to the other Euro
pean countries from $4,000, 900 to 20, 0O0, 900
bushels of the grain, but the decree of the
car has cut off that source of supply"
Two or three weeks ago there was a fur
~ among the operators in Europe. In one
day Mr.. Pfarri received twenty-four in
qulrles from as many firms about rye
prices here From some of these foreign
houses he had heard nothing before for
six years, and the cable code they used had
been suppressed.
Explaining the Situation.
As he figured out the situation. Russian
firms which had been doing business with
London had made contracts for deliveries
there IN the months of September and Oc-
tooer, and We're pretty sure to be prevent
ed from carrying out their contracts be-
cause of the decree prohibiting exports
The order takes effect Aug ~ In the eff
fort to cover their shorts the Russians
have run up the prices, Mr.. Pfarrius be-
lleved. There is. Of course the certainty
that good many of the Russian contracts
Will be settled up, and there is question,
too, as TO the legality of the trades calling
for deliveries later than Aug. - and the.
effect upon them of the cars ukase.
Rye Higher Than Wheat in Germany
That is something yet to be settled.
Gable advices to Mr.. Pfarrius said that in
Germany, which is also a great consumer
of rye, the grain had brought 2lO marks
per 900 kilos, while wheat had sold at 1873
marks. That wonld mean a rate of about
sl.01 for bushel of fifty-six pounds of rye,
and compared with the sixty pound bushel
of wheat would show that rye had about
: per cent. the better of it. From Nor
way and Sweden had come inquiries in re-
gard TO wheat from dealers who usually
brought rye.
A Change in the sta fl of Life.
Il wheat was going to be the cheaper of
the two grains il would mean that people
in those two countries who usually eat
rye bread would change to wheat bread.
The advance in rye has resulted in bring,
ing before the complaint committee of the
exchange new question. 1t is whether
- 81.
the buyer can call upon the seller for mar
gins If the market goes against the latter.
The plaintiff in the test case is Mr..
Pfarrius and the defendant is a big firm
in Chicago whose senior partner is mem
Der of the Produce exchange
The French Wheat Crop.