The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1891-08-22

ing business for about one minute was done on
an enormous scale at from 81. 03 to $1.O24; then
for a matter of five minutes the crowd made a
unanimous rush to sell, and the price tumbled
to s1.O1A. Its stay at the latter point was short.
the tone which had for o few minutes been in
favor OF the selling side now changed, and
wheat rose to $1.O2, at which point sellers en-
ti1ely withdrew until the apparently crazy buyers
had advanced their bids TO 81 .05; SOM sales at
that time were made as high as s.. O5A before it
once more began to recede. The reaction fol-
lowing the latter bulge stopped when 1T had got
down to S1.O3A; the market acted exceedingly
firm, with an upward trend reaching $1.O4h and
back again to $l.4 a few times, and then as on
the preceding bulge the entire pit. full OF per-
spring, haggard and excited brokers. yielded
their bids. Inc as nothing but higher and still
higher prices could induce any one to sell, bids
OF sl.05. s1.O6. s1.O7 and finally sl.0s were
THuNDERED SIMULTANEOUSLY
rom 500 husky Threats; with very little sale
prices shot up. There was a feeling that after
such pannicky adverses the worst was over Tor
the shorts for the evenCrul day at last, for a
comparative quiet succeeded and prices at once
begin to sag but short sellers had received such
cruel experience in the earlier stages that The
only parties who offered the stuff towards the
close were those who had 1T previously bought
and thought wen OF the profit it offered to them.
Many OF the most excited traders could not have
given a coherent account of the cause OF all the
turmoil, but. sifted out Of the whlrling clouds OF
dust which obscured everything, except the fact
the market was In a Tremendous State
Ut nervous panic, the situation seemed
to be this: DOmeSt1 and foreign markets were
all fevertshly higher; the short rye crop in
Russia; The excitement In the German rye mar
ket over Russian prohibition OF rye exports; re-
port that the cereal crop OF Austr1a-Hungary
was heavily deficient; suffrage In wheat crop
OF France and India, all pointed to The shortage
in The worlds Dreadstuf1s. London was up l
shilling on cargoes for prompt m Liver,
strong and advancing. Then the report Was
put in circulation that James r. Keene OF New
York; packed cke n, by a blg eastern syndicate 1nda was
OF his last corner here In 1867, when he held
wheat up in The neighborhood OF $1.4O for a long
time, n came to the . pearspirlng SHORTS Ihas as sa q fright snv
chances, they ran TO the nearest cover, Iegaru-
less OF cost.
Early reports from New York that foreigners
were selling heavily caused y change Of senJi-
ment; wheat was thrown overheard In blocks,
aud the price broke as Indicated above. BY the
u line 9es sl tSs WAS s, REACHED ama the ~ excited : \ t shorts t1sa began *
Saturday session, ending at noon, was drawing
10 q close, and that 1t would be q good time to
even up trades In view OF the intervening Sun:
day. During this process the marked declined
to $l.O5A; 1t gradually recovereu and closed at
s1.O5t. At various times dullhg me day 1t was
said that P. =: Hutchinson Was again insane
aud that he had been right on wheat and corn for
some time and chat he mad made O lot of money
aud was giving the boys In The pit another taste
OF his tactics; that Pardriuge, AFTER his recent
heavy fall. had again plucked up courage and
that ne had been a neavy seller above $l.O3.
This would have been an exciting day for specu
lators in grain II even wheat had remained sta
tionary. Corn was only Of secondary interest to-
day because as q rule the crowd trading In it
is smaller than that Ill wheat. FLUCTUATIONS
were frequent and Of sufficient severity to be
called sensational, and as In wheat The trend OF
prices was strongly upward,
CURBsToNE QUOTATIONS..
chicago. Aug. 15.-Wheat Is indeed booming,
as well as other crops of this country, with the
prospective shortage in all Europe. December
wheat, which reached $l.O5 on the regu.
lar board today, sold this afternoon OF the curb
ut $1.lO. Later on calls" were quoted at $1.14,
and sold as high as 81. s.. Of course these are
not market tgures, out they serve to show the
frame OF mind the Traders are in after this exclt-
Ing week.
Chicago. Aug. 1s.-The close of the market
yesterday at $l.03 for December wheat left it
deuuded of sensational addenda which excite
ment had added to the natural strong condition
OF affairs. Foreign markets had lost a good
deal Of yesterdays buoy ancy and k trade on
this side appeared to crave a rest. Principal
fluctuations in December wheat up TO about ten
minutes Of the close OF the session were as ful
lows: opened at from 81. e3@1.e3h. then sold az
$l.Os. s. 1903. $1.O2h. $l.eS. $l.O2h,. sl.04h. $1,O2A.
$1.034, Sl.Ol24, $l.021. III highest point or To-
day was reached about II O'Clock AID the ad
vance which occurred then made the quotations
Sl.O416 and was caused by a New York dispatcn
which reported that Russia had included wheat
in ORDER e. prohibit exports. The truth of the
report was much doubled. however, as only one
ness which the market showed in the latter part
OF the session was uue to lower quotations from
close but 1t Immediately became heavy again
and dropped to $l.O2h at 1:l5 p. m, bell-tAp.
The Following were Inc closing quotations.: