Morning journal and courier., 1890-04-15

An Enormous Business ON the Chicago
Board OF TFade-Large Sums OF
Money made and Lost-Wheas Get.
ting High-Talk OF q Cernof-Ths
shorts Frlghtsned-The Nay I'm New
York Buslness In Options the
Largest Ever known.
CHICAGO, ILL.,, April 14.-Business on the
board of trade to-day was on an enormous
scale. The popular interest centered In
wheat, which auotuated, the course being In
an upward direction. Margins were called
freely and enormous sums Of money were
made and lost. The board Of trade forbade
any smaller fluctuations than e.quarter
cent sent out, but the ups and downs were
30 frequent and liberal that this was SUM-
Gent for most Spectators.
'sTurns" were made by the frsquenters OF
the offices Of brokers, and 1t was quite q
common thing for q man to rake in clear
profit Of 81 900 on his trades In the course of
an hour. The recent expansion In business
on the board ia remarkable, and the members
say it is chiefly the result Of the policy
adopted by the president and directory.
Wheat appears to be getting pretty high,
but everybody has got the buying fever, and
there Ia no telling where the boom will stop.
There was wild time again this morning,
the May future, which closed ct e81& Satur-
day, opening at 90, Immediately booming to
92A and then falling to so. There
was q talk of a corner, but the prin-
cipa1 cause of these strange ductua.
tions appeared to be the terribly oversold
rushed into the market to buy but found
very little for sale. A panic resulted, and
after little was sold the longs offered SO
much that prices fell quicker than they adj
vanced. July fuctuated only ~ cent, sales
being at 87H. There was an almost univer-
sal disposition to settle up trades in May,
owing to the manipulated condition of that
option and to trade in the July future. The
general trading was go enormous that 1t
form any clear idea Of the magnitude of the
individual trading, but it was clear to every
body that Hutchinson was a very large seller
at the time. He stated that he had bought
no wheat, but was selling big chunks. Other
longs, too, thought 1t good time to take
the market ought to go lower. During the
last hour Hutchinson became buyer, and
this helped along the rise. At the close May
stoed at 90 and July at 865t. This is an adj
vance for the day of IL cents for May and
"a cents for July.
There was some excitement in pork at the
opening, but it subsidized a little later, the
demand being only fairly large. Armour
was disposed to sell at the fancy prices pre-
vailing and May pork opened at $13 80. ad-
vanced quickly to 3d. and fell off just as
speedily to $500. Lard and ribs were
somewhat higher. The clique were reported
to be selling. Armour sold some pork but
bought lard quite freely. Fowler and the
packers generally were large sellers of lard.
Lard and ribs closed higher but pork for
May declined 55 cents.
NEW York, April IA, 1890.-The afternoon
dealings In wheat were unusually brisk; in
fact the business for the day in options is the
largest ever known here, reaching A, 336, 900
bushels. There were sharp changes in prices
alternating to weak and strong basis,
while the close of Change showed 154@21s
better prices than the official close Of Sat1r.
day.
After 'ohange there was squirt upward,
with selling at 93T@041a, closing at 94@
s41S; June at 9Sl@94sss; July at 92% @s35s,
closing at 50. Margins were extensively
called fol, but every thing moved along easily.
The variations in prices were so frequent
that 1t was possible to keep protected. All
parties were alike buyers and sellers almost
at the same moment.