New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-24
EXCITEMENT IN WHEAT.
N NET ADVANCE YESTERDAY OF ABOUT
IA PER CENT.

RAPID FLUCTUATIONS on THE PRODUCE EN-
CHANGE-oNE SMALL OPERATOR CAUGHT
TRANSACTIONS NEARLY 2s.Ooo.-
600 BUSHELS
Reports Of damage to the crops by frost and
hugs were again the leading factors which helped
nil options of wheat to advance yesterday. The
hull speculators i'm wheat have worked up
speculative sentiment in people who never before
trusted their funds to the dazzling attractions OF
Wall Street and its neighborhood. and the market
Yesterday more active on outside orders thah
on trading by the professional element the al
vance in wheat in the last few days has set the
whole town attacking wheat. and in the downtown
districts even the elevator boys and bootblacks
are discussing the respective merits OF the chinch
hug and the Hessian fly. and various other bugs
which, according &c the bulls. are taking such an
active part in the present wheat movement In
Chicago as we'll &C in New-York. the bulls OF the
wheat pit have taken the public into their con-
6dence and have assured 1t of 81 wheat
The rapid advance OF wheat on Wednesday
caused anxious. eager and expectant crowd or
brokers in the wheat pit at the Produce Exchange
yesterday. and the galleries were we'll filled when
the gong announced the opening Of business. When
the signal given prices at once began TO soar
and inside of one minute the July option had
recorded IS. or points above Wednesdays closing
Rapid fluctuations then began. The Indicator soon
pointed to S3s; an eighth more was recorded; then
g. and finally S4i4 the highest point OF the day
was reached amid intense excitement. September
and December wheat advanced in the same man.
ner the first named reaching &7s. and the last S6is
The closing prices were lower. July being at S1'2
September at SOS and December at a. The de-
cline In the closing hour was the result OF realizing
sales in which liberal profits were secured Near
the close those who had bought wheat around 10
could not stand the strain of holding on for higher
prices and they sold in such haste that the market
became slightly pancky. The net advance for the
day was about ls4 per cent On the curb July
wheat sold down to sOia The transactions in wheat
amounted to 27.So00 co bushels.
The New-York firms which deal in grain have az
a rule been on the bull side of the market. and no
fear IL expressed of any serious trouble here. Some
brokers maintain that the advance in wheat is not
purely speculative, as they think the country IS
short of wheat The decrease in the visible supply
since January / has been large and the present de-
mand for wheat for actual use is heavy. As far as
the so-caed damage to the crops by frost and bugs
IL concerned II Is interesting to learn that at some
OF the large Western railway offices in this city
kilograms have been received stating that no ma
terial damage has been done to the crops.
The Cincinnati Price Current In its weekly crop
summary has this to say about the condition OF
wheat corn and oats: Winter wheat was not
greatly injured by the frosts The average conan
tion however. has been further lowered decidedly
by insufficient moisture and pests in large areas OF
the Central and Western regions. Corn was cut
An
temperature is retarding growth when draw rnn
may be mostly overcome. AS TO oats, tne crop ~
generally al6y, not shaping 'aV0ra0y Inc 'ps
The English grain markets were strong and higher
Charles D. Tow, Consolidated Exchange opera.
tor caught by the advance on whest he r
change 49, 900 bushes OF wheat were bought ~ lot
his account Mr.. Towt expects 10 resume To-Day
chicago Nav q (SpeciaD.-The wheat trade to-
night agrees that there was never such a day as
ttis "a any ones recollection The volume OF the
business was simply beyond comprehension. the
aggregate in the wheat pit alone probably reaching
900 100000 bushels Wheat at the top showed an
advance OF almost 8 cents over last night. There
was almost as sharp break just before the Close.
July, which closed Wednesday at ~. cents opened
+r,m 50 TO 81 cents sold between 81 and 'sl%.
aid closed Mt 1884. The fluctuations on the euro
v.re not SO wild yesterday The very last
mice was about 7sE cents. The extreme advance
was on the failure of a plunger. about whom there
mas nervousness last night. j. {. schwartz. Inc
excitement was also added to by the extraordinary
.dvance at Liverpool TO s cents busheL There
we're crop damage reports. There was also III
eessant country buying There was however
enormous realizing. Finally the lack OF snort inter
sst developed itself; that the occasion OF tne
closing s-cent break There no such cash de-
nand as on Wednesday. There was Iot OF IN
puirfes from millers, but no business prdcucH'9'
That fact was ignored until just before the ciose
IT was one OF the influences just before the WIND
nm 1.-THE Price Current was rather conservative
An its estimate OF crop damage. The seaDoard
cIearances were about H5.o0o bushels. AZ night
there was the greatest uncertainty as 10 wnat me
newt thing would be. Some thought that the ad
vance had eliminated. Others that there hau oee"
merely a trivial setback in the great advance
Corn was all day within "A comparatively nafr TOW
range / cent July sold between % ana 20 ana no
Closed AT Sc cents The market was ciosey py
wheat There some increase In OUTSIDE Du 81
ness New-York reported some export saies' i 49,
Sushe,s There were good-szed charters mere,
$500 The receipts continued enormous ecS ca ar
to-day; 80 cars estimated for tomorrow S,
<dces continue to be of the tenor mat ~here cut
down corn can be replanted - ,.r,aoo
The feature in oats was increased crop uairsse'
NEBRASKA sent the most claims. The Price Sui-
rent announced poor condition: July July WI" hich
closed Wednesday at 20 cents. to-day sold as hlsh
a. 3ls and closed at 3lA cents. Receipts %ere
large S4S cars the estimate FOR to-morrS3'W' c,s
. calls s. cents Puts July corn were o59s
liz