Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-08-18
WAS UP AND DOWN.
The Chicago Wheat Market
brushes" and "Slunps."
A RAPID TUMBLE OF TWELVE GENTS

Following a Boom to S1.15-Millions in
Money Up for Margins and Many For
tunes Staked on the Price of wheat-A
Bright Outlook for the Husbandmsn
Figured by an Agricultural Journal
The Trouble with the Russian Rye
! Crop-Condition of the Home and For
I eign Markets.
=. CHICAGO, Aug. 1s-Within three-quar-
tiers of an hour after the board of trade
opened for business yesterday December
wheat doomed to S1.l5, and the excite
ment of Saturday, when the cereal touched
Sl.0s, was repeated with even greater en-
ergy. AS on Saturday, there were no fail
ures reported, but the losings were very
heavy in many cases. December opened
at Sl.0611. The advance was pretty steady
until 81. Is was reached, but reaction set
' in, and it rapidly sold down to sl.OS
Then it advanced again to s., o., and stayed
there. 1t was said that not a man on the
board had made a cent. and that many
now have their entire fortunes at stake,
so that the next few days Developments
are looked for with feverish interest.
A Remarkably Erratic Market.
There were no less than siXty-two fiuctu-
ations in the price of wheat during the
day, a condition that has never before pre-
vailed, not even during the smashing of
the most notorious corners. A rush" las
the upward turn is called of cents and
slump" las the down grade is termed)
of II cents in one day is something here
tofore unheard of One of the most re-
markable conditions in connection with
the tremendous fluctuations is that there
has not been breath of suspicion in ra-
gard TO the financial solidity of any house
operating on the board This is in part
explained by the fact that enormous
wealth is deposited in the leading banks
in the shape of margins.
Immense sums In Margins.
Mr.. Chattell, of the Illinois Trust and
Savings bank, stated that his institution
alone holds about g, 500, 900 in margins.
The Corn Exchange bank is known to
hold even larger amount, and the Union,
Northwestern, Continental, and First Ma
tional banks are said to be heavy holders
of margins. A rather conservative oper-
ator places the amount of argins held by
the various banks at not less than SO Co.,
600. This Immense sum is nearly three
times the amount of margins usually put
up. At the usual rate of margins, from
to 10 cents, this would mean the almost
incredible quantity of 1876. 00O, 900 bushels
involved in the various pending deals, but
in times like the present higher margins
are asked. Thus, for instance, yesterday
margins of 20 and even % cents were re-
quired in several cases.
A Great Volume of Business.
Still, the volume of business done yes
terday was enormous, as is indicated by
,frrr nafir nod ~, .
clearing house. The clearings amounted
to nearly 81. 600, 600 and the cash balances
to nearly 800, 600. which indicates an I'M
precedented volume of business The gist
of observation made by several of tine
more prominent brokers concerning the
big slump" from 81 Is to slO3 within an
hour is that the foreign holders of wheat
began selling when the 81 10 mark was
struck. They could make more money by
selling at such rate than by holding on to
the stuff and carrying it along for con-
sumption.
Corn and Other Grains.
The excitement was not confined to the
wheat pit. 1t quickly spread to corn and
rye. Corn was as much excited as wheat
without anything to especially affect it.
The fiuctuation reflected the wild spirit OF
speculation which has attacked the board
with hands down. August corn Jumped
from 64ll to II cents within the first half
hour of the trade and then dropped back
to &c cents September corn also took
jump and landed on the Is cent notch and
then took a tumble and fell to 63.lc Rye
fluttered about until it was difficult to
keep track Of it 1t was up and down be-
tween .0G and 81. 10 throughout the ses-
sion. This simply tends to show the
character of the market