Courier Democrat. (Langdon, N.D.) 1891-1920, 1891-08-27
WHEAT is BOOMING.
Frutless We're the Efforts of the Bears to
Force the Price Down for Any
Length of Time.
Wheat Went Up and Down With Rapid
ity Which Was Bewildering.
Chicago.

Chicago, Aug. 15.-The local dealers in cereals
completely lost all control over the wheat corn
and rye markets this morning, and many times
during the day they as clearly lost control over
themselves No such excited scIambles have
been seen In the Chicago wheat pit since
Hutchinson ran his corner on the cereal In the
fall OF 1888. outside dealers were as much at
sea as Chicago spectators. Hundreds OF mes
So ges ere received by commission men from
clients in the country lnduiring, what do you
think OF the market?" But the blind could not
lead the blind So each one was allowed to
grope for himself. The story IS only
barely Indicated by The closing quota
lions, which show G5s cents advance in wheat
cents In rye and 2A In corn. The excitement
which characterized the trading yesterday was
apparent at the opening today. December.
viii h was traded in at 995s cents at 1:15 O'Clock
yesterday afternoon. was wanted by hundreds
Of believing bulls and roaring bears at from
S1.01s to S1O3Ii. The moment the bell tapped
for the opening of trade at 8 o'clock this morn
ing business for about one minute was done on
an enormous scale at from S1.O3 to S1.O2&; then
for matter Of five minutes the crowd made q
unanimous rush to sell, and the price tumbled
to s10l56. Its stay ct the latter point was shot,
the tone which had for few minutes been In
favor of the selling side now changed, and
wheat rose to sl.02 at Which point sellers eu-
ttlely withdrew until the apparently crazy buyers
had advanced their bids 10 81 o5; some sales ut
that time were made as high as 5. O5al before it
once more began to recede The reaction fol-
lowing the latter bulge stopped when 1t had got
down to S10324; the market acted exceedingly
firm, with an upward trend reaching sl.04H and
back again 10 Sl04 few times and then as on
the preceding bulge the entire pit, full of per-
spring, baggard and excited brokers' yielded
their bids, and as nothing but higher and still
hgi er prices could induce any one to sell. bids
OF sl.05, s1.06. sl.O7 and finally sl.0S were
TuuNDERED SIMULTANEOUSLY
from 500 husky Threats; with very little sale
prices shot up. There wa: feeling that after
$ oh rannicky adverses the worst was over for
the shorts for the eventful day at last, for
C rnrarative quiet succeeded and prices at once
begin To sag but short sellers had received such
cruel experience In the earlier stages that The
only parties who offered the stuff towards the
close were those who had it previously bought
and thought wen OF the profit it offered to them.
Many Of the most excited traders cou'd not have
given coli rent arco mt OF the cause OF all the
turmoil but, s,Ited out OF the whlrllng clouds OF
'lu~l which obscured everything, except the fact
the market was III q tremendous state
of nervous panic, the situation seemed
| to be this: Domest1 and foreign markets were
all feyerishly higher: the short rye crop in
| Russia; the excitement in the German rye mar.
| ket over Russian prohibition OF rye exports: re-
| port that the cereal crop OF Austria-Hungary
was heavily deficient: shortage in wheat crop
of France and India, all pointed to the shortage
| In the worlds breadStuffS. London was up
shilling on cargoes for prompt shipment Liver
pool was penny to : pence higher and quoted
put In circulation that James r. Keene OF New
York, backed by big eastern syndicate, was
running the bull camp in wheat The memory
| OF his last corner here in 1867, when he held
| wheat up in the neighborhood Of s1.IO for long
time, came to the perspirins shorts as fright
full nightmare, and rather than take any
| chances, they ran to the nearest cover, regard
| less OF cost.
| Early reports from New York that foreigners
were selling heavil, caused change of senti-
ment: wheat was thrown overheard in blocks
and the price broke as Indicated above. BY the
| time SlOS was reached the excited shorts began
to lose their breath and to realize that the short
Saturday session, ending at noon, was drawing
| TO close, and that 1t would be good time to
| even up trades in view Of the intervening Sun.
day; During this process the market declined
| s1.06%. At various times during the day 1t was
| said that P. B. HUTCHINSON was again insane
and that he had been right on wheat and corn for
| some time and that he had made lot of money
aud was giving. the boys In the pit another taste
| OF his tactics; that Partridge, after his recent
| that he had been heavy seller above $l03
This would have been an exciting day for specu
| latOrS in grain If even wheat had remained sta
tionary. Corn was only Of secondary interest to-
| day because as rule the crowd trading in it
| is smaller than that in wheat. Fluctuations
were frequent and OF sufficient severity to be
called sensational, and as In wheat the trend OF
| prices was strongly upward.
| Chic go, Aug. 15.-The following were the
closing quotations:
| WHEAT No. 2.