New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-10
WILD DAY IN THE WHEAT PIT
THE PRICE FOR MAY DELIVERY LEAPS
TO 81 90 PER BUSHEI.
FIGURES JUMP 80 CENTS OVER SATURDAYS CLOS
INo-GREAr EXCITEMENT ON THE PROD

FIGURES JUMP 30 CENTS OVER SATURDAYS CLOS
INo-oREAr EXCITEMENT ON THE PROD
Ucg EXCHANGE CONSERVATION
AMONG THE SHORTS.
The local wheat market outdid all It's pre-
v,ous performances yesterday within half hour
after the Produce Exchange opened The mar
ket fairly took the bit between It's teeth. and
al the opening wheat Jumped at once TO 81 65
per bushel for the May delivery an advance
OF cents on Saturdays closing price 1t did
not stop here. but rose in successive Jumps TO
81 90 per bushel the highest price Of the day
and Of the present upward movement
There was the greatest excitement on the
noor OF the Exchange as prices Jumped. The
bulls meeting no opposition whatever, set no
bounds 70 their expressions OF delight. while
there was a mad rush 10 cover shorts the in
slant It became apparent that the strength Of
the upward movement had not been exhausted
Y was the widest runaway market in years.
TIE amount OF May wheat offered here was
small and the rapid rise left many shorts I'M
covered so that the scramble for cover was
general July deliveries advanced with the
MAY. and in the first half hour touched 81 Ply
nor hushel an advance Of Sh cents on Satur-
GAYS closing
At,er the opening hid Of 81 IS per bushel for
&, n a cent at a time inside very few min
utes The next bid was a jump Of cents to
$50 Then the price advanced a cent at a
lump to 81 So then TO 81 So 81 S. and finally
70 81 90. the top price At that price about
fifty thousand bushels were SOLD. AFTER whlch
there was a drop TO 81 So
September sold up from 93l4 cents TO 81 even.
and the July option on the new crop delivery
Jumped from 81 Is TO 81 21h Later May broke
20 81 73 but rallied and 81 so was the prevail
ing price during the afternoon.
Late IN the afternoon there renewed ak
element over reports Of scarcity ~ wheat In
the Northwest and Of possible corners and the
price bounded again TO 81 s51s- at which point
II stood at closing. gain Of 2o'a cents per
oushel over Saturdays closing figures July 3
closing price was 81 2S1a. It's top price OF the
day. and q gain OF 1511 cents per bushei over
saturday Septenoer's closing price was
81 OF a rain Of cents per bushel over Sa;ur-
day.
A,+o~cther II WAS regarded by brokers as quite
tho most exciting day in the wheat market since
The famous Chicago corner IN INN. Inc Proc
nee Exchange during open hours. Is never re-
narkable for It's tomblike quiet. hut yesterday
the din was something terrific, as the oeia'eo
.hor4. rushed TO cover. Wheat they had 70
have at almost any price TO fulfil their con
tracts and their efforts 20 get It produced the
greatest excitement that the Produce Exchange
has seen In q long. long time. ~
Yesterdays RISE unparalleled IN It's raplu.'! .
was caused In the main BY me suohseI m.al
ksts OF Eul ope and Great Britain where france
was the largest buyer but where all oners non
this side were accepted. Another cause was tIie
decrease in the visible supply OF wheat durlre
the last week OF $50 600 bushels N the American
market, and of 100000 bushels IN Europe
Yesterday was the first time since Nj FL.
ars monument factor IN the market that
the New-York price for May wheat mas risen
above Chicago figures .,
49,. nuroeroua short accounts will drive May
wheat I'D to or beyond the 81 marx