Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-08-18
Visitors In she Galleries Entertained
by 0en,iencn ou the rioor.

NEW York, August l7.-Pandemo-
mum feigned at the wheat pit at the
opening Of the Produce Exchange this
morning.
This excited brokers could not re-.
strain themselves until the board
orencd, but fof half an hour previous
were climbing over each others
shoulders In the pit, yelling, bowling,
wildly waving arms. like n horde Of
stvngcs, In their eagcrnCss 20 make
sale. Many spectators were present.
Gables reported European markets
opening lc 20 SIC Abovu Saturdays
closing prices, anu these reports were
supplemented by previous reports from
Chicago.
when the gong sounded all toria Of
conflicting figures were yelled out.
finally, sl.l5 drowned out all Others,
anu this was marked down "a the
opening price, December wheat being
d higher than Saturdays close. Sep
TENDER opened ut sllil, 70 above
Saturdays close. January opened at
sl.ls.. September corn opened at
13lc.
Within half an hour after the open.
ing the reaction set In. The figures
advanced and declined with astonlsh-
ing rapllity, then there was a lull,
everyone watching TO hear from
Chicago. by O'Clock prices were
si.ii for December aud sl.i.l for Sep
TENDER, ana prices nuciuated around
three poiniH, December finally closing
at Sill aud September NJ sl.l?..
Later reports ~ the opening prices Of
| December wheat showed that Il sold
up ~ high NJ Sl.ls. Different prices
| prevailed ht the same time In the pit.
Wheat wns sold at sl.lil and sl.lS
simultaneously. One buyer by merely
stretching out his arms was aoln 10
make double Transaction at those
hgures, thereby clearing handsome
profit. Rye was unsettled, opening Mt
sl.i44 to si.ib1 and closed nj sl.0j to
sl.O5.
THE CHICAGO MAMSEr.
CrucAao, August l7.-This was
another banner dny In wheat. 5atur.
days confusion could hardly be- cx.
ceeded, yet the visitors In the gallery
todny wefo well entertained by the
gentlemen on the floor. Thuy were not
heard 10 complain OF lack Of action.
Before the exchange opened the bears
were predicting n big drop, while the
enthusiastic bulls were ,alking dollar
and a quarter wheat.
When business began the familiar
howl went up, aud II was impossible
for while 10 tell what was being done.
December wheat closcd Saturday at
si.UJii, opened this morning Mt II 90
bid, si.iO hid, si.ll bid aud yl.iil.
Some was had ut all tho prices named
ia the flnt ten seconds. Within the
flrrt three.quartors Ofan hour there had
been sales at ;i.i2l, Sl.l3l and some nj
sl.ll. In the height Of the excitement
one Halo was made Of 10000 bushels Ut
SIS.
Suddenly iuhecam eknOwn that seve-
raj houses with foreign connections In
orders were selling heavily. This was
enough. II there had been wllduoss
In the previous buying. there was little
short OF insanity in the selling craze
which followed. The bears who had
been too frightened to sell for several
days, made combined onslaught, IN
which they were aided by the tlmid
ones who we're following tho bull lead.
December dropped. Tho most detor-
mined efforts Of the bulls would only
result In keeping II up for moment or
two. Within very fow moments u
had reached 81 .05, then favorable bull
news coming In, II advanced 10 Sl.07,
hut aftor an hour Of seaAawing back
and forth near this figure, II declined
10 sl.0il, then advanced 10 81 .05l. Al
noon q telegram was received from u.
Z. Hutchlson by one OF hls friends,
saying that foreigners were sell.
ing fraudulently and wheat will
drop. The dissemination Of this pro.
phecy encouraged the bears. The ex.
element quieted down ami then many
'longs" figured ont that they were
drawing on shoal, and ~ n result they
became panlc.strloken. The early buy.
ers turned sellers, the bulls were
pushed, and December dropped with a
rush 10 Sl.0a, finally closing at sl.03..
Old traders said the rapid and wiae
range Of fluctuations today exceeded
ANYTHING seen before ON the board
Trade was not taken by brokers on
less than 10 cents margin. ON the curl
this afternoon there was much wild
trading. December sold at sl.02. CALI
were 10 DO had for sl.l0l and puts
0si.
As tho thing stood today al the close
II Il said no Chicago man had made n
cent, and, while most Of them lost more
| Ut lN.Fs iiNHJ INV hRfh hHeA 'hNAAN
fortunes at stake, and were buying
and selling In the same moment
to protect themselves. Tho New
Workers arc reported to have mad,
most OF the money. Ono prominent
broker held that II IL u "iarmors"
market. Tho advance 10 the farmer,
he said, has been over twenty cents 4
bushel. Opinions among tho dealer
and brokers were unanimous that
heavy foreign buying Is at the bottom
OF the present Hurry. The idoh that
the mAnipulators were New York spe'
culatofs Is now generally secuted. Tn,
general notion Is that The shortage Of
wheat abroad has drawn many heavy
, foreign buye into the market, ant
,, the upward tendency has found tn,
Chicago holdings short. One wei
! posted broker lays all tho uncertainty
10 the following; "If Chicago peopl,
, know" said he, "what Russia's wheA
amounts TO, or what TO expect from
Z Europe, they would know what 10 do
but rs II n, they have no idea whor,
i they stand aud nothing 10 go by"
The excitement ON the board todAl
was not confined TO the wheat pit, bu
quickly spread to corn, rye and oats
/ August corn Jumped from G4ic. TO 7lc
1 ...liAl.. Half h.1.w tho. .t..IGn.N !.