The Dickinson press., 1891-08-22
WHEAT is BOOMING
Frutless We're tie Efforts of the Bears to
Force the Price Down for Any
Length of Time.
Wheat Went Up and Down With a Rapid
ity Which Was Bewildering,
ChtcAEu.

Chicago, Aug. 1.-THE local dealers IN cereal
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 scramblcS have
been seen In the Chicago wheat pit since
Hutchinson ran his corner on the cereal in the
fall OF 1883. outside dealers were rs much at
sea Us Chicago spectators. Hundreds of mes.
saEes were received by commission men from
clients In the country inuuiring. 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 Gs cents advance in wheat
5 cents IL rye and pa in corn. The excitement
which characterized the trading yesterday was
apparent AZ The opening today. December,
which WAS traded III at 9s7. cents at 1913 O'Clock
yesterday AFTERNOON. WAS wanted by hundreds
u Sello.tns cutlS ard roaring bears at from
$t.Gt% to s,.G4a. The moment the tell tapped
Ter tie crsrus u trade AZ 9 eclock this morn
ucs business Tor about one minute WAS done on
tCr i tnaclsr X re n.,igt.rsS the crowd made a
G:AIcuugS rust e sell. ai.d re price tumbled
L Si.Q.s. It's SrA: 1T the latter pcint was Sholt,
- 49, '"--S =. --siss ~. - ~ 4I1AtktS pNSl II
:Avc- - .Gs selling side Iow changed, and
~esSt 0St 4 So 81 which point sellers en-.
:is,y w:.l.i-yw unt.l The apparently crazy buyers
G.at @.'a-tsNi .le!r bids 10 81 Is: sent sales at
.la.a: .s...s W. Made As high as sl.I5s. before il
ny .:Ss y saa e ressde. The reaction fol.
.Qw:1e lie !..Isr bulge stopped when 1t had got
GNMG Il SO I The market acted exceedingly
..!a. Nil. 81. UPWARD trend reaching Sl.GH and
t%0x asa;a ID s. * IS few times, and then as on
y - 49, 49, $40 no sNs 1r.a MI f11l n
spring, Haesara and excited brokers, yielded
heir lids. and as nothing but higher and still
l.lgi er prices could induce any one TO sell. bids
OF 81 tS, $l.N. Sl.0I and finally $l.0S were
TnuNpEREp SIMULTANEOUSLY
iron 500 husky Threats; with very little sale
prices shot up. There wa, a feeling that after
such pallnicky adverSeS the worst was over for
the shorts for the eventful day at last. for a
comparative quiet succeeded and prices at once
begin to sag but short sellers liao received such
cruel experience In the earlier stages that The
only parties who offered the stuff towards the
close were those who had 1t previously bought
and thought well of the profit 1t offered to them.
Many Of the most excited traders could not have
given a coherent account Of the cause OF all the
turmoil, but, Sifted out OF the whlrling clouds of
dust which obscured everything. except the fact
the market was In a tremendous state
to br this: Domestic and foreign markets were
all !everishly higher: the short rye crop In
klussla; the excitement In the German rye mar
kct over Russian prohibition OF rye exports; re-
poiG UlIdO lI0 SOlGul ~ vi AlO Aui5 -
was heavily deficient: shortage in wheat crop
OF France and India. all pointed to the shortage
In the worlds breadstuffs. London was up l
pool was ! penny to . pence higher and quoted
strong and advancing. Then the report was
put In circulation that James r. Keene of New
running the bull camp in wheat. The memory
OF his last corner here in 1867, when he held
wheat up IN the neighborhood Of 81. 40 for a long
fm1 n ZANE to the , pegrsp pn,nsr SHORTS ,has as SAL q 1Iig sny
chances, they ran to the nearest cover, regard
less OF cost.
Early reports from New York that foreigners
were selling heavily caused a change Of sentt-
ment; wheat was thrown overheard in blocks.
and the price broke as Indicated above. By the
time 81 .0S was reached the excited shorts began
to lose their bl cath and to realize that the short
Saturday session, ending at noon. was dlawiDg
10 a close, and that 1t would be a good time to
even up trades In view of the intervening sun.
day. During this process the market declined
$1.OG4. At various times during the day 1T was
said that P. b: Hutchinson was again insane
some time and that he had made a lot of money
aud was giving the boys In the pit anothe taste
OF his tactics; that Partridge, after his recent
heavy iall. had again plucked up courage and
This would have been an exciting day for specu
lators in grain ii even wheat had remained sta
tionary. Com was only of secondary interest to-
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,
CuRBSTONE QUOTATIONS..
Chicago. Aug. 15.-Wheat is indeed booming,
as well as other crops OF this country, with the
prospective shortage In all Europe. December
wheat. which reached sl.Os on the regu-
lar board today, sold this afternoon on the curb
at Sl.l0. Later on calls were quoted at S1.14,
and sold as high as 81 .lS. Of course these are
not market figures, but they serve to show the
frame Of mind the traders are in after this excit-
ing week.