New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-16
RAMPANT WHEAT BULLS.
THEY PUT TIE PRICE OF DECEMBER
WHEAT TO ST Os.
SCENES OF EXCITEMENT on THE BOARD Or
TRADE IN CHICAGO - RYE SELLING
ABOVE THE DOLLAR MARK.

SCENES OF EXCITEMENT on THE BOARD on
TRADE IN CHICAGO - RYE SELLING
ABOVE THE DOLLAR MARK.
[BY TELEGRAPH TO THE TRIBUSEr
Chicago, Aug. 15.-Wheat traders tonight were
recalling those days in September, 1889, when
Hutchinson was in his heyday and was marking
wheat up toward so bushel at the rate of or
cents a day The older ones in the business
were recalling those days in the fall of 1870
when the news that the wheat in England was
rotting in the field sent the price from about S5
cents to over 81 80. 1t did not make any diff
ference what the comparison was, there was
nobody here who could recall any fiercer excite
ment than the present. Prices to-day advanced
8 cents this week have advanced le
cents; in fortnight have advanced 90 cents a
busheL. Sellers of privileges Friday night were
considered insane, because "calls" were put
cents away from the market. Even those very
:" calls" which were regarded as the widest in
vestment Friday to-day were good at one
moment paid $4,000 for every $50 invested.
Sellers of calls" tonight bearing in mind the
experiences of the day, were going further off
from the market even than they did Friday.
Privileges were actually sold l 0 cents away from
the market, and closed cents away. Lots of
people paid 81 90 for "cals" good Monday;
nobody got them cheaper than 81 IA
Before the opening it known that Liver
pool wheat was up TO pence over night that
London wheat cargoes were up pence over
night, equivalent at Liverpool to an advance Of
l IA TO 2 l-2 cents bushel, and equivalent in
London to an advance Of over cents a bushel
over night Possibly this had something to do
with the days market; possibly not 1t has
been the queer feature of the trade all the week
that the market apparently has run along without
any close relation TO the news; queerer still,
however, that the markets the world over nave
pretty we'll kept abreast of each other. At the
opening there was that queer sensation Of alarm
in the market which every one could feel but
which no one could explain. The opening was
precisely like Fridays, only more excited Nobody
could tell within two cents what the opening was
December sold as low as 81 OF 5-S and as high as
81 04, probably at the same instant Attracted
by the showness of Fridays market and by
attention given to it by the newspapers. more
outside buyers were interested. The trade was
a huge affair and that the furor not local.
was shown by the fact that, although New
Workers and foreign houses were again enormous
sellers. there was no pause in the advance. For
a fortnight the seaboard has been patronizing
Chicago: advising the West to get of the short
side of wheat In two days New-York has put
itself in worse condition than Chicago. The
seaboard began early Friday to play the market
for reaction. In those two days the price has
advanced over 10 cents bushel
There was this morning the ordinary news of
the day, but the news not getting much at
tention New-York cleared 3OO,O 900 bushels /;
Chicago inspected out nearly 100000; charters
were announced for 273, 900, making an aggregate
of $50, 900 for two days. Few in the pit knew
anything of these figures at all There was
some silly talk of manipulation /" Jim
Keene had the wheat deal. according
to one story; "Old Hutch according to another
These yarn.spinners did not receive much con-
sideration Sensible people did not believe that
manipulation was at work in Liverpool and Paris
and London and Berlin, and yet it was known
that these markets were as excited as Chicago.
Sensible people too, did not believe that either
Jim" Keeue or Hutchinson was running deal
in rye and vet they knew that rye had advanced
twice as far and twice as fast as wheat. Sensible
people were aware that there was, the world over,
a sensational excitement over the breadstuf STU
alton; that the shortage in France was eAtrOLdl-
nary that the action of Russia In prOhDllihg tle
export of rye was without precedent. lhls class
found in this extraordinary state of affairs abroad
sufficient explanation for the temporary excite
ment on this side December wheat sold between
81 OF IS and 81 Os and closed at 81 06 ?. lhe
receipts here were 44l cars the estimate for Mon
day, $50 Minneapolis had only sAty-one cars I;
Duluth only thirty-One.
Corn traders kept one ear toward the wheat
nit. When wheat moved Up corn traders adj
vanced their bids. Finally when December wheat
touched 81 0s corn shorts were moved TO something
Of a panic. On this stampede September, which
had closed Friday night at 50 3-4 actually sold to
Gj 4. 1t was however. from tl., instant of the
start to the final moment of the close simply q
tender to wheat September after touching
65 ga closed at ~ Sd.
September oats opened at % Is, touched 30
but closed 20. They sympathized little with
wheat and corn: nothing more.
The provision market III one way was almost as
surprising rs the wheat The trade was astOunded
Mt its apathy Although wheat had advanced 3
cents and corn s. Pork at no time showed a bet
ter advance than 80 cents lard at no time bet
ter advance than 1-2. The close showed half
closed at so 25; September lard to Sc 20, but
closed at Sc 65; September ribs to $6 rs, but
closed at S6 -.
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