The diamond drill., 1895-05-25
FORCED PRICES UP.
Reports Of Damage to the Crop
Causes Wheat TO Soar.
The Price Reaches ~ Ia ON Change In
Chicse Orders 20 Hay Hood tho
Brokers-The Market La
New York.

other advance Wednesday and took
long step toward the dollar mark The
,,,,s mug s.S>>.sss =. = &
closing figure was TN, a gain Of 3x
cents over the closing OF Tuesday.
The advance was accompanied by
many fluctuations and reactions. but
the ascending tendency was almost
without interruption.
Values were forced upward by a
combination of news OF the most
"bullish" kind. Other markets at
home and abroad were active
and higher; reports from all parts Of
the wheat-producing district indicate
enormous damage TO the crop, and
there was a multitude Of buying
orders in the hands of the COM
mission houses. The market re-
sponded quickly TO these influences Ii
opened at 7t9S and 74lS, thrce-fourths of
cent above Tuesdays closing figure
of 7356. On short order the quo
tations climbed 10 75%, and by
1880 o'clock the top notch of 76sz
was touched, clear gain of three
day. The market eased off little
after this, but the highest price of
Tuesday seemed to have been left be-
hind permanently.
Whatever hopes or expectations of
break the brokers might have had
were utterly dispelled when they read
their letters and kilograms on arriving
at their offices. Every telegram was
an order to buy wheat and every let
ter told of damage irreparable to the
wheat crop.
Buying orders came by the hundred
and the brokers could not fiji them fast
country wanted wheat and wanted
it badly, at any price. Vainly the
professionals tried TO beat back
the rising market i'm the hope that
II they once got it going down,
the lene-loalsed-f for hreals xopld come
But, sell as they would, the quota
tion climbed, with intermitting huctua-
tions, to 75ss. They drove IL back TO
TAX, but within a minute the current
had set the other way again, and be-
fore it stopped 76%, the highest
point of the year, had been reached.
There was another rally of sell
ing at this price and the market sagged
little, but the feeling was that the
condition of things made the market
extremely uncertain and that swift
upturn might carry the figure to 80 or
thereabouts.
A week ago Tuesday July sold at 90
cents and yesterday at II cents, show
ing gain since then of IA cents
The market was SO broad and the ex-
citement so general that individual
transactions and even ordinary influ-
ences were lost sight of. There was
some decline from the high point, but
the feeling kept extremely nervous.
The crop reports received in the
brokers' offices were most discourage
ing. In Indiana, Illinois, Michigan,
Wisconsin, the Daakotas and Nebraska
there seems TO be reason to suppose
that not more than half wheat
crop will be harvested. The RESPONSE
bility for the damage seems TO be di-
vided among the frost, the chinch bugs
and the Hessian flies. All three
have worked injury TO the young
wheat, and the ravages are greater
than was at first supposed Many
ntAuo VI Wntdt which NNtEt bnoukut 10
be safe are now reported TO be turning
yellow and withering, and the decay is
said 20 be due 10 the pestiferous Hes
sian fly.
NEW YORK, May 2s.-Intense excite
ment prevailed in gram circles Wednes-
day. the transactions in wheat alone
footing up TO 34,000,000 bushels maxi
ing over l03, 100000 bushels for three
days. AT noon Wednesday transac-
tions showed an advance of over
centsA with business upon an enormous
scale, as the result OF reports OF
damage which poured in from
all sections attended with heavy
orders 10 buy. Damage by drought, bugs
and frost was reported In all parts
of the wheat belt. Late cables
ali showed higher prices, with
Liverpool; reported as higher on
active buying orders for American ac-
count. The visible supply statement by
Bradstreet's was another factor show
ing large reduction. As the market
neared the close July wheat touched
80 cents. at New York. This price was
greeted with loud cheers from the
bulls. The market closed at top prices
Corn followed wheat. but showed COM
paratively little speculative activity.