New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-01
TIE SPRING FEVER ~ WHEAT

A bulge In wheat In the spring months Is not
without precedent. although. so short are the
generations In speculative life. many who are
active In these days may not remember a. far
hack AS 1891 During the last three years the
wheat market has been regularly weak In the
months Of April and May and lower through the
resi- ~ the wear But In the earlier years II was
hy no means uncommon to have great advance
I'm the price Of wheat In April or May, when
stocks had become much reduced and were easily
controlled. while constantly nuctuating reports
regarding the prospects Of the next crop afforded
stimulus 10 speculation.
In 1875 the price OF wheat dropped In the
spr1ng from 81 30 to 81 II. and continued
,over through the rest 81 the year. In 1919
there was a rise from 81 IL TO 81 10 In May ana
81 % WAS reached in June and 81 ~ In July.
hut the price then receded To 81 ~ in August.
Tn. Great advance came later when the short
ness Of foreign crops was known. and the price
rose 20 81 90 I'm December. In 1880 another rise
occurred In May from 81 - TO Al, but the
prlc. dropped TO 81 % In June and 81 W In Sep
,cmbcr aficrward reaching 81 - In November
Next come three years In when there were
small changes In the spring. In 1ssl The rise Do
can I'm August with certainty Of short crop. ana
the price went from 81 - To 81 ~. In lsS2 after
little change In tho spring fall OF over 20 cents
came In July. In 1889. after little change IN
the spring. there came drop Of 10 cents In June,
with comparatively steady prices through the
rest II the year.
Tho stagnation encouraged spectators. ana
particularly Mr. Kecne. 10 make a big movement
In the spring ~ 1854 and In April the price was
advanced from % cents TO 81 H. but Mr.. Kccnc
failed on the last day OF the month"; and the price
droppcd I'm May 10 81 OF. and In June TO W cents,
falling to Slla In November. In 1870 another
bulge occurred In April from 90 cents 10 81 90
and the price was fairly maintained through
MAY. but was never rs high during the rest OF
the year In 1856 and 1857 the fluctuations In
April and May were comparatively slight, ana IN
1885 there was comparatively little change
through the rest Of the year, but In 1887 rise
OF II cents occurred In June, followed by n drop
Of % cents In July In 1SSS another bulge oc-
Cured In May from ~ cents 10 81 Of. followed
by n fall in June 10 So cents. A substantial rise
began In August Of that year, carrying The price
for n moment TO s. 20 In October. In 1889 the
price gradually weakened through April and
Nav from S7ia cents TO about so cents. but re-
covered In July though 1t ranged lower through
the rest Of the year.
Operations in the two following years again
Illustrated the same principles. In 1890 bulge
In April lifted the price from about 20 TO 97i4
cents. and in May to 81 OFF,. but 1t fell In June
TO 9oh cents Later In the year. when the true
condition Of crops was known the price rose to
81 Osla In April, 1891. the price rose from
81 149t on the 9th Of April TO 81 2S7s on the 2lst
but had dropped to 81 l5h on the Both. and fell
to 81 O9la In May and to 031a cents In July. But
after July large rise occurred. and the price
remained above 81 through the rest Of the year.
The experience during the last three years Is well
enough known. With enormous supplies carried
over, and crops constantly very much larger than
official reports indicated, no serious attempts to
hoist prices In the spring have been made. nor
has there been any important movement later
| I'm the year.