Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-16
Scenes on the Chicago Grain Exchange
Like Those When Old Hutch
Ruled the RoOSt.
THE BOARD ASA LUNATIC ASYLUM.
Ghosts Of Keene, Of New York, and Hutchin-
son Arise, Terrify and Cause q
Mad Rush to Cover.
WHEAT TOUCHES los BEFORE RESTING.
The Excited Situation in Germany of Course, RespOn
sible for the Rise.

wheat pit since "Old Hutch ran his corner
in that cereal in the fall of 1888, as were
witnessed to-day. Outside dealers were as
much at sea as the Chicago spectators.
Hundreds Of messages were received by COM
mission men from clients in the country,
inquiring ''what do You think of the mar
ket, but the blind could not lead the blind
so each one was allowed to grope for him
self The story is only barely indicated by
the closing quotations, which show 65s
cents advance in wheat, s cents in rye and
23z cents in corn.
The excitement which characterized the
trading yesterday was quadrupled at the
opening to-day. December, which was be-
ing traded in at 997sc at lis o'clock yes
terday afternoon, was wanted by hun
dreds of
BELLowISG BULLS AND ROARING BEARS
at from 81 O15s to 81 O34 the moment the
bell tapped for the opening of trade at $50
o'clock this morning. Business for about
one minute was done on an enormous scale
at from 81 O3 to 81 O33I and then for mat
ter of five minutes the crowd made unani-
nous rush to sell, and the price tumbled to
81 OBS.
Its stay at the latter point was short; the
same unanimity which had for few min
utes been in favor of the selling side now
changed, and it rose to 81 OF, at which point
sellers entirely withdrew until apparently
crazy BUYERS had advanced their bids to
81 05. Some sales at that time were as
high as 81 05I4 before it once more began to
bn fol ho 1o%
bulge stopped when il had got down to
81 O3s4.
The market acted exceedingly firm with
an upward trend, reaching to 104l% and
back again TO 104 few times, and then as
on the preceding bulge the entire pitfull of
Perspiring, haggard and excited brokers
yelled their bids, and as nothing but
higher and still higher prices were wanted,
bids Of 10513, 107, and finally los were
Numbered simultaneously from 500 husky
throats, with very little secured as the
price shot up.
A PAUSE IN THE MAD RUSH.
There was a feeling that after such a |
panCkv advance the worst was over for the |
shorts for this eventful dav, at leas+. Com.
parative quiet succeeded, and the price once
more began TO sag, but short sellers had re-
ccived such a cruel experience in the earlier
stun toward the close were those who had it
previously bought
Many of the most excited traders could
a"; have given a coherent account of the
cause of all the turmoil; but, sifted of the
whirlinC clouds of dust which obscured
everything except the fact that the market
was in a tremendous state of nervous panic,
rRc situation seemed to be this: Domestic
and foreign markets were all feverishly
higher; the-shOrt rye crop in Russia, the ex-
element in the German rye market over the
Russian prohibition of rye exports, report
that the cereal crop of Austro-H Hungary was
heavily deficient, the shortage in the wheat
crops Of France and India, all pointed to
shortage in the worlds breadstuffs. Lon
don was up shilling on cargoes for prompt
shipment, Liverpool was penny to . pence
higher and quoted strong and advancing.
KEENE CAUSES A PANIC
Then a report was put in circulation
that James 2. Keene, of New York, ,Ibacked
by a big Eastern syndicate, was running a
bull campaign in wheat. The memory of
his last corner here in 1S77-7S, when he held |
wheat up in the neighborhood of 81 40 for
long time came TO the perspiring shorts
: frightful nightmare and rather than
ak e any chances they ran to the nearest
cover, regardless of the cost.
Early reports from New York, that for
eigners were selling heavily, caused a
change Of sentiment. Wheat was thrown
overheard in blocks, and the price broke as
indicated above. This was near the open-
ing. BY the time 81 OS was reached the ex-
cited shouters began TO lose their breath and |
to realize that the short SATURDAY. session, |
ending at noon, was drawing to a close and |
that 1t would be a good thing TO even I'D
trades in view of the intervening Sunday.
During this process December declined to
53l.c, gradually recovered and closed at
Il O61!.
OLD HUTCH SCARES EN-, TOO
At various times during the day it was
said that B. z. Hutchinson was again in the
pit; that he had been right on wheat and
corn for some time, and that he had made a
lot Of money and was giving the boys in the
pit another taste of his tactics; that Pard-
ridge, after his recent heavy fall, had again
Iiucked up courage to enter the frav, and
,hat he had been Il heavy seller above JOB.
This would have Ec.2 a. exciting dav for
speculators in gT>.:1 i even wheat had re-
manned stationary
Il was thought by brokers on the Board
Of Trade that Friday was a busy day, but
before to-day's session was over the pre-
ceding one had sunk into insigniticance. 1t
was one Of the widest DAYS ever known on
the floor. The bears were partially pre-
pared for the great boom yesterday, but
when the bulls took hold this morning and !
sent prices up with frightful rush, the
short" element was simply dumfounded
The hears had said last night that 81 must
he the climax: now let's jump in the morn
ing and smash things. They did make any
number Of vigorous attempts to do this, but
The final result was not very encouraging to
hem.
LIKE A LUNATIC ASYLUM.
From the visitors gallery the wheat Dit
looked like an assemblage of dangerous
unatics. The men crowded together in a
mass, discarded coats and hats, clawed each
Dther like wild animals, while constant
md dcafening roar, out of which no intel
igihle sound could be picked, rose to the
ofty ceiling
One remarkable thing is that there have |
,een no failures. Everybody got through
he Clearing House all right on FRIDAYS
business, but it isn't unlikely that as re-
nit Of to-day's wild work some unlucky |
iealers may go broke" {
One prominent wheat broker said this | ,
'yenlng: i can't pretend to predict what |
he future will bring forth. There are only
1000, 900 bushers in store here, but the past :
ew days dealings have spread over the
hree lines for from 10000 to 5000, 600
,ushels. The big selling is being done by I
oreign representatives in New York, and j
hey appear TO be ready to take every ,
'ushel that is offered / think this furry is
ue entirely to the condition Of affairs ]