The morning call., 1891-08-18
FORTUNES AT STAKE.
Wild Excitement Among Opera
tors in Grain.
A Day Of Rapid Fluctuations in the Price
Of Wheat.
Material Advance From Saturdays QuO'a-
Ons-UnSuGGeSSful Efforts Of the Bears
TO Break the Market.


CHICAGO, Aug. 17.-This was another
banner day in wheat Saturdays confusion
could hardly be exceeded, yet the visitors in
the gallery to-day were well entertained
and the gentlemen on the floor were not
heard TO complain of lack of action. Before
the Exchange opened the bears were pre-
dieting big drop, while enthusiastic bulls
were talking of dollar and q quarter
wheat. When business began familiar
howl went up and it was impossible for
while to tell what was being done De-
cember wheat closed Saturday at 81 06b,
opened this morning at 81 %, 81 10, 81 IL
and 81 11B bid. Some was had at all the
prices named in the first ten seconds. Within
the first three quarters of an hour there had
been sales at 81 12h, 81 1877 and some at
81 II. In the height of the excitement one
trade was made of 10. 200 bushels at 81 Is.
Suddenly it became known that several
houses with foreign connections in orders
were selling heavily. This was enough.
If there had been wildness in the previous
buying there was little short of insanity in
the selling craze which followed. The
bears, who had been too frightened 10 sell
for several days, made q combined on
slaught, in which they were aided by timid
ones who had been following the bull lead.
December dropped, and the most deter
mined efforts of the bulls would only re-
suit in keeping it up for a moment OF two.
Within very few moments it had reached
81 %, then favorable bull news coming in it
advanced to 81 OF, but after an hour of see
saving back and forth near that figure it
declined to 81 041 Y. then advanced to 81 05h.
About noon telegram was received from
B. L. Hutchinson by one of his friends, say
ing that foreigners were selling frantically
and that wheat Will drop.
AS things stood to-day at the close, it is
said that no Chicago man made cent, and
while most of them lost more or less, many
now Lave their entire fortunes at stake,
and were buying aud selling in the same
moment to protect themselves. New York
erS are reported to have made the most
money. One prominent broker held that il
Is a farmers market. The advance to
the farmer, he said, has been over % cents
bushel in options. The dealers and brokers
are unanimous that heavy foreign buying is
at the bottom of the present furry. The
idea that the manipulators were New York
spectators Is now generally secuted. The
general notion is that the shortage of wheat
abroad has drawn many heavy foreign buy
ers into this market and the upward ten
dency has found Chicago holdings short.
One well-pOsted broker lays the uncertainty
to Russia. al Chicago people knew" he
said, "what Russia's wheat amounts 10, 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 20
by"
Tie 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 G412 to II within half an hour;
then it declined to IS. September corn ad-
vauced to IS, and declined to 634. Rye
1uttered until it was difficult to keep track
of 1t, between 106 and 10, throughout the
session. This tends to show the character
of tile market A remarkable feature is
that, 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 90 to the wall has been hap
pily unfuunded.