New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-18
BEARS IN THE WHEAT.
A VIGOROUS ATTACK ON THE GRAIN MARKET
GREAT EXCITEMENT AT THE PRODUCE Ex'
CHANGE FOLLOWS THE ROUTING OF THE


CHANGE FOLLOWS THE ROUTING OF THE
BULLS ADVANCES IN STOCKS.
The bears had their inning at the Produce Ex-
change Yesterday, and before they got through
the day the bulls were pretty thoroughly routed.
When the day opened at the Exchange, however,
it did not look as though anything could hold
grain down 1t seemed bound 10 go up.
In the first place, the bulls were so anxious to
get their hands on wheat that they did not wair
for the regular opening hour-ll oclock-for tho
market TO open, but they INDUCED In outside
trading for some minutes. This Is something
that has not been done in long time. e'ofe
the regular opening December wheat was up 70
81 20 The regular opening for December was
81 Is, an increase Of 3 Is cents from the ofica.
closing price on Saturday For time
the shorts were on the run. The wheat pit was
tbe scene of great excitement, and there were
no prices alike at any two sides of it, The In
terest was much increased by the report that st.
Louis dealers would take no further orders ana
that brokers there were devoting themselves 10
settling I'D former transactions. The foreigners
who heretofore have been buying grain turned
suddenly around and began TO sell. One nrm Is
credited with selling $500 900 bushels here and In
Chicago This was the first lead in the break
here that came.
Following almost Immediately on this report
came word from Germany that the German Cow
ernment had authorized the substitution OF wheat
for rye in the contracts for the army. This eased
up rye abroad, and the entire market felt 1t
almost Immediately The weather and crop re-
ports also came to the aid of the bears, and tbs
receipts of grain, particularly al St Louis were
reported to be large. The first break came from
Berlin, and il was followed by break all along
xphio m
S114l-2, was forced down from 81 10 to
Sl111-s at which price it closed December fell
from 81 Is to 81 13, where it stopped Early in
the day rye was quoted at 81 IS, but three loads
were sold for August delivery at 81 IA 12. At the
close it was reported that rye had been offered as
| low 81 O5.
The weakness was augmented by the rye break
| in Berlin, and then the Northwest sold wheat
| freely. The wheat cables from Liverpool were
| Sd. higher, and at London from Cd TO Sd. per
| quarter higher. Paris also reported a rise of
| franc.
The corn market throughout the day ex-
tremely nervous It opened IL cents higher
than the closing rate on Saturday. Under the
| early bull feeling it made further advance OF
l-2 cent, but it dropped before the close of the
day 1-2 cents.
The days trading in wheat amounted to almost
| 81 ,000,0 bushels.
At the close dealers generally were satisfied
| that the backbone of the recent bulge in prices
had been broken
The excitement was not confined TO the Produce
| Exchange. Stocks showed great activity on a
strong bull market, and the Street and the Stock
Exchange were thrOngcd The crop prospects and
the European demand for grain were favorable 10
railroad interests, and, with the almost sole eX-
ception of Union Pacific, the stocN market maln-
tained a strong upward trend throughout the-day.
closing practically at the highest points reached.
| At the opening prices came higher from London,
and the market showed an advance OF from IA 10
/ ga per cent Saturdays close. AS the markeo
| gained strength and activity throughout the day,
| many stocks that have been neglected were III
cludcd in the speculative operations. Atcmson,
| Topeka and Santa Fe was one Of the roads that
| enjoyed such an advance, and there was general
| buOyancy in the Vanderbilt and Granger" roads.
| New.York, Lake Erie and Western came back into
| moderate speculative favor. The most marked
| advance of the day was that of per cent In
Louisville and Nashville in which recent opera
| tions have been heavy, and which was marked up
yesterday by the forced covering OF the shorts.
| Chicago, Milwaukee and 81. Paul, and Chicago,
| Burlington and Quincy both of which have re-
| Gently been severely handled by the bull element,
made material advances. Union Pachc's decline
| was perhaps largely due to the uncertainties in
connection with the plans to take care of its boat
! ing debt. The railroad bond market kept pace
| with tile awakening in stocks and displayed
greater activity than it has showed in weeks past