New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-08
A GREAT BOOM IN CORN.
THE DROUTH IN THE WEST SENDS THE
PRICE UP AT THE EXPENSE
OF THE SHORTS"
NO SUCH MARKET FOR FOUR YEARs-PARDRrDGE
RULED OFF THE FLOOR-wHEAT
ALSO ADVANCES.

ALSO ADVANCES.
Chicago. Aug (specaD.-It Is four years since
there was any such corn market as to-day. In 1890
there was drouth which started corn from 35
and finally doubled up the price. 1t looks now
as II this might be that sort OF year over again.
on Monday there was an advance OF over cents
bushe: to-day advance OF over 6 cents; within
ten days May has advanced almost 20 cents a
bushe and September about Is cents OF course
the motive has been the drouth Some people say
the drouth is the worst the West has ever seen;
certainly Il Is the worst ever experienced in Iowa
and Nebraska. the great corn empire
For the last two days. however there has been
something than drouth behind the price. The
necessities Of shorts have counted for the mo-
ment more than the crop damage. To-day 1t
Is fanced that certain September shorts" came in.
Their difficulties have been increased by the very
small stocks-not much 100000 bushels-and
by the fact that trader. a specialist named
Schwarz is supposed TO own the bulk OF this cash
stock He bought it when 1t about 10 cents;
even took a loss on it for some time. He has hung
on stubborn.y ever since. no sort Of advance In
ducng him to take his profits. 1t looks now as II
the September situation was his without any effort
his part.
september today opened at 5ias cents. sod
between 5is. and 90 and c.osel at 59l2
cents May opened 5Ol. cents sod between jG;4
anl 5j7s cents and closed at j7s cents To-day's eX
character Of tha fluctuations illustrated better
the sort OF marke, 1t At the opening prices In
different parts Of the pit over cents apart
There was often fun cent between trades Peop'e
with "stop' loss orders were beside themselves VI
course the weather was the underlying factor The
Signal Service map in the morning showed no ram
The prediction for wednesday promised some show
ers. but the market under headway at mat
time and those who sold on the promise Of showers
had on.y reason 70 regret It, Small car lots added
- the troubles Of the man short" On.y 10 cars
were received to-day; only lS' cars are esuha'e'
for tomorrow The West showed no disposition 10
give up its bull" campaign. There was htNe
realizing. but the country bought good dea more
than It sod.
At night tne strain of the market illustrated
by the Witness OF privileges Puts" and calls
On september corn were Il cents apart, probaply
tho widest range anybody ever heard or Anu ye'
people were trading In them The Iowa report y
expected tonight. 1t may add to the eXcteinens M
Friday There Is the widest sort Of difference OF
opinion as to which side Il will help
For ten lays the argument mas neen ai1a'.s ~
that could not sell over wheat without ,hs
latter being helped This argument to-day avSer
- put cents on the price OF wneat; oepe"i1ge ~
opened az 81. cents sold between '5l2 ana oI7s
AMI closed AZ 57, cents December closed 81. een,;
nothing to do with the advance. Il was bearsh
Receipts werc 7i2 cars; the estimate ior Wednesday
7tO cars. There an increase on passage o.
almost 10000 bushels Cables were only litle up
Exports light The bull argument was tnaI
wheat was worth as much as corn 20 ieed aitsf t
the advance started there was large snort ~, IN
re t. :amp%ds p@rirdse nGGaeda by Pard
rilg. appearing upon the floor in such condition
that the directors hastily met and suspended nm
ridge nigh, be started TO cover and that other
shorts might suffer when ms buying bsi began was
also Effective in oats. Prices were advanced over
cent They soS f0sef 6ew@an snG s cSn and
closed 33. cents. May closed AZ q: cents over
Receipts were %' cars; the estimate Tor wednesday
Provisions advanced with corn, as everything else
a.!nc The January felt the Increase more than
ih~ nearby deliveries January pork sold between
f ,wecn m s. 3, 3 ami 81 s H. and closed At s. IS January
rlh. between 81 s. and ses7 and closed AZ y, - ~ ~
Tncrc ~er" l5"' hogs; the estimate lot "e""''''S
"ru,sf On September wheat closed at 55'. cents
A. = cer,s: @caiis" soi. con,s puts" on May corn
were 5U7- cents. ca..s' 5s's cents. ..- ,., ,,,,,
farcei - feel corn 70 stock 4s pastures are prac
ti-nliy al corn. only a small acreage OF winter
wheat viii be sown this fall
The MID excitement in the Chicago corn market
IA! hu. feeble reflection az the Produce Exchange
here The speculative Interest In the cereal IN New"
s. rk Is moderate. AMI the market merely responds
% IN, huc;uaious a; the West. The dealings In
corn onions Amounted % 10000 bushels but when
4 "ica." .s on here thn transactions usually run UP
20 Two or three times that amount. The aiViceS
from Chicago represent the professional! Siecu''o'S
WI, rpve been fighting the advance by short saes
AS being swampcd 10y the tremendous inpouring OF
buylng rlsrs from al interior points. The severe
l,,.ag. REPORTED from The ng-cont.nued drcn,h
and ,hr hot winds OF july ia the basis OF the DUH
,plc.llton From centres where the extent OF 'he
injury can Dee fully appreciated orders 20 buy nave
been rushed into Chicago. and the odd timers nave
p, eli amazed At the boom which has run several days
,l,,,.. c.,h,ut 4 reaction Yesterdays Produce
t.xchange price for september corn options showed
Al ou.ulng Of . cents at 60 cents. and the market
rushed up 70 63a. .a63ie December corn opened
up cents At 80. cents AMI went to 51a. May OPP
tons were as cents hsher at the start. at 55s and
closed az 57l2 cents. 49, l.,
Tho wheat marke, here is beginning 20 feel the IN
nuence Of the buoyancy OF corn Inc Ctreal mas
b,.n sold intcrm.naby by the bears. VINO, on the
rcpca,ft breaks this summer from one low point 70
,no,her have become Almost convinced that wheat
zee, nervous IN view Of the transformation III the
corn speculation. and the short interest - sad 20
h. .x,reme.y large The price IL only ittle above
me owes, in the history OF ths market ana buyers
are coming IN with confidence that The bears nave
ove~stnyeI their market; The sales Of option wheat
YESTERDAY AT the Produce Exchange amounted 10
II 900 bushels. but an immense proportion was
l,,e ~ "syi,chng" transferring september OPP
ions 70 delivery in December. The market rose
9i.l2A cents Yesterday. September wheat opened up
~ cent lt 5SN and rose 20 ~ 9-l6d"s cents ca, ,e E
c,nbcr openel up /. 6l7s, and advanced 70 o5s.n
;2S cents The closing price OF September wheat
vas q. cents under the nnll price or September
corr condition unprecedented. There Is every
prorn % % he development OF lively speculation III
the Grlin markets.