The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-18
CAUSE OF The EXCITEMENT.
Ehy The Prices Of Wheat and Rye Have
Risen 50 High.
EgRHsNY AND RUSSIA CONCERNED.
nfArket Quotations Generally from Various
Points. Bonds. Stocks and
Provisions.

CrlclGo, August l7.--ISpecisl Trade in
wheat to-day has been very much Of an even
lnc.up nature. The most obstinate shorts
WHO did not buy in last week or who were not
driven in by the exhaustion Of margins, nearly
,IAsd orders to buy on the opening to-day
md most Of their contracts were settled be-
tween Al. 10 and 81 u. There were large orders
t1,eu on foreign account bv holders. and a
,upber OF these orders we're to sell out long
wheat. which WAS bought for July delivery
,,,erA months ago at priccs ranging at about
sos.
What caused tho advance? is the question so
often asked.
hiring the months Of June and July tho
prospects OF the growing crop IN this county
,sere extraordinarily favorable. and the har-
,e.fng of such al enormous crop Of winter
cheat under the most favorable circumstan-
ess caused a very bear Oh feeling through AT
Z entire Western country among grain deal
,rs in tho winter wheat region Local specu-
lstsrs ia Chicago and ~. Louis and other
POINTS tributary 20 the winter wheat region
became free sellers for December deliveries
A number Of others, particularly those IN
die South reaped n handsome prOht by clos
ing their deals below soc. A great many
others expecting that the market would 90 20
other baud. Paris Berlin Liverpool and Lon
don spectators were all very bulllsh. IN con-
se.ueuce OF the prOSp sctye short crop IN
Europe. New ork and other tas ern people
we're IN sympathy with foreign spectators.
Tie result was very heavy buying by houses
having foreign and astern connections. Tho
c0nt,nued uniavorable reports from abroad
r. ade the shorts very anxious aud they COM
ueuced buying % protect their contracts as
tie market advanced The climax was reached
when Russia prohibited expectation OF rye,
and Germany began 10 talk about removing
is duty on tire importation Of wheat This
p aced the control of tho market entirely
IN the hands Of holders, and there was
10 chance for shorts TO get out except
g buy from one another or from those hold
ers who we're wiling 10 sell which they hRyO
been doing freely since Saturday morning
making large Gales Saturday and to-day. This
We think says Iamson Bros. Co., IS the
pruclpel cause OF the excited market we have
had for the past few days
The corn market was rather wild and ex
cited. due entirely. we think, to the unsettled
condition of wheat.
About the same can be said OF oats, although
trade was very light
When wheat was ranging around the high
est point. there was some activity with the
hog product, and the market obtained quite
an advance from SATURDAYS firm closing.
Later in the day when wheat became weak
selling orders came in for provisions and the
market became demoralized and very hard
for holders TO find buyers without shading
prices from nominal quotations
The United Press Chicago market report
for yesterday is as follows.
Wheat Wheat opened excited and Wild.
and advanced ON an urgent demand. IL was
that New York and foreign houses
we're selling all the market would take This
produced panic on the part Of holders, and
there was "a rapid decline until the close when
December reached $1.O3 the closing price, and
8 60 lower than Saturday. Receipts. 592 cars.
Corn-Ihe corn market was a good second
e. wheat. When it had advanced &c. a lot
~ heavy long lines were realized upon and
there WAS gradual decline. Last prices we're
JIG. higher than Saturday. Receipts, Az cars.
Oats-Oats followed other grains and closed
.@%c. higher Receipts, 362 cars.
Provisions Provisions went up and down
in sympathy with the excitement in wheat,
closing I5@3Oc lower. Lard and ribs de-
lined TO.