The record-union., 1897-08-27
EASTERN GRAIN MARKET.
MOVES UP AND DOWN AT NEW
YORK AND CHICAGO.
Brokers Paying Attention to Corn,
Which Has a Little Bulge on
It's Own Hook.

! NEW YORK, Aug 26.-The specula-
/ tive attraction in grain circles to-day
was the foreign market. The ring was
surrounded from start to finish by
large crowd of brokers, most of whom
were bulls, and had buying orders
which ran the total days business up
I to SS0UOO bushels. A tip had been
given out that corn was good for big
rise in the next few weeks, and the
investment buying on this and other
! influences was a feature of the day.
Many of the biggest operators are now
in corn.
Word came from Chicago that the
corn ring there would not hold the
crowd of traders who were trying to
execute orders. The country is inter-
ested in the predicted boom. and bought
freely to-day Wheat sold off in the
afternoon, corn broke loose from its
higher priced companion, and had a lit
tie bulge on its own hook.
Crop news is Enthusiastically gloomy.
The frost season is near at hand, and
from all accounts the grain is so far
behind its average growth at this time
of the year that even with the most
favorable weather from now on it will
enter the danger period at a disad-
vantage. The days news was excep-
tionally bullish. Nebraska and Kan
sas complained of drought; Iowa has
suffered from cool weather, and wired
that frost earlier than September 10th
would do immense damage. The price
Current" filled out the list by predict
hQ &c Iaa
what short of the years probable dis
tribution.
First prices to-day on September were
33Ac, against 343sc last night The
level then shifted to 351ac, and after
reaching 36asc in the afternoon closed
firm at 36c, or 1A@13sc higher than
last night. Gables were stronger.
The wheat market had rather a wild
opening, but cooled off in half an hour,
and was without important develop
ment for the balance of the day An
early scare among September shorts
furnished about the only sensational
features. The violent gyrations in that
option around the opening affected the
whole list. 1t opened strong at 81 OF,
fared up to 81 0334, with scarcely q
breathing spell, and then drifted for
the remainder of the day, touching
81 011s at the close.
Sales were 1885, 900 bushels. De-
cember closed al 99c. after having sold
at 81 0012 earlier in the day. AS com
pared with last night, the day closed
with net advance of 1b@11sc a bushel.
Export trade was disappointing, only
a few loads being reported On the
curb further pressure was brought to
bear on the market, and December
broke to 97Kc.
CHICAGO, Aug. 26-The first fff-
teen minutes of the session in wheat
was as bad quarter of an hour for
shorts in wheat and corn as any they
have recently experienced The bull
clique got back with compound force
at the people who called margins on its
brokers so heavily Monday Septem-
Der wheat opened at from 9S15c to 81.
or from lac to 3Ac higher than il
closed yesterday, and mounted 15c at
time until about ten minutes from
the opening, 81 OBJ was bid, price
634c over the previous days closing
price. December in the meantime had
reached 96c, starting at 9434c to 95c.
which quotations were 1%@1Ac higher
than yesterdays close For a few
minutes the market hesitated at those
prices, then a decline to SOC in Septem-
Der and 941ac in December ensued.
The business during the next hour
and half was devoid of sensational
features, and the heavy trading at the
commencement dwindled into sputter-
ing fire of fves and tens among the
scalpers, during which September
worked up again to 81 and December
down to 94c
The probable, or at least possible, re-
moval of French import duties on
grain, failure of potato crop in Ireland
and elsewhere, rehash of all that is
known and much that is purely imag-
mary regarding wheat and rye crop
shortages in various European coun-
tries, and above all the conviction that
the clique could with equal ease put
wheat to 81 % or 90c per bushel. all
contributed to the unsettling of traders
minds, which the early fluctuations in
diCated.
One feature of the market was the
small cash business, the rapid advance
in prices having brought that bust
ness to a practical standsitll New
York wired that Europe accepted very
little wheat offered from this side last
night. September worked down to
9S13c and December 931ac, but by clos
ing time those options had recovered
to .SISc and 9:3ISc rpsDectiVely