The record-union., 1897-08-20
A BREAK IN WHEAT.
PRICE LOWER IN THE CHICAGO
MARKET.
The Pit damned With an Excited
Crowd of Brokers and
Traders.

CHICAGO, Aug. 19.-When the wheat
market opened the pit was jammed
with excited brokers and traders, and
the course Of prices after the first
plunge gave grounds for the belief that
yesterdays sensational advance might
be repeated. A more pronounced bear
ish feeling, however, ultimately assert
ed itself against September wheat,
which closed yesterday at SS12c and
started to-day at SSGSS14c, and soon
dropped to S75sc, and after bobbing
around between that figure and SIC for
a few moments, it rose in quarter leaps
to S9$4c helped along by flood OF buy
ing orders from those who had pre-
viously held aloof.
They climbed into the band wagon
too late however. From S9a4c the
market slid like a tOboggan down
we'll planed runway, until it was
brought up with a splash into the
figures between S714c and SIC. AL
though size was virtually the bottom
Of the decline, one $4,000 bushel lot
was sold at the elimination OF the de-
scent at SIC. Business slackened after
that, and the price had again recov-
cred to SS3sc by 11:30 O'Clock without
the buying of any great quantity.
Liverpool began the days sensation
by a 1Mc@2Ac advance, and slightly
increased this later in the day. The
news from New York, however, was
somewhat discOuraging, being to the
effect that foreign orders received to-
day were generally to sell out wheat
previously bought. Crop reports, too,
were not unanimous as to the damage
done the spring wheat, the Price Cur
rent in particular being rather bearish
in tone.
Paris cables showed advances rang
ing from 13sc to 23sc. Those who did
not get thrown out on the plunge to SIC
and STHc about 11:30 O'Clock had an
other chance to sell at S934c-that price
being again Obtainable at about the
hour Of noon. During the next hour it
went down to SSc and up to $3.50. and
in fact did not seem to know where it
was during that time. The trade was
not heavy or general, the majority Of
the local scalpers preferring to look
on.
Tt was a current rumor in the pit
near the close that wheat holders were
settling up with Allen-Grier, which in
dicates that many have parted with a
considerable portion of the wheat they
were holding for the party gown as
the bull syndicate. Acting on that be-
lief, the crowd jumped on the mar
ket, and in a few minutes hammered
it down from around SSc to SIC. and it
closed at size for September and size
for December
AT NEW YORK
NEW YORK, Aug. 19.-Wheat gained
1Ac in rrice ar one time to-day, estab-
fishing a new record figure for the year,
but lost many friends in so doing.
Conservative traders felt that news
from Europe did not warrant such
sensational jumps as the market eX-
perenced to-day, and withheld their
support. The result was an irregu-
lar list of values all day, covering a
wide range. BY putting forth all their
efforts the bulls succeeded in running
September up to 95$4c, or 11sc above
yesterdays highest, and 112c higher
than last nights close. They were
aided by nervous shorts and news from
the Northwest.
Prominent authorities are now esti-
mating the spring wheat in Minnesota
and the pakotas as low as 125, 100000
bushels A few weeks ago 200, 100000
bushels was considered a very conserv-
ative estimate. To-days information
10 the traders here claimed that the
threshing was late and the ears un-
filed, owing to recent heavy rains. sug-
gesting the likelihood of a smaller per
cent of No l northern than for any
year since 1888 The quotations for
No. l rorthern f. o. b. afoat in this
nominal basis of 6 cents over Septem-
ber was 81 01%, and No red 99s4c0
{ af hr1f lIcy- Ixvhn in
the trade acceptance of the term re-
fers to the September option in which
most of the trading now centers At
the best point to-day this option was
only 44c away from the goal. 1t was
found impossible, however, without
constant support from all sides and
a steady European demand to maintain
this pace, and in the late afternoon
prices gave way suddenly. losing 134c
on September and 214c on December
from the highest point, under heavy
and excited selling by scalpers, foreign
houses and others. The close was very
nervous on the basis of 94c for Sep
tember and 92$4c for December Still
later on the curb, September rallied
TO 951sc
One of the days features was the
abundance of foreign selling orders,
representing proft-taking on recent
purchases, new short account sales, etc
Late private cables asked for offers, but
the actual export transactions were
disappointingly small, about 100000
bushels. Il was this feature. coupled
with indications that the market was
working more on sentiment than news,
which made conservative traders dis
trustful of the bull side this morning,
and contributed more or less to the
final break in prices. Total future
sales for the session We're S.75O,000
bushels.