Telegram-herald., 1891-08-16
WHEAT TAKES A JUMP.
A Day Of Wild Excitement on
Change IN Chicago.
THEPlyICEY STATE OF TIE MARKET
II Reaches 9I-os . Beshsf-Rys Makes .
Gain Of Highs Gents aud Corn ooes
Up I've asd IhEss-4aarseg
CseIs-A Mild DAY.

CnIcAso, Aug. ia-The local dealers
IN cereals implicitly lost al control
over the wheat. corn anc rye markets
and many times curing the day they
as clearly lost control over themselves
There has been seen no such wild. excited
serambles-and that is saying much
since Hutchinson's famous wheat
corner la ths fall Of 1855. Outside
dealers were - much ~ sea as the
Chicago speeultors. The story is only
barely indicated by the closing quota
tlons, which show exc advance in
wheat, Sc in rye apd ss.c in corn
The excitement which characterized
the trading in the wheat pit Friday
CEN ber which was being traded in At
99Tc At l:l5 Friday. was wanted by
hundreds Of believing bulls and roar
ing bears at from 3i.0lH 70 Si.03k the
moment the bell tapped.
Business for about one minute was
done on 40 enormous scale at from
81. os 70 ST. o2H, AMI then for o matter
of five minutes the crowd made a un-
animous rush TO sell and the price
tumbled to Si.oix. Its stay at the lat
TER poiut was short; the same unani-
nifty which had for . few min.
utes been in favor Of the sell
ing side now changed and 1t rose
TO sl.os. a. which point sellers
entirely withdrew until the apparently
crazy buyers had advanced their bids
70 Sl.0s. Some sales ~ that time wero
made ss high as sl.o54 before it once
more began TO recedo. Tho reaction
following tho latter bulge stopped
when it got down 70 81. .osA The
market acted exceedingly Arm. with an
upward trend reaching to 4l.041S and
back again to 81. o. fe W times, and then,
As on the preceding bulge. the entire
pit full OF persplring, haggard and ex.
cited brokers yelled their bids, and as
nothing but higher and still higher
prices could induce anyone to sell.
bids Of el.o5. sl.o6. sl.oI and finally
sizes were thundered simultaneously y
from 500 husky throsts as the price
shot up. Sp.e.,eding tho fluctuations
already given there was q decline to
si.o5h and the close was s1.ooj<.
day for spectators in grain IL even
wheat had remained stationary. Corn
was only OF secondary interest because
a. rule the crowd trading in It is
smaller than that in wheat The f1uc.
ations were frequent and of suf.
cieut severity TO be called sem
sational and, as IN wheat the
AZ ex~ v.~l,
upward. September, which at one pc
riod Of the session SOLD as low as 5o,4c.
only reached it's pinnacle when II
touched 65Nc; and 1t stood at 62Xc at
the close of the session, or 2xc
above the point 1t stopped at Fri.
day. The advance was due for the
most part TO the excitement in the
wheat market. and that was taken ad-
vantage Of by those who arc working
the bull side Of the ccal Oats hardly
kept pace with other cereals the ne,
gain amounting to only x@Hc. Rye
jumped &c, closing. frm at sl.04 for
Septem Der. This was the top price
for the day, 9ec being the opening and
low. Trading was active and there
was considerable fuctuation between
the extremes.
LONDON. Aug. 1.-The Russian pro-
hibition will only slightly affect the
condition of the wheat crop. The
situation on that cereal may thus be
described in brief: France must i'm.
port at least 1000, oGo quarters. Great
Britain must import $4,000, 900. and
Russia can furnish only 100000. Tho
remainder, Of course. must come from
America and with SO tremendous an
export order ~ $1,000, 900 quarters to
be bought Tho American farmers viii
get very large prices.