The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-08-16
Babel q Quiet Retreat Compared
With the Produce Exchange
at Chicago.
The Wheat Market In an Excited
and Fluctuating State
All Day.
Bears Tossed High In Air by the RAM
pant Bulls-The Course Of Prices
No Failures.

this afternoon sold on the curb at ITO.
Later on calls were quoted at ia and sold
as high as 118. OF course these are not
market figures, but they serve to show the
frame of mind traders are in after this OK
citing week. Friday, which was thought.a
busy day by the brokers, sunk into insig-
nifcance before to-day's session of the
board of trade. 1t was ono of the widest
days ever known on the floor. December
wheat touched 1O8 through the eonsterna-
tion of bears who, while partially prepared
for yerterday's boom, were completely
dumbfounded this morning when the bulls
sent prices up with frightful rush. The
bears said last night, "Ones hundred must
be the climax, in the morning let's 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 Jump
ing figures as to-day witnessed have not
been seen since Hutc.inson's famous corner
in 1888. The price remained at 1O8 but a,
short time, the bears soon rallying and with
a mighty onslaught sending the price down
to 1865. But they could not hold it out at
that high price. When the session closed
the figures were standing at 1861.
Before the board opened this morning
there was great deal of suppressed excite
ment. Reports of short European crops,
prospective famine in Russia, Germany's
demand, and the confident spirit of the
bulls affected curb dealers and at nine
o'clock 1929 was freely offered, while on
the open board the price was 1929 before
the big board opened. When trading began
the wheat pit was filled with traders
and the days excitement quadrupled.
A mighty yell went up ae when
of to-day's business. It was impossible for
some time to tell what the price of wheat
really was for there were half a dozen
different prices yelled out in different por-
tions of the pit, ranging from $1.OO(9l.O0ss
@1.031s. Nwas simply a matter of take
one trader, as he emerged from the throng
of screaming, struggling men. After a
time the excitement settled down for lit
tie and for a couple Of minutes business
made frantic efforts to push the figures
down, but failed. European buyers at
New York began coming in strongly. The
bulls rallied with a whoop, and then came
the widest market scene in the year.
Wheat went up and down in big leaps, go
bound. At $1.O31a Ed Partridge came into
the pit as big buyer, but could find no
sellers. The price went down to $1.O4, then
bounded back and forth between that and
105 for ten minutes. The bears made an
other DESPERATE effort to send the price
down. Momentarily the price retreated,
but then leaped to 1865, LOG, 1861, 107,
1O715, finally reaching 1903 within a half
hour.
All sorts of stories were flying about A
shortage in Europe. Others asserted their
belief that "Jim'' Keene. of New York, ls
responsible that he is taking revenge for
that experience in 1878, when little flyer
on the Chicago board of trade cost him
several millions. Some said that keene,
Philip Armour and B. P. Hutchinson were
responsible; others that Keene was backed
by powerful syndicate of New York capi-
talists and that Hutchinson was one of the
leaders. There was nothing reliable about
any of these rumors. The fact remains
that the market simply went wild to-day.
During the last advance from 105 to 10S the
scenes of confusion and excitement on
the floor were indescribable. Every
time there was an advance the bears
got frightened and exerted 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 fold were clamoring to buy
back, being willing to pay from one to
three cents more than they had sold for.
From the visitors gallery the wheat pit
lOOhtu LING oil uSboIhDluko VI OAHReIOuh Iu-
natics. Men crowded together in mass,
discarded coats and hats and clawed each
other like wild animals, while a constant,
deafening roar, out of which no intelligible
sound could be picked, rose to the ceiling.
After the market closed there we're MANY
traders who we're frightened at the idea of
holding wheat over Sunday at 1919. The
timid ones do not, however, seem to have
scared the other traders, for as noted
above. december wheat went to ITO on the
curb, and after four o'clock adventurous
brokers were singing calls at from la to
118. What Monday will bring forth is a
matter of grave concern to many, but
there is still talk of higher wheat. The
bears are not saying much.
One remarkable thing is that there has
been no failure. Everybody got through
the clearing house all right on Fridays
business, but it is not unlikely that as a re-
suit Of to-day's wildness. some unlucky
dealers may go broke Still, there was no
rumor on the board at the close of trading
of the prospective failure of any individu-
al or firm.
In corn there was also much excitement
to-day. largely in sympathy with wheat.
September corn was offered at sixty-one,
and after drop, went up as high as 81 {,
and closed at sixty-two. Rye shot up from
ninety-six Yesterday morning to 1O4 at
the close to-day. This was largely due to
the recent prohibition Of Russian exports
and Germany's wall over that and the
shortage there on crop.