The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-01-25
Money, Stock, Bond and Produce
Quotations
WALL STREET SPECULATION
The Seasons Dullest Day Except in the
Last Hour
Ruinors of Wheat Corner Cause Jump in
Prices and Short Dealers
Grow Eager


Associated Press Special Wire.
New YORK, Jan. 24.-The wheat market
enjoyed the two extremes of movement to-
day. The morning session was without
doubt the dullest in three weeks and the
late afternoon the most active. There was
jump in prices then that startled the
trade. The bulk of the days transactions
was done in the last hour when the shorts,
frightened by reports of large export busi-
ness and rumors that Great Britain's flying
squadron had been ordered to the Mediter-
ranean, tumbled into the pit in a fierce en-
deavor to buy back the wheat they had
sold with free hand during the morning.
May wheat jumped from 69H to II Lie
in three. quarters of an hour and closed a
cont higher than last night. Certain rumors
which leaked out among The dealers in
cash wheat in New York today make it APP
pear that an attempt is being made to
squeeze the shorts ia the February and
March options, and that negotiations look
ing toward the absorption of all the avail
able contract wheat at New York, about
10000 bushels, including No. red, No. l
northern and No. hard, have been quietly
going on for sometime past right under the
nose of the trade.
1t came to light today that practically
the whole of No. 2 red which has been held
by Fowler Bros. had been bought up in
the past two days, ostensibly for export.
but according to rumor for Mcintyre and
Wardwell, who are said to be engineering
tile deal. This firm, it is alleged, has re-
Gently been heavy buyer of cash contract
wheat here. at one time taking, it is said,
a block of 400 900 bushels of northern
4. -<.l.. 81. Of fha
urBde from time to time as export dealings,
and no one had a suspicion that any house
was quietly preparing a bomb in the shape
of a corner in February and March. The
small stock of contract supplies in New
York at this time makes it a comparative
ly easy matter to establish corner, as
waterways will not be open until late in
April and to bring grain here from the west
at present rates would be as bad as paying
the advance in a corner.
The modest volume of business trans
acted upon the New York exchange today
centered in three stocks, tobacco, sugar
and ST. Paul. Regarding the first two
named there was a circulated gossip of an
unfavorable character, including revived
rumors of hostile action by the legislature
of the state of New Jersey. Both stocks
not only proved superior to the attacks,
but displayed exceptional strength on buy
ing, chiefly for short account. Although
the trading in the general list was quite
limited, improvement was noted all along
| the line. The news of the day was calcu-
| lated to cause cheerful temper, but this
| fact did not enter into the strictly profess
sienal ranks owing to the recently rapidly
succeeding conflicting political and other
! rumors.
The initial tone, as has frequently hap
pened of late, was impaired by European
cables. The political advices received
were of continued pacific import SO far as
this country is concerned, and logically
prices for Americans showed advances
over New York parity. Some purchases
were also made in this market
for account of foreign dealers
| These were not of an investment
character, however. Other bull arguments
consisted of rumors of preparations by a
syndicate to underwrite the government
| bond issue, either Individually or as col
lectve force, and Encouragement of gold
! shipments tomorrow.
| Sugar scored a gain of ~. Tobacco
| was raided at the outset and fell Il per
| cent to TAX on a renewal of the bear pres
| sure. Insiders took hold at the low point
and rally resulted to 1871. Trading was
| fairly animated in the early hours, then
| became almost stagnant and so continued
| until the last hour, when another spell OF
activity occurred i'll which the top figures
! of the day were recorded. The market
closed strong and generally at material
| net gains.
| The railway bond market was almost
devoid of feature. The tone was firm.
| however, the dealings amounting to III, =
| 10000.
Governments ruled steady throughout,
with transactions of $4,000.