New-York tribune., 1896-10-20
WHEAT MOUNTING HIGHER.
GREAT EXCITEMENT ON THE PRODUCE
EXCHANGE.
CASH WHEAT Up TO ss CENTS. OR AN ADVANCE
OF op. CENTS SINCE BRyANs NoMINA-
TON. AND DECEMBER WHEAT GETS
Up OVER SO CENTS.

or 2iis CENTS SINCE BRYAN's NoMlNA
TON AND DECEMBER WHEAT GETS
Up OVER So CENTS.
They were yesterday talking about dollar
wheat" before election. The talk did not seem
especially wild in View Of the days sensational
developments, in the wheat market. The great
est dealings and the greatest excitement were.
of course. in Chicago. which is the ccntre of
the American wheat trade but there was plenty
OF excitement here. The grain pit Of the New
York Produce Exchange which ordinarily fur
nishes ample room for the men who get into 1t
and shake their fists and yell at each other, was
overcrowded-so much Overcrowded that brokers
and traders fought like madmen To get INTO
the middle Of the closely packed mass to make
their purchases and sales
Before the Exchange opened the cable brought
the Information thas yEeat was six cents
bushel above Saturdays final price in Liver
pool. In Paris wheat was up five cents ana Ill
Berlin three and half cents a busheh IL was
no wonder that the New-Ycrk dealers became
excited. The operations were chiefly In Dec"m-
Der wheat; that Is, wheat deliverable IN be-
cember. The first sale of December wheat was
at S3i.. which was a jump OF "a cents a bushel
from Saturdays closing. The price continued
upward until sG9s was reached. making the ad-
> cents bushel. Subsequently there was
decline. under sales for the long account, and
the announcement of large increase IN the
visible supply. to S4H. with "A rally at the close
to S4Ss The net gain for the day for December
wheat was accordingly ~ cents bushei Ihe
gain for May wheat which closed at S'1s, was
~. The gain for spot wheat. when soio III
* cents for No. red the standard grade, was
J7s cents a bushel.
HEAVY DEALINGS IN FUTURES.
The dealings in futures reached the large
total OF pol 900 bushels The transactions
in corn futures, were GlJ.00O bushels. and IN
oats 30 OpO bushels December corn moved up
10 34T. but closed at :j57S. which was gam oi
three-eIghths from Saturday. The hlgnest price
for December oats was 2ies, and the ias'
price was 2ils hich was exactly the same aS
the last price on saturday ~
The coininotion IN wne,.t brought a goOu many
spectaioIs 10 the produce EXcHthBe. Inc sai
l.ly VAS filled all day. and the vast main moor,
aside from tue wheat 1T, presented a more am
mated scene than / mani day ihf u"i''.s ~
on the produce &changc represented Only p'i .
of the dealings OF New-iOrS operators MOST
OF the strictly speculative orders IN wheat lioiii
New YORK plungcrs and less important men e
,XecufeI in Ghicaes on account or the Wluet
market existing there As New-iork has al
WAYS led in stock speculation because II Is the
financial centre, % Chicago has always leu III
speculation hccauSt II ~ sN' el '~'N' -
IAc pig Chicago men &C. iuct their STOCK ueas
here so that there Is reciprocity hen the DIG
New-York men conduct their grain deals III chi
caco For all ,nat, the volume business on
the New-York Produce Exchange is heavy.
Not since 1855 has there been dollar wheat.
In that year the average 'Jmmerclai price oi
silver was a391i cents or Just shade undef
90 cents an ounce. while the average bullion
value OF the silver In silver dollar - '2' or
/ something under 1' cents.
! on July o. the day before yam was nominat-
] .F al hoo In "
, other words. wheat for immediate 'elivery, was
go. cents "A bushel. II subsequently declined
until on August q IL sold at 6lls nts on inc
day befor. Bryar's nom mDation silver sold at 6S's
cents an ounce which made the bullion value OF
the silver in a silver dollar o32i cents. on Oc'
tobcr IL the price Of silver was Gag cents an
ounce which made the bullion value OF the silver
IN n silver dollar SS cen's.
THE ADyAHca since: JULY.
Yesterdays price 'o~ casl whC SS cents
showed an adyanc. Of 24as cents II bushel from
the price, G3ss cents. on the day ic.ors Bryan's
nomination and an advance Of 2Gls cents from
the low price Gl'. cents. on August u. Yes;er-
day's price for silver w.i soy cents an ounce
! which made the bullion value of .he silver in a
silver dollar JO31 cent8. nus from the price
prevailing on the day os Bryan's nomination
there was shown to be Il declin. OF 3a. cents an
ounce In silver. or OF 2?O cents in the bullion
value Of the silver In a silver dola'.
The silver cXponcnts have lwlys said that
whatever silver sold for per ounce wheat would
bring pcr bushel. at least apUr. ..imatcly the
same price This theory holds good longer
Actual events have utterly demolished II. for as
shown. wheat H. now up 2Fts cents "A bushel. and
silver is down 81 cents an ounc" from the time
OF Bryan's nomna ion According to the way
things are going 1t III not be surprising To see
dollar wheat
Natural causes have brought the present state
yer than they want and not much wheat as
they want. This country IL sendlrg wheat not
alone 10 Europe. hut To- two great wheat-g grow
ing countries Indi" d Australia
THE FARMERS MUCH BENEFTTED
In the opinion Of some of he men best qua. .
fed to know the grain speculator and the ele
vator men are ..ot the only person wto will be
great gamers out of tie extraordinary rise in
wheat that has taken place within the last few
days: the farmers Of the wheat raisin; districts
of the country will likewise be gamers II the
rise in the price OF wheat had taken place l!:tc
later the farmers would I'm all likelihood not
have made much by the transactiCh. Their
crops would then have been disposed Of to the
elevator men. who would have been practically
the only gamers In the case.
Another point upon which the experts seem
agreed is that the rise is not the result OF man
ipulaton. but Is the natural result Of the law OF
supply and demand
To a Tribune reporter yesterday Alexander r.
orr president. OF the Chamber OF Commerce,
said with reference 10 the situation In wheat:
The remarkable rise that has occurred in
the price Of wheat Is not the result of Exchange
gambling. II Is not n fictitious. unreal or forced
rise II Is the legitimate result Of the operation
OF the law OF supply and demand. our wheat
10 simply wanted for expectation / have never
known time when there seemed TO be such a
v,ide and great demand among foreign coun-
tries for our agricultural products. IL Is not
orIv wheat that Is wanted The demand ex-
tends to other thing, well. | am not I'm the
Lusiness now to be sure. but from what I can
learn on the subject. | suppose that every
freight steamer that could be secured for the
nurpose has been chartered for months ahead
FOR :he transportation Of wheat To- European and
n,her foreign countries. The simple reason Is
thot wheat is scarce. The crop In India Is n
failure Australia IL not producing enough for
her own consumption. ard has already gone to
n,nortinc IL from u.s. The money that has been
cofrinr into San Francisco from Australia s
Simply In payment for the large shipments OF