Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-08-16
THE CEREALS OUT or SIGHT.
Excited Trading In Chicago Frantic Di"-
ders-ExtrsordinaryA Advances
(By telegraph 20 the Dispa'ch.l

Excited Trading in Chicago Frantic bio-
ders-Extrsordinary Advances
fBy telegraph TO the Dispaich.l
CHcAGo. August 15.-The local dealers
in the cereals completely lost oil conttol
over the wheat. corn. and rye markets TINS
morning. No such excited scramble nave
been seen in the Chicago wheat-pit siuce
b. p. Hutchinson ran his corner IN that
cereal in the fail Of 1888. Outside dealers
were as much a. sea as the Chicago specuii
latOrs. The story Is only barely indica,eu
by the closing quotations. which SNOW
advances Of &C. in wheat, Sc. IN rye,
and 2sic. in corn. Tho excitemeht
which characterized tho tracing
Yesterday was quadrupled at the
opening to-day. December, when Wa
being traded in at 905 C. at 1:l5 O'Clock
Yesterday afternoon. was wanted by nun
dreds of believing bulls and roaring pears
At from sl.Glt to s1.03l. the moment inc
bell tapped for the opening OF trade at 9:oV
this morning. Business for about one
minute was done on an enormous scare
at from sl.O3 TO sl.02'l, and then Tor the
matter Of Eve minutes the crowd Inaue
unanimous rush 10 sell. and the prIce tuin-
bled to SLGlss. It's stay at the Ist.el
poiut was short. The unanimity Whlch
had for few minutes been in favor OF the
selling side now changed and TIE price
rose TO tl.0l. Of which point the sellers en-
tir.ly withdrew until the excited buyers
had advanced their bids to Sl.0o., some
sales al that time were made as hlgn rs
1909, before the price once more begau
to recede. -,
The reaction following the later bulge
stopped when it had gone to Sl.O34. lIe
market was exceedingly ira. WI b an up
ward trend. reaching SL.41f, and theh II
went back again to $l.04 few times, anu
then, as on the preceding bulge. the entlIe
Ditful of haggard aud excited brokels
yelled their bids and as nothing but higher
and still higher prices could induce any one
10 sell. bids Of S1.05, tl.06. tl.0, and many
8. 0S were thuudered simultaneously from
500 husky throats, with very ntt!e secured
IS the price shot UP. There was ieeiihg
that after the panickY advance. the worst
was over for the shorts. for this eventiui
day. ut least. Comparative quiet succecu-
ed and the price once more began 10 SAL
but the short sellers had received suen
cruel experience III the early stages ina,
the only parties who offered stun toward
tho close were those who had previously
bought and thought well OF the pront Oh
fered 10 them.
Many of the excited traders could not
have given coherent account Of the cause
Of oil the turmoil, but. slfted OF all the
whIrling clouds of dust winch oDscured
everything except the fact that the market
was in tremendous state OF nervous
panic, the situation seemed II be TINS;
he domestic and foreign markets were all
feverlshly higher. tho short rye crop III
Russia. the excitement In the German rSe
market over the Russian prohibition Oh
rye exports. report that the cereal crop
of AUSTRIA Hungary was heavily dehcieht,
the shortage in the wheat crop OF france
and India. all pointing TO a shortage in the
worlds bresdstuds. London was up 1
shilling on cargoes for prompt shipment.
Liverpool was penny to pence higher
and quoted strong and advancing.
Then a repor. was put in circulation that
James II. keene. OF Now York, backed oy
a biz eastern syndicate. was running bull
campaign IN wheat. Early reports from
New York that foreigners were sell
ing heavily caused change OF senli-
ment; wheat was thrown overheard IN
blocks and the price broke az indicated
above This was near tho opening. by the
time 81. % was reached the excited shouters
began TO lose their breath and to realize
that the short Saturday session was draw.
ING to a close and that II would he good
thing TO even-up trades in view OK the In
tervening Sunday. During this process
Decem Der declined to S1.05l3, Graduailyre-
covered, and closed at tl.O6S.
Corn-The fluctuations were frequent
and Of sufficient severity to be called SEN
sntional, and as in wheat, the trend OF
prices was strongly upward. September
which at one period of the session sold as
low as So &C.. only reached its pinnacle
when it touched SIZE, and stood OF 81 &c.
at the close of the session. The advance
4. e. hf. net ~ n a.
ment in the wheat market and that WAS
taken advantage of by those who are work
ing the bull-sIde of the deal.
Oats hardly kept pace with the other
cereals, tho net gain only amounting 10
lie news OF the morning excitement
over I've set the market to jumping here.
No. cash started at &C., wentup to Sl.Oi
and closed At Sl.03i5. September started at
syc. aud sold to sl.04. Durln. the past week
there has been a soc. advance, and yet the
demand 10 undated. Since yesterdays
closing cash rye has advanced lOc.;
August, 1Oc. September, &c., and October
SIC.
The provision market was firm, but APP
peared To draw its support mainly from
the tremendous advance in corn and wheat.
The receipts Of hogs were lighter than had
been looked Tor and the prices higher. he
opening prices showed considerable .ad;;
vance. After half of the early gain had
been dropped there was another and
heavier advance toward the middle OF the
session. but in the end the price worked
back to about the opening point and closed
about the same. The gains since ye'ter-
day are: Pork, Sl7.5Oasl7.25; lard, CA
$50, and ribs, IS.
The cash quotations were as follows
Flour dull on account of the unsettled
condition of wheat. dealers asking 2jc.
more for wheat -four. soc. more for rye
-four. No. spring wheat, Sl.071,asLO7s.;
No 3 spring wheat, $l.0la91.03; No. red.
Sl.O714. No. 2 corn. 64}4c. No. oats.
2s5sc. No. 2 white, 3la32c. No. 8 white,
800. C. No. rye, Sl.0i. Mess-pork, Si0.G.
Lard, 1865 Short-ribs. $C.6jas6.7j. Dry
sailed shoulders. s6.20as6.25. Short-clear
sides, $7.2OaS7.3O. Whiskey, Sl.l7.
f.tI.