The record-union., 1891-08-18
Special to the RECoRD-UNIoN.

fusion could hardly be exceeded, yet
visitors in the gallery to-day were well
entertained, and the gentlemen on the
floor were not heard to complain Of a
lack of action. Before the exchange
opened the bears We're predicting big
drop, while the enthusiastic bulls were
talking acknowledgements wheat.
When business began the familiar
howl wentup, and it was impossible for a
while to tell what was being done. De-
cember wheat closed Saturday ut 81 06l.
At the opening this morning 81 % was
bid, 81 10 bid, 81 II bid and 81 III. Some
was had at all prices named in the first
ten seconds. Within the first three-quar-
ters of an hour there had been sales at
81 121, 81 l3t, and soon at 81 IA. In the
hight of the excitement one trade was
made of 10000 bushels at 81 10.
Suddenly it became known that sew
eral houses with foreign connections in
orders were selling hourly. This was
enough. If there had been wildness
in previous buying, there was little short
of insanity in the selling craze which fol-
lowed. Bears who had been too fright
ened to sell for several days made COM
bined onslaught, in which they were
aided by the tiInid ones who had been
then dropped. The most determined
efforts of the bulls would only result in
keeping it up for a moment or two. With
in very few moments it reached 81 %.
Then, favorable bull news coming in, it
advanced to 81 OF. But, after an hour,
see-sawing back and forth near that
figure it declined to 81 043, and then adj
Vanced to 81 05t.
About noon a telegram was received
from b. z. Hutchinson by one of his
friends, saying: Foreigners are selling
frantically, and wheat viii drop" The
dissemination of this prophecy encour-
aged the bears and the market quieted
down. The many 'longs" figured out
that they were drawing on the shoal, and
as result they became panic-stricken.
Early buyers turned sellers, the bears
pushed, and December wheat dropped
with rush to 81 03, finally closing at
81 034.
Old traders said that the rapidly and
wide range Of fluctuations to-day ex-
ceeded anything seen before On the board.
Trades were not taken by brokers on less
than a ten cent margin.
On the curb this afternoon there was
much wild trading. December sold at
81 OF. Calls were to be had for 81 104 and
puts for oslo.
As the thing stood to-day at the close, it
is said that no Chicago man made a cent
and while most of them lost more or less,
many now have their entire fortunes at
stake, and We're buying and selling in the
same moment to protect themselves.
The New Workers are reported TO have
made the most money. One prominent
broker tried, it is said, the farmers -
market. The advance to the farmer, he
said, had been over twenty cents a
bushel.
Dealers and brokers are unanimous
that heavy foreign buying is at the bot
= . IL
the manipulatOrs We're New York Specu-
lators is now generally secuted. The
general notion is that the shortage of
wheat abroad has drawn many heavy
foreign buyers into the market, and the
upward tendency has found Chicago
holdings short. One well posted broker
lays all the uncertainty to Russia.
''If Chicago people knew" said he,
what Russia's wheat amounts to, or
what TO expect from Europe they would
know what to do. But as Ii is, they have
no idea where they stand, and have
nothing to go by"
The excitement on the board to-day
was not confined to the wheat pit. but
quickly spread TO corn, rye and oats
August corn jumped from 64l to II within
half an hour, then declined to 6S. Sep
tember corn advanced to IS, but declined
to 692. Rye fluttered until it was difficult
to keep track of it between 81 O6 aod
II.
TO show the character OF the market
The remarkable feature is, despite the
markets wild character, there have been
10 suspensions. Margins have been
promptly forthcoming, and the fears on
Saturday that to-day would see many
traders 60 to the wall have been happily
uufounded.
AT NEW YORK
New YoRK, Aug. I7.-Pandemonium
reigned at the wheat pit at the opening of
the Produce Exchange this morning
The excited brokers could not restrain
themselves until the board opened. but
for half an hour previous were climbing
over each others shoulders, in the pit,
yelling, bowling, wildly waving their
arms like a horde of sayages in their
eagerness TO make a sale. There were
many spectators present. The cables re-
ported the European markets ODeninu-
ut from one to three and a half cents
above Saturdays closing prices. and
these reports were supplemented by pre-
vious reports from Chicago. When the
gong sounded all sorts of conflicting
figures were yelled ont. Finally 81 l5
drowned out all others, and this was
marked down az the opening price OF
december wheat, being one-eighth higher
than at Saturdays close. September
opened at 81 az, II above Saturdays
close. May opened at 81 20, IL above sat
prday's close. January opened at 81 Is,
above. september corn opened at 15l.
Within half an hour of the opening
reaction had set III and figures advanced
and declined with astonishing rapidity
Then there was a lull, every one waiting
10 near from Chicago. By o'clock prices
We're ~ . for December, and 81 l23 for
September, and prices iiuctuated around
these points, December finally closing ut
81 II and September at 81 III. Later re-
ports Of the opening prices of December
wheat showed that il sold up rs high as
81 IS Different prices prevailed 1T the
samc time in the pit. Wheat was sold at
81 - and ut 81 i simultaneously. One
broker, by merely stretching out his
arms, was able to make a double transac-
ton at these figures, thereby clearing a
handsome profit. Rye was unsettled. It
opened at y l43 to 81 l5!, and closed at
81 05 TO 81 06.
At PHILADELPHIA.
PHILADELPHIA, aug. 1.-THE whcat
market to-day was teVerish and irregular
and closed 3@lc lower, under free specu-
lative selling IN all the grain centers.
AT BALTIMORE
BALTIMORE, Aug. Il. The wheat
market is active and strong and higher st
an advance of four cents.
At 81. LOUIS.
ST.. Louis, Aug. 17.-All trading on the
Exchange this morning, was, as previ-
ously agreed upon, on settlements. no
new trades being made. December wheat
opened at 81 CS, sold up 10 81 u, ana then
started on the downward grade until