The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1891-08-22
A BIG ADVANCE IN WHEAT and RYE,
FaIlnre of Crops in the Old COun-
tries the Cause of the
Furry.
The American Farmer UncDncerned
and Is Assured of High Prices
for His Crop.

Chicago. Aug. 1J.-1O:OO a. M: Wheat
opened with IA continuation of yesterdays
wild scenes. The bull fever at the close
Of yesterday was still on and new fuel
was added to it by the phenomenally
strong cables. Those who sold around
the top yesterday. thinking elimination
had been reached. threw up their hands
and rushed into the pit to cover at any
time. Stop loss orders from New York
and st. Louis came pouring in and alto
gethcr there was a wild scene and all
sorts of prices were bid and accepted in
different parts of the pit at the same
time.
y SECOND BULL WAVE
1880 a. mat about 1918 another
bull wave swept over the wheat pit and
amid Undesirable scenes of excitement
the price was put up by HAYES and quar-
tcrs to Sl.OJl4 within three minutes.
Frantic bidders struggled over each
other offering inducements to holders
but the latter were stubborn and at the
top there was little for sale. This bulge
it is understood was the result of buying
in for account of shorts who had failed
to respond to margin calls. WhcL these
wants were satisfied there was a quick
reaction to Sl.03ll. and at 1890 o'clock
the price was sl.O4ls.
At THE Close.
Chicago. Aug. -. The excitement to
day in wheat cannot be ascribed to any
one thing. II is the synthcsis of world
wide agitation on the question of bread
stuifs. including rye and wheat. Rus
STA. France, Germany. Austria, Hungary
ana india have short crops. All the for
eign markets are higher. and America as
the only country which has full crops
counts on protiting by the European
and .Asiatic scarcity. This in brief
seems to be the sentiment prevalent on
the board here. Careful traders. how
ever are inclined to take their profits as
they occur. owing tn the extreme merry
business of the market and their rcaliz-
ing that the sales from time to time
hav" been the leading causes for the de
prcssions following each bulge.
As tine short session drew toward a
close the market. closing at noon on Sat
urtayS. this tendency was made more
manifest: dealers were DESTROYS Of even
up their trades pending adjournment
till Monday. The consequence was that
from an extreme high point, Sl.0SM Leg.
the market broke Off to $780, at l1::iO.
corn in the meantime. under
like influences sold Off from 20 to 81
There was a rally in December
wheat to Sl.06la. Il reaction to sl.OG. and
advance to 5l.OGi. at which it closed.
Noon close: No. , wheat unsettled.
Cash Sl.01l sm1.07as. August 9l.O1ism
September 5l.042 m1.05. Decem-
S1.OGl n l.0Gai: No. > corn, excited:
cash G4l2 cents. August 64'l.
WHEAT As HIGH IS Sis.
CHICAGo, Aug. II. Wheat is indeed
booming, as well as all crops of this
country, with a prospective shortage in
all Europe. December. which reached
5l.OS on the regular board today. sold
this afternoon on the curb at $l.10.
on calls" were quoted at S1.l4
md sold as high as S1.lS. or course
.hcse are not market figures. but they
serve to show the frame of mind traders
ire in after this exciting week.