The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-08-16
WHEAT ON A SHARP BOUND.
an UNUSUAL ADVANCE IN PRICE CA USES
MUCH EXCITEMENT.

Operators In Chicaro. Where the Rise Was
Eight Points. Badly Fri9htened-Fears or
.Oid Hutch" and James n. Keene-An
Enorn,ous Business in the New York
Produce Exchange-PrIces Vary II the
same RinE on the Fioor-The Situation.
CHICAGO. Aug. 15.-The dealers in cereals
lost all control over the wheat. corn. and rye
markets this morning, and many times during
the day they lost control over themselves. No
such excited scramblss have been seen in the
Chicago wheat pit since b. T. Hutchinson ran
his corner in the fall OF 1883.
Outside dealers were as much at sea as the
Chicago speculators. Hundreds OF messages
were received by commission mon from clients
in the country inauiring: What do you think
OF tho market" but the blind could not lead
the blind. SO each one was allowed to grope
for himself. The story is only barely indi-
Gated by the closing quotations. which show
6ac. advance in wheat. &c. In rye. and 2Ac In
corn.
Tho excitement which characterized tho
trading yesterday was uuadrupe at the open-
ing to-day. december wheat which was be-
ing traded in at 99,sc. at 10 O'Clock yesterday
afternoon. was wanted by hundreds OF below
ing bulls and roaring bears, at from 10lss 10
103 y. the moment the boil tapped for the OPEN
ing OF trade. business for about one minute
was done on ar enormous scale at from l03 to
1924. and then for . matter OF five minutes
the crowd made a unanimous rush to sell. aud
the price tumbled to 1913. Its stay at the lat
ter point was short. tho same unnnmity which
had for a few minutes been In favor OF the sel-
ing side now changed, and It rose to 102.
at which point sellers entirely Withdrew until
apparently crazy buyers had advanced their
bids to lU5. Some sales at that time were made
as high as 1851 before 1t once more began to
recede. The reaction following the later bulge
stopped when it had gone to 103A. The market
acted exceedingly firm, with an upward trend
| reaching to 1Oi,, and then back again
| to 104 a few times. and then. as on the. p 9.
excited brokers yelled their bids. AM as no!h-
ing but higher anu still higher prices could In.
nss los we're
| from 500 husky throats. with very little Be-
TSers was that after such panoky
Comparative quiet succeeded. and the price
| once more began to sag. hut short sellers had
received such a ctueI experience ~ tho satly
stages that ine only persons who offered
Sonsht 'G pHryoas S aud sSoSehs well Of The
profit offered to them.
or.sn mak.,s ali II asse1
There was The short rye crop u i.nss . th hs
nro III 81 y.
thai the cereal crop OF Austsis- Hungary was
heavily deficient. The shSrisEs, r. M M
gG.aasss TO foni" "sF'S Was N ns SIZE
Sas 9f hsa.r ana
quoted strong and Advancing. Then Ieport
vas nut in circulation INT James H. heSns OF
was running = bull campaign In wheat: Inc
memory OF his last corner here in 1S77,78:
Sl.4O for u ong time, came 10 the perspirlnR
| Hkov cal oh fhuVra
EARLY reports from Of New York that foreigner
wers selling heavily caused chanpe OF hsntl-
na sls Msts sr >i
inv.- Ssmi0s WAS reaehsathe OK oited shout
e realize 1n1s t ssS5s eoss
trades in view OF the intervening sunday.
that B. T. Hutchinson was az ain ii tho saddle
tina, he had been ight on wheat and corn Tor
%onsy '' and MAS siSng the boys IN the pit
snohsr ssts Of his tasfc "a fhst
Corn was only, OF secondnry interest to-day
smaller than that in wheat, The fluctuations
were ireluent and OF suncient severity ts to BE-
called Sensational and an, As IN whest: tn" t5sna
which at one period Of the session. sold as low
as 5ys.. only reached its pinnacle whom !;
The advance was Quo for tho most part to
n 81 oss a MSo
working the bull side OF the deal. 1t was said
that Hutchins"n. now in New y orr; was on ne
kept pace with the other cereals. the net gain
only amounting 10 .mtc. The news OF the
Gspm,sn 9 Ssrs cash stated at o. Went
mp to l04 closing at lOSh; September started
at 81 and sold to lO4.