The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-08-18
THE RISE In WHEAT
The Excitement on the Chicago
Board of Trade Continues.
IT WAS ANOTHER BANNER DAY
No Suspensions so Far-Pandemonium Reigned
in the New York Produce Exchange
The Worlds Markets.

OnlOAuo, Aug. 1t.-IulS was dDOIler
banner day in wheat. Saturdays con
fusion could hardly be exceeded, yet visi-
tors in the gallery to- day were well enter
tanned by gent lemen on the floor. No one
was heard to complain of lack of action.
before the exchange opened the bears were
predicting big drop while the enthusiastic
bulls were talking dollar and quarter
wheat. When business began a familiar
hoWl went up and 1t was impossible for
awhile to tell what was being done. De-
cember wheat closed Saturday at 1861
The opening this morning was 100 bid,
ITO bid, Ill bid and ILL.,. Some was
mad at all the prices named in the first ten
seconds. Within the first three-quarters
OF an hour there had been sales at 11215.
ll31s and some at ia. In the height of
Tue excitement one trade was made of
10000 bushels at lis. Suddenly it be-
came known several houses with foreign
connections on orders were selling heavily.
Inls was enough. If there had been Wild
ness in the previous buying, there was
little short of insanity in the selling
craze which followed. The bears.
VINO had been too frightened to sell
Tor several days, made combined
onslaught in which they were aided by the
tlmld ones who had been following the bull
lead. December dropped. The most de-
termlned effort of the bulls could ONLY
result In keeping it up tor a moment or
TWO. Within a very few moments it had
reached lO5. Then favorable bull news
coming In II advanced to 107 but after an
noGr see-saWlng back and forth nerr that
hgure, 1t declined to 1885, then advanced
10 lUo52. About noon a telegram was re-
ce1ved from B. P. Hutchinson by one of
his friends saying foreigners were selling
frantically, and wheat would drop. Dis
semlnatlon of this prophesy encouraged the
bears. The excitement ouieted down
Then many longs" figured they were
drawing on shoal, and as result they
became panic stricken Early BUYERS
turned sellers, the bulls pushed and De-
cember dropped with rush to 1913, finally
closing at 1922. Old traders said the rap
ldlty and wide range of the fluctuations to-
day exceeded anything seen before on the
poard OF trade. Notan order was taken by
brokers on less than 10 cent margin.
On the curb this afternoon there was
much wild trading. December sold at OF
Calls were to be had for 1l015 and puts at
$50.
AS the thing stood to-day at the close, it
Is said no Chicago man made a cent and
while most of them lost more or less. many
now have their entire fortunes at stake
and were buying and selling in the same
moment to protect themselves New
Workers are reported to have made most
money. One prominent broker held it is a
farmers" market. The advance to the
farmer, he said, has been over 20 cents q
bushel.
The opinion among dealers and brokers
was unanimous that heavy foreign buying
is at the bottom of the present furry. The
ldea That the manlpulatOrS are mere New
! orh spectators is now generally secuted.
lie general notion is that the shortage of
wheat abroad has drawn many heavy for
elgn buyers into the market. and the nm
ward tendency has found the Chicago hold
ings short. One well posted broker laws
all to uncertainty. 'tIf Chicago peonIe
knew" said he, what Russia's wheat
amounts to, or what TO expect from Europe
they would know what to do but as it is
they have no idea where they stand and
nothing to go by"
The excitement on the board to -day was
not confined to the wheat pit, but quickly
spread to corn, rye and oats. August corn
jumped from 6411a to II within half an hour.
then declined TO IS. September corn ad,
vanced to IS, declined to 638t. Rye fnf-
tered until 1t was difficult to keep track of
1t, between 1O6 and ITO, throughout the
session. This tends to show the character
OF the market. A remarkable feature is.
despite the markets wild character. there
have been no suspensions. Margins have
been promptly forthcoming and the fears
OF Saturday that to-day would see many
traders go to the wall have been happily
unfounded.