The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-16
A BIG FURRY IN WHEAT.
STRONG BUYING RUSHED ON A
HEAVY ADVANCE.

on Wheat RemOVed-Western Mar
kets Relatively Better-Large Gen
eral Trading-Berlin's Market Very
Much Excited.
New York, Aug. 15.-With the tap of
the gong this morning at the produce ex-
change the brokers rushed into the pit and
began strong buying, the movement in
wheat advancing prices from 81 O7% (close
OF September last night to almost 81 O9%
and then TO 81 1O@s1 1015, at which it re-
manned steady for O few moments. Here
was clear advance of 21Sc.
EFFECT OF THE GERMAN NEWS.
The news that Germany was making
move to have its duty on wheat taken off
and that the cabinet there was convened
to-day to take the matter into considera-
tion, had as much as anything else to do
with the rushing upward Of prices and to
bring about the enhanced excitement.
All the foreign cables came stronger and
brought as well liberal number of buying
orders.
The foreign situation was essentially back
Of affairs. The outward movements con-
tlnue large, and export trading is full. In
fact, foreigners are taking up grain in an
almost reckless way considering the upward
ulON6luout III
THE WESTERN MARKETS.
The western markets were relatively bet
ter, and had also a large general trading
The shorts here and at the west are thor
oughly frightened. and are covering extern
sively, while good deal of stuff is dropped
by the more cautious ones as they see sub
stantial profits Oh the rapidly rising market.
By noon the prices had reached 81 f3 for
September, and the general advance over
last night is fully 511s to 81 cents.
THE DAY IN CHICAGo's PITS.
CHICAGO, Aug. 15.-Local dealers in
cereals completely lost all control over the
wheat, corn and rye markets this morning.
No such excited scrambes have been seen
in the Chicago wheat pit since B. P. Hutch
lnson ran his corner in that cereal in the
fall OF 1883 Outside dealers were as much
az sea as Chicago speculators. The story is
only barely indicated by the closing quota
tons, which show 6% cents advance in
wheat, cents in rye aud 234 cents in corn.
The excitement which characterized
trading yesterday was quadrupled at the
opening to-day. December, which was
being traded in at 99% cents at 1l5 O'Clock
yesterday afternoon was wanted by
HUNDREDS OF BELLowING BULLS
and roaring bears at from 81 O1%@1 O3I
the moment the bell tapped for opening of
trade at $3.50 o'clock this morning. Business
Tor about minute was done on an enor-
NOUS scale from 81 022l0o1 02, and then for
a matter of five minutes the crowd made a
unanimous rush to sell and the prics tumbled
TO VI Ol3s. Its stay at the latter point was
snort; the same unauimlty which had for a
Few minutes been in favor OF the selling
sld9 now changed nd it rose to 81 o. at
which point sellers entirely withdrew
until the excited buyers had advanced
their bids to 81 05. Some sales at That time
wore made as high as 81 O5A before it once
more began to recede The reaction follow
ing later, the bulge stopped when 1t had
gone to 81 033&. The market acted exceed
irgly firm, with the upward trend reaching
to 81 O413 ard then back again to 81 04
few times, and then, as on the preceding
bulge, the entire pit full of
HAGGARD AND EXCITED BROKERS
Yelled their bids, and as nothing but
higher and still higher ricas could induc
any one to sell, bids Of 81 05, 81 06, 81 OF,
sud finally 81 08 we're thundered stimuli
taneously from 500 husky throats with very
little secured as the prices shot up. There
was feeling that after such panicky adj
vance the worst was over for the shorts for
this eventful day at least. Comparative
quiet succeeded, aud the price once more
began to sag, but short sellers had received
such
A CRUEL EXPERIENCE
Al bu6 carly bOhR0S I1dJ Inc only parties
who offered stuff toward the close were
those who had it previously bought and
thought well of the profit off red them.
Many Of the excited traders could not have
given coherent account of the cause of all
tn turmoil. but, sifted Of all the whirling
clouds of dust which obscured everything
except the fact that the market was in a
tremendous state OF nervous panic, the sit
uatlon seemed to be this: Domestic and
foreign markets were all feverishly higher,
the short rye crop in Russia, the excitement
ll Tue German rye market over the Rus
san prohibition OF rye exports, the report
taat the cereal crop of Austria-Hungary
was heavily deficient, the shortage in the
wheat crops Of France and India, all
pointed to
AsHohTAGE IN THE WORLDS BREADSTUFFs.
London was up l shilling on cargoes
IoF prompt Shipment, Liverpool was
penny to pence higher and quoted strong
anu advancing. Then the report was put
N circulation that James r. Keene of New
nork' backed by a big eastern syndicate,
was running bull campaign in wheat. Early
ieports from New York that foreigners
"e.t selling heavily, caused a change of
SSgutimeat; wheat was thrown overheard in
otocAS and the price broke as indicated
tive tbo his was near the opening, but by
shoutars
BEGAN TO LOSE THEIR BREATH
q and 10 realize that the short Saturday ses-
no, 9.ou was drawing to close, and that it
v;olI voulu oe good thing to even up trades in
rro o" oL intervening Sunday. During this
moSeSs s.oe December declined to 81 05@,
h'Tuually recovered and closed at 81 O615.
q, - corn the fluctuations were frequent and
SulIiclent severity
TO BE CALLED SENSATIONAL.
stror nnd as In wheat, the trend Of prices was
ono sy upward. September, which at
54SI period OF the session sold as low as
Il teSot' 0IutS' only reached its pinnacle when
cen,o 30 ool3 cents. and it stood at 6314
venoo a. Cne close of the session. The ad-
cirarooSn oe was due for the most part to the ex,
tau tten5 In the wheat market, aud that was
inc nj ~ vantage of by those who are work.
kant VIC oull side of the deal. Oats hardly
onf, pace with other cereals. the net gain
Garroo ountlng to 34G734I cents. News Of
nent over rye set the market
No 10 JUMPING HERE.
o,o.is : casn started at 97c. went nm In al "a
and seld ~ 81 V519. September started at 900
there hes ~ ~ u "a, During the past week
demard is Deen zen 5O cents advance and yet the
inc cash - Iunaoated. Since Yesterdays clos
tembar bI 81 pye advanced lOc, August 10c. Sep
market " ySaa aaa "a October S1{c The provision
urn out appeared to
po;r, DRAW ITS SUPPORT
corn c1zlniy from the tremendous advance IN
Iinhd oIu and wheat Receints of I've S50n ~
.4SuteT bnan had baox. " HOsS N0ie