The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1891-08-20

sTllL SOARING.
Dsssnbsr Whsas Reaehsa sl.oS q chi
cs1d, and ol.IB NJ Ksw York-BlE Al
vance IN Rye-Exeltins Days ON 'chaa1ls
CHICAGO, Aug. Il. The local desler.
II cereals completely lost all control
over the wheat corn ana rye markets
Saturday and many times they
- clearly lost control over themselves.
There has been seen no such wild. excited
scrambles-and that is Saying. much
since Hutchinson's famous wheat
corner in the fall of 1885, Outside
dealers were as much at sea as the
Chicago specultora The story isgonly
barely indicated by the closing quota,
tions, which show 851c advance il
wheat, Sc in rye and 2slc in corn.
T. The excitement which characterized
the trading in theswheat pit Friday
was .quadrupled ut the opening De
cember, which was being traded in at
9O1Sc at 1:15 Friday. was wanted by
hundreds of believing, bulls and roar
Ing bears at from sl.0l5S to $1.03h the
moment the bell tapped. 3 s.
Business for about one minute a.
done on an enormous scale at from
81. O3 to 81. O2A, and then for a matter
of five minutes the crowd made a I'M.
animous rush to sell and the price
tumbled to Sl.015s. Its stay at the lat.
ter point was short; the same unani.
nifty which had for a few min.
utes been in favor of the sell
ing side now changed and it,, rose
to $1.02, at which point sellers
entirely withdrew until the apparently
crazy buyers had advanced their bids
to $1.05. Some sales at. that time were
made as high as sLO51 before it once
more began to recede. The reaction
following the latter bulge stopped
when it got down to 81. 0sN The
market acted exceedingly firm, with an
upward trend reaching to $l.0411 and
back again to 81. o. few times, and then,
as on the preceding bulge. the entire
pit full of perspiring, haggard and ex-
cited brokers yelled their bids, and ais
nothing but higher and still higher
prices could induce anyone to- sell,
bids of $1.O5, $1.O6, S1.O7 and finally
s1."s were. Numbered simultaneously
from 500 husky threats as the price
shot up. Succeeding the fluctuations
already given there was decline to
$1.O5L and the close was $1.O6k.
It would have been an exciting
day for spectators in grain if even
wheat had remained stationary. Corn
was only of secondary interest because
as a rule the crowd trading in it
smaller than that in wheat. The flu
atoms were frequent and of sui
cient severity 10 be-. called SEN
sational and, as in wheat the
trend of prices was strongly
upward. September, which at one Pc
Rod of the session sold as low as 59s4c,
only reached its pinnacle when it
touched 65Tc; and it stood at 6215c at
the close of the session, or 234c
above the point it stopped at Fri
day. The advance was due for the
most part to the excitement in the
wheat market, and that was taken adj
vantage of by those who are working
the bull side of the Geal. Oats hardly
kept pace with other cereals, the net
gain amounting to only A@Ic. Rye
jumped &c, closing firm at Sl.O4 for
September. This was the top price
for the day, 99c being the opening and
low. Trading was active and there
was considerable fluctuation between
the extremes.
Conservative traders pronounce the
character of Fridays and Saturday s
market stampede. The shorts got
badly scared after the experience of Ed
Partridge, who is said to have
dropped nearly 100000 on the
bear SIDE. At the same time
there were unusually heavy buy
ing orders from foreign coun-
tries, and every short trader rushed to
cover at sacrifices ranging all the way
from Is cents to 20 cents bushel The
sacrifice had to be made, and it was
bravely met and manfully stood, be-
cause there was not even a rumor of
the collapse of any firm.
Experienced brokers claim that thew
see nothing extraordinary in the rush,
and they maintain also that it cannot
last very long. At present the farm
ers deliver little or nothing The spring
wheat is not yet harvested, and the
supply of winter wheat is exceedingly
small.
New YORK, Aug. 17.-On sales of
1l.50o,oo0 bushels in option, wheat
prices in the short Saturday market of
only one hour and half rushed up
over five points at the produce ex-
change. The bulls were in full con-
troll. Cables reported the foreign mar
ket booming on news of the
American rise. At noon, when the
market closed, wheat for September
delivery was selling at $1.131s, after
a day of extraordinary nervousness.
There was virtually no rye to be
bought at any price. The wheat mar
ket opened with shorts panic-strickcn.
They rushed and climbed, getting in
out of the wet at 215@Sc advance from
the close of Friday. night It was d
short panic started by disappointing
cables.
The advance in the price of rye
abroad had some effect, and it is
now over the price of wheat There is
corner here, not artificial but natural,
and rye has risen 80 cents a bushel in
ten days.
In the local markets September
wheat opened with simultaneous sales
ranging from $l.o919 to $l.1o, as against
$1.o7% at Fridays close, all of the
other options being similarly strong.
December started at Sill! to SLIP,
against $l.094. Trading was enor-
nous, and within an hour December
touched $1.15, closing at $1.14x, while
September closed at $l.l34.
Davenport's River Carnival.
DAVENPORT, Ia, Aug 1.-THE third
annual river carnival will be given
Er<>~ o