The record-union., 1895-05-24
COMMERCIAL.
Another Exciting Day in the New York
Market.
Wheat Plunses Wildly Up and Down
Over Four-Cent Range at
Chicago.
NEW YORK. May 23d.

New YORK, May 23d.
Wheat had another sensational rise this
morning with an enormous business, amount
ing 10 about 10, 100000 bushels within the
first hour. July opened at $50, c,whichwas clear
gain of cents from the close OF Wednesday,
and cents for curb prices stimulated oy
the heavy outside buying and reports that a
big Chicago operator was actiVely ehEaseo
covering shorts 1t soon rose to o314, whlch
proved to be the highest point OF tne oay'
The country demand seemed to be the Wlia-
est thus TAR on the rise. Cables and crop dis
matches all helped the advance, and the nuiis
were confident of dollar wheat, when prices
suddenly dropped under heavy reaIiZatlons,
losing cent in a few moments.
At noon there was another excited Jump,
and in the early afternoon the price nv @buaIeo
so violently that local traders lett the ilarAet
entirely alone. Jumps of quarter 10 nan
cent were frequent and at one time lnere
was a drop OF l cent IN three minutes, "hlie
the Chicago market was even more effaIlc.
The sensation of the day, however, was
216-cent drop in fifteen minutes. ltcame ike
a thunder clap and the pit was fairly turned
down while it lasted Whole blocks of Whest
were thrown over, and the price went one
quarter to one-half a cent at a clip, closing at
Sl1ac for July.
The total transactions 1or the uay were
about &c. 100000 bushels.
Following are the closing quotations: May,
SO3Ic; June sic; July, 81 nc; August, S12sc;
September, $3.50; October, $780, Decein-
ber. sac.
CHICAGO, May Esd.
With foreign markets booming and domes,
tic crop damage reports growing more ana
more numerous heat plunged wildly up
and down over 4-cent range to-day, enulbS
AZ cents higher than yesterday, at 1916 ior
July. The opening was over a very " wlde lls
n 4 aa
recent efforts at sensaLlonailsm. July, WnIcn
closed yesterday at I14c and SOLD as n1gn as
high as 791zc on the curo the same afternoon,
found hundreds clamoring for 1t at the start
at from soc 10 sic. The trading was heaYy
at both prices at the same instant IN dlfferent
parts of the crowds, and the result was thaI
Two or three had bid S1lc before they
tempted anyone TO SELL The extreme al
vance therefore, over the closing prices OF the
day before was 411a cents, and that, ADDED 10
yesterdays 35s-cent rise, made the gam from
Tuesday afternoon To the opening this morn
ing So cents per busheI.
The price surged up and down for an hour
and hall, during all which time brokers
with buying or selling orders took the Wheat
they had orders to buy at the price 1t was
oIiered or sold at, without attempting TO walt
q single moment for a change which might
he from a quarter to a halEcent against them.
j. c. schwartz, who has been a sensational
pluneer in Corn and Wheat tor year Jailed
10 respond to margin calls made on him yes
terday afternoon and did not pay his debit
balance in the Clearinghouse. ihe buying IN
OF " heat which was snort by the firms with
whom he had traded caused a rise in July to
SIG from around S03sc, where it had drop
ped to after the opening bulge, and there
were several other minor but yet consider
able fluctuations. Before the excitement at
tending the covering in of Schwartzs line OF
300 900 bushels or SO had subsidized the prices
SWelled to SIC.
The cause principally contributory to the
additional excitement and sensational adj
vance to-day was the corroooratlon of the
worst that was previously reported of the
damage to the crop. 1t is now almost univer-
sally believed that the greatest part OF the
great central area of the Wheat belt has sut-
tered an amount of damage from various
causes which viii make this year crop II
very small one In addition The Liverpool
market was excited, and from TO per cent.
higher. which Is the equivalent OF about 3 a
4IIc per bushel. That advance, however,
leaves the Liverpool price about 1Oc below
the equivalent of the value here.
After the bulge TO SIC the tendency was N
the main downward, but there We're nuInef-
Gus rallies as it slowly sagged. In the last ten
minutes of the session however, IL was
knocked clean on its stills. making d tumble
from around S114c to 70Lc, or a decline OF
about 8 cents in the time named. 1t recovered
half TO SO54c. which was the closing price.
Following are the closing quotations: May,
l,,I,- 7S3LP