Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-18
CAME DOWN LIKE A STICK.


Another Day of Wild Excitement Among
Grain Spectators, but Wheat Comes
Down Few Pegs-Corn, Oats and Rye
Close Higher Than They Open.
CHICAGO Aug. l6.-The fever which was
raging all Saturday in the wheat pit was as
much as ordinary human constitutions could
stand and although the fluctuations to-day
were even wilder the excitement was no
greater than on the closing day of last week.
The usual news which influences the none
tary fluctuations were unheeded. The crowd
merely bought or sold according to the i'm
Dulse communicated by disappearing mar
gins All the customers of commission
houses who had trades open were called
heavily for margins, and much of the trade
done in the first half hour of the session was
in the way of closing up, as best 1t could be
done, such of their business as had not been
sufficiently protected by margins.
The wildness of the first hours transac-
tions can be judged by the range of the
price of December wheat during that time.
There was one Simultaneous jump for it at
the starting signal at from 81 60 to 81 II for
December ana it went sometimes lc at a
time until it struck 81 lS and some impetu-
Gus spirits even made trades ats1 IA before
the advancing tendency was checked In
the furore one transaction for 10000 bushels
was made at 81 Is, but the legitimate top of
the market was 81 Il.
Aside from the bull fever which was rag.
ing hot in the veins of nearly all of ne
traders, there was plenty of bullish news at
the opening. London cargoes for prompt
shipments were Is Sd higher, Liverpool was
lldG3d up, Paris was the equivalent of DC
higher, and the New York Produce Ex-
change not being open for half hour after
trading began here its members were bonn
harding their brokers here with buying
orders.
Suddenly there was change of some frac-
tions, New York houses selling heavily, and
and Berlin was quoted l cent lower. The
decline which followed was almost as rapid
and accompanied by about as sensational
features as was the preceding advance. 1t
tumbled like huge bowlder down the side
OF mountain until it struck 81 05, and after
q rebound to 81 o., the operators became ap-
parently equally exhausted; and long IN
terval of quiet followed the fierce struggle.
Nobody had defaulted at the Clearing House
settlement, which removed a load from the
overstrained commission men and gave
them time to look about them and see where
they stood. All of this occurred before II
o'clock, or within the first hour and a half OF
the session.
Thereafter, while the tendency was down
ward, it was at a more deliberate pace BY
1870 O'Clock the price of December had got
down to 81 03 it reacted to 81 4, weakened
again and closed unsettled at 81 02>sGl Us,
having covered the phenomenally wide
range of Il@ll1sc during the DAY. On the
curb" after the close of the session, De-
cember sold up to 81 o., calls sold at 81 lO19
and puts at 9S34c.
ing nothing less in margins than lOc bushel
would be accepted by brokers, and this fact
was a material element in the excitement.
The corn market was n good second to
wheat in the amount of excitement in the
pit and the violence OF its nuctuatlons
Like the superior article it had its exciting
bulge and inglorious collapse, and the trad
ing in it was also largely governed at the
opening, as in wheat by the question OF
margins On the advance lot OF heavy
long lines were realized upon. Among
others, B. P. Hutchinson, of New York and
Chicago commenced feeding SOC September
corn to the shorts and sent dispatch say
ing that he thought both wheat and corn
great sales.
The opening of the market was highly
turbulent and frothy, with September bring
ing anywhere from Csc to Csc. The highest
prices of the day occurred shortly after
trading commenced, September reached 69c,
October 6315c, year 81 &c and May 49c. The
tendency during the remainder of the day
was strongly downward, but some reaction
set in near the close: causing recovery
from the extremity of the days decline, and
leaving prices showing about 1c gain over
Saturdays close for August and September.
In the stronger ending it broke away from
the controlling influence OF wheat.
Oats like everything else, were nlgner
and greatly excited at the opening. Shorts
bought freely, the market sympathiZed
strongly with wheat and corn, and prices
went up rapidly, though the advance was
less marked than that in the other cereals.
They broke with them, declining slowly and
closing slightly above bottom figures. An
ticipated heavy receipts had something to
do with the reaction, but it was largely due
to oats.
In rye there was cent tiuctuation in the
price of the September futures The first
sale was 81 06, the next 81 10. The price then
advanced to 81 II, and then droppedt to 81 05
without trade on the way. The last trade
made was at 81 Oh, which was the lowest
price at which there was any trading. 1t
was offered at 81 o. on the close. August
sold from 81 O5 to 81 10, and closed at 81 W.
October started at ST. G7122, touched 81 OS, and
declined to 81 co. No. in store and to go in
sold from 81 o. at the start to 81 II, thence
downward to 81 OF.
Hog products opened higher in sympathy
with corn. In spite of the liberal receipts
of hogs mess pork started Is cents higher,
and under an active demand advanced 20@25
cents more; but when wheat and corn broke
it followed, receding $500 cents, amid con-
siderable excitement and heavy sales. To-
ward the close there was rally of 20G22112
cents, leaving prices 20630 cents lower than
on saturday Lard was less decided in its
fluctuations, closing with a loss of only ~
cents. Ribs lost 714@10 cents.
The leading futures ranged as follows, as
corrected by John NJ. Oakley 6 Co., As Sixth
street. members of Chicago Board of Trade