The morning call., 1891-08-16
A LIVELY DAY
ON CHANGE.
Fierce Battle Between the Bulls
and Bears.
Exciting Scenes In The Chicago Board Of
Trade-Sharp Advance In the Price Of
Wheat-The Rye Boom.
. Special to THE MORNING. CALI.

CHICAGO, Aug. 15.--December wheat
reached los on the regular board to-day and
this afternoon sold at 10. Later on calls
were quoted at Ia and sold as high as lis.
OF course these were not marked figures.
but they serve to show the frame of mind
traders are in after this exciting week.
Friday, which was thought busy day by
the brokers, sank into insignfcance before
to-day's session of the Board of Trade. 1t
was one of the widest days ever known on
the floor. December wheat touched 1OS.
to the CONSERVATION of the bears, who.
while partially prepared for yesterdays
boom, were completely dumfounded this
morning, when the bulls sent the prices up
with frightful rush. The bears said last
night: "One dollar must be the climax. In
the morning let us smash things" Any
number of attempts to smash things were
made this morning, but the final result was
not very encouraging to the bears. Such
jumping OF figures as to-day witnessed has
not been witnessed since Hutchinson'S
famous corner in 1888. The price remained
at los but short time, the bears soon
ralying, an d with mighty onslaught sent
it down to 1854. But they could not hold it
at that price. When the session closed the
figure was standing at lO6I.
Before the board opened this morning
there was great deal of surprise and ex-
element. Reports of short European crops,
prospective famine in Russia, Germany's
demand and the confident spirit of the bulls
affected the curb-dealers, and at o'clock
102A was freely offered. while in the open
board the price was 1O2H before the big
board opened. When trading began the
wheat pit was filed with traders and the
days excitement quadruped. A mighty
yell went up when the gong announced the
opening OF to-day's business. 1t was i'm
possible for some time to tell what price
wheat really was. for there were half
dozen different prices yelled out in different
portions of the pit ranging from 1919 to
1l232. 1t was simply matter of take wh at
you can get and take it quick" said one
trader, as he emerged from the throng of
screaming, struggling men.
The bears made a frantic effort to push
the figures down but failed Eurorean buy
ers at New York coming in strongly, the
bulls rallied with whoop, and then came
tile Widest market seen in years. Wheat
went up and down i'll big leaps, going to
1882 then to 105 almost in one bound At
1882 Ed" Parker came into the pit as a big
buyer, but could find no sellers. The 1.ice
went down to 104, then bounded back and
The bears made another desperate effort to
send the prices down. Momentarily the
prices retreated, but then leaped TO 1851.
JOG, 1o6R, 107, 1917, finally reaching los
within half an hour.
All sorts Of stories were flying about and
large numbers of traders talked about
shortage in Europe. Others asserted their
belief that Jim keene of New York Is re-
sponsible; that he is taking revenge for
that experience in 1873, when little flyer
N hn ln0n nrsl nf
several millions. Some said Keene. Phillip
Armour and B. Z. Hutchinson were re-
sponsible. Others that keene was backed
by powerful sydicate of New York capt.
talistS and that Hutchinson is one of the
leaders. There is nothing reliable about
that the market simply went wild to-day
During the last advance from 105 to los the
scene of confusion and excitement on the
floor was lndeScribable. Every time there
was an advance the bears got frightened
and eXeried every effort TO unload at the
TOP price for fear of a drop as sudden as
the rise. Then, five minutes later, when
the market again advanced, the men who
had sold were clamoriDg to buy back, be-
ing willing to pay from to 3 cents more
than they sold for
From the visitors gallery the wheat pit
looked like an asSemblage of dangerous lu-
natlcs. Men crowded together in mass,
discarded coats and hats and clawed each
other like wild animals, while constant
deafening roar, out Of which no intelligence
seemed to be picked, rose to the ceiling.
After market closed there were many trad
erS who were frightened at the idea of hold
Ing heat over Sunday at 1861. The timid
ones DO not, however, seem to have scared
the other traders, for, as noted above. De-
cember wheat went TO 10 on the curb before
O'Clock and adventurous brokers were
singing calls of from ia to 1lS
What Monday will bring forth is matter
OF grave concern TO many, but there is still
talk of higher wheat. The bears are not
saying much. One remarkable thing Is
there have been no failures. Everybody
got through the Clearinghouse OH Fridays
business, but it is not unlikely that as re-
suit OF to-day's widness some unlucky
dealers may go broke. Still there were no
rum0rs on board at the close OF trading of
the prospective failure of any Individual or
firm.
In corn there was also much eXcitemen.
to-day. largely in sympathy with wheat.
September corn was oifered at 81, and after
drop went UP as high as 61b, and closed
fraction over 62. Rye shot up from 96
Yesterday to 104 at the close of to-day.
Ihs is largely due to the recent prohibition
OF exports and Gernany's wall over that and
the shortage there Oh the crop.
The excitement in wheat cannot be as
crlbed to any one thing. 1t is a synthesis
OF the worldwide agitation on the question
OF breadstuffs, including rye and wheat.
Russia, France, Germany, Austria, Hun
gary aud India have short crops. All the
foreign markets are exctedly higher, and
America, as the only country which has
iull crops, counts on profiting by the
European and Asiatic scarcity. This, in
Drlef, seems to be the sentiment prevalent