New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-08-22
WHEAT'S UPWARD FLIGHT.
SELLS AT 81 O5ss. AND CASH
Az 81 II.
,o,,rer PRICES SINCE isol-wILD EXCITE
MENr AT THE PRODUCE EXCHAN'E
TIL. COURSE OF STOCKS.

Nr,ST AT THE PRODUCE EAOhA->"N
THE COURSE OF STOCKS.
Er;day's advance in wheat was iono"'u =!
,ur,her gain yesterday. the Septemoei Vp''0i
.0u,ng m more than FIVE points to 81 oo's' an"
-. I,ooo,ohsr option to 81 037s, the closing lor
49, ,n.o ontions being within isGAc below the
,',c, ,ovoi Of the day In Chicago the Market
o,ened as here. under intense excitement az
aiL65 cents advance above Frlda! cio'"e
nod winter wheat at Liverpool sod up ou'' anu
snot cash wheat advanced Id. Cash w"e"' !"
This market sold at 81 II, the highest price since
$50, aud the levels reached by the September
and December options were also 'he "''s"'
sirce the great boom of 1891, when wheat SOLD
,n Chicago for the August option at 81 Ao'2
co,ten,ber at 81 0Sib. and october at 81 %.
ON the Produce Exchange the opening was
wild and excited while throughout the TWO
hours of trading accumulating strength in wheat
to~ futuro delivery and for the cash product so
,r,nressed brokers with the bright prospects or
the market that nobody appeared willing TO
'' 4 PERFECT PANDEMONIUM
rxaccerated crop reports intimatlng that there
had been damage in the spring wheat ols-
trcts intensified the aggressive bull spirit ana
these. coupled with further cable advlces re-
snecting the serious shortages in foreign couh
tries turned the wheat pit on the produce
Exchange into perfect pandemonium oil
bowling shouting. exuberant bulls. The ex-
element on the Exchange has not been
eoualed in many years. The amount OF wheat
taken yesterday for export not large but
this was not unusual for short days business
The operations for foreign account were on both
sides Of the market but the buying outbal-
snced the selling and there were no indications
n show that the demand for export and to sat
tsfy the speculative appetite was near the point
of being satisfied. In fact. all signs pointed the
other way: but current buyers who expect to
see the cereal sell much higher may have the
experience of seeing break in prices before
materially higher level is reached. as present in
dcations point to the danger sign The pace
has been too rapid. Caution should he oh
served at this time and the advice of many
commission houses to operators to go slowly
should be accepted.
Prices have advanced from II to IL cents since
last Saturday without any reaction of conse-
ouence. The market is congested. Small opera
tors have been "pyramiding" and speculation
has shown signs of going mad. If the crop dam
age stories circulated yesterday and to-day fail
Of confirmation break in prices will doubtless
follow Speculative conditions in the market
are likely to cause reaction. rather than crop
The advance in the wheat market so far has
been due in great part TO the promising crops
in this country and the shortages abroad hut
in the last two days speculation has outrun
common sense and actual conditions and doc
tored" reports Of crop damage have aided the
marked upward movement prices The very
best sources OF Information on the crops report
no extended damage. The winter wheat yield,
wni-I /. 80 per CEN cs tEe total crop, has oerfi
harvested successfully Spring wheat is advanc-
safiSfacfprilN and the experts place the
probable yield from 1l00OOOo0 10 l3oOooVp
bushels as against 10l.00OOW bushels actual
production in lNJ6.
This is the month for crop damage stories
The Chicago and New-York bears on the stock
market and the bulls on the wheat market are
at work. Actual conditions do not warrant
decline In stocks While actual conditions relat-
ing the European demand for grain ana the
favorable position Of tho crops warrant an ad-
vance in wheat the bulls are not satisfied. but
must needs bring sensational rumors OF crop
damage TO their assistance
EXPORT DEMAND CONTINUES.
The expor; demand for wheat continues heavy
as shown by "Bradstreet's" computations, which
follow: Exports Of wheat flour included as
wheaD from both coasts Of the United States
and Montreal this week the largest in any
week since September. 1898, amounting TO
J.2l>.OOJ bushels This week. as compared WIN
446OoOp bushels last week, 2.'9l 900 busheiS III
the week d year ago .3>!,Oto bushels TWO years
ago. 3.1s2otD bushels three years ago, and as
contrasted with 4@i1OVr bushels in the corre-
spending week of 1898. Exports Of Indian corn
this week are also exceptionally heavy. the
largest since the third week IN April this year
amounting 10 3929 90 bushels. as compared
with 80. 900 bushels last week 2I69N)o bush
els in the week a year ago, l141,VD bushels two
Years ago. 1OJUpO bushels three years ago. ana
as cOntrasicd with $1,000 bushels in the IKE
week Of 1898"
The stock market under bear pressure
again Yesterday, but at the close covering OF
shorts left final prices for most shares al net
gains as COMPARED with Fridays final hgures
Crop damage stories We're again circulated, put
no sane person sold his stocks. II the corn crop
IS damaged il should be borne in mind that the
surplus from last years crop crlDhed along ran
road lines is sufficient to insure heavy TONNAGE
and II should also ne borne in mind that the
damage TO the crops. If any. will be offset by the
increased acreage this year compared with
last The bank statement for last week showed
a further cxpanse in the loans due IN great part
10 mercantile demand. Bank clearings showed
enormous gains all over the country, railroad
earnings exhibited marked gains, ana tne mer-
camille agencies reported more Improvement IN
general business than in many years
A break in the wheat market should not cause
lcuidation in stocks The money MADE IN grain
win nrohahlv he transferred TO stock market
speculation and II is believed that prices VIII
soon begin 10 go higher again.
HEAVY TRADING IN CHICAGO