The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-08-16
THE WHEAT MARKET
An Exciting Day on the Chicago
Board of Trade.
THE BULLS AND BEARS GO WILD
Mad Scenes in the Pit-Keene and Hutchinson
Thought to be in the Movement
New York Excited.

CHICAGO, Aug 15.-December wheat
reached los on the regular board to-day,
and this afternoon sold at 10. Later on
calls" were quoted at ia, and sold at
ures, but they serve to show the frame of
mind traders are in after this exciting
week. Friday, which was thought busy
day by the brokers, sank into insignifcance
before to-day's session of the board of
trade. 1t was one of the widest days ever
known on the floor. December wheat
touched los, though the bears, who, while
partially prepared for yesterdays boom,
were completely dumbfounded this morn
| ing when the bulls sent prices up with a
frightful rush. The bears said, last night,
Isl must be the climax. In the morning
let's smash things" Any number of at
tempts to smash things were made this
morning, but the final result was not very
encouraging to the bears.
| Such jumping figures as today were
witnessed, have not been witnessed since
Hutchinson's famous corner" in 1888.
The price remained at los but short time,
the bears soon rallying and with mighty
onslaught sent it down to Los u. But they
could not hold it out at that high price,
| When the session closed the figure was
standing at 1.0615. Before the board
| opened this morning there was great deal
OF suppressed excitement. Reports of
short European crops, a prospective famine
In Russia, Germany'S demand and the con-
hdent spirit of the bulls affected curb
dealers and at o'clock 1.0214 was freely
offered, while on the open board the price
was 1.O215, before the big board opened.
When trading begun, the wheat pit was
filled with traders and the days ex-
element quadrupled. a mighty yell
went up when the gong announced the
opening of to-day's business. 1t was i'm
possible for sometime to tell what price
wheat really was for there were half a
dozen different prices yelled out in differ
ent portions of the pit, ranging from l to
| ~ to 313. at was simply matter of take
what you can get and take it quick" said
one trader as be emerged from the tnrong
OF screaming, struggling men.
After time the excitement settled down
for little for couple of minutes. The
business done was on an enormous scale.
| The bears made frantic efforts to push
figures down but failed. European
buyers at New York began coming in
strongly The bulls rallied with a
whooD and then came the widest
market scene in years. Wheat went
up and down in big leaps, going to 1O315
then TO 105 almost in one bound. At 1881
Ed. Parker came into the pit as big buyer,
| but could find no sellers. The price yyeut
down to 104, then bounded back and forth
f! between that and los for ten minutes, The
bears made another desperate effort to send
prices down. Momentarily the price re-
lapsed, but then leaped to 1867, LOG, 81, Z,
HI
hour.
All sorts of stories were flying about. A
large number of traders talked about the
| shortage in Europe; others asserted their
| belief that ''Jim'' keene, of New York. is
responsible; that he is taking revenge for
that experience In 1878, when a little furry
on the Chicago board of trade cost him sew
eral millions. Some said Keene, Philip D.
Armour and 2. II. Hutchinson were re-
sponsible; others that Keene was backed
by powerful syndicate of New York cap,
italists and that Hutchinson was one ofIthe
leaders. There was nothing reliable about
any Of these rumors, and the fact remains
that the market simply went wild today.
During the last advance from Los tC
los, the scene of confusion and excitement
on the floor was indescribable Every
time there was an advance the bears got
frightened and eXerted every effort TO un-
load at top prices for fear of drop as sud,
den as the rise. Then five minutes later
when the market again advanced, men who
had sold were clamoring to buy back, being
willing to pay from l to cents more than
they sold for. From the visitors gallery
the wheat pit looked like an assemblage OF
dangerous lunatics. Men crowded togethe,
in masses, discarded coats and hats anG
clawed each other like wild animals, while
the constant, deafenlng roar, out of which
nothing intelligent seemed to be picked
rose to the ceiling. After the market CLOSED
there were many traders who were fright
ened at the idea of holding wheat over Sun
day at S1.0615. The timid ones do not. how
ever, seem to have scared the other traders
so far as noted above. December whea
went to l. 10 on the curb before 4 o'clock
and adventurous brokers were singing call.
at the front at la to us What Monday
will bring forth is a matter of grave con
Germ TO many, but there is still talk O.
higher wheat. The bears are not sayins
much. One remarkable thing is that there
have been no failures. Everybody go
through the clearing house all right on Fri
days business, but IL is not unlikely that a:
a result of to-day's wildness some unluck,
dealers may ''go broke" Still there wa!
no rumor on the board at the close of trad
ing of the prospecture failure of any indi
vidual or firm.
In corn there was also much excitemen
: to-day, largely in sympathy with wheat
September corn was offered at 81, and afte
a drop went up ag high as 6113 and closed
fraction over az.
Rye shot up from 90 yesterday TO 1O4 a
|, the close of to-day. This is largely due t.
J, the recent prohibition of exports from
|, Russia and Germany's shortage in tina
crop.