Los Angeles herald., 1891-08-16
Pandemonium in the Chi
cago Grain Pits.
One of the Widest Days Ever
Seen on Change.
December Wheat Forced Up to
S1.08 in a Few Hours.
Some Street Sales Made at $1.1S-Rye
and Corn Move Up in Sympathy
The New York Market Siini-
lsrly Excited.
Associated Press Dispatches.

Associated Press Dispatches.
CHICAGO, August 15.-The excitemen
today in wheat cannot be ascribed tt
any one thing. Its synthesis is the
worldwide agitation on the question o
breadstuffs, including rye and wheat
Russia, France, Germany, Austria
Hungary and India have short crops
AL the foreign markets are excited anc
higher, and America, as the only coun
try which has full crops, counts OF
profting by the European and Asiatit
scarcity. This, in brief, seems to be the
sentiment prevalent on the board here
DECEMBER WHEAT
reached $1.08 on the regular board
today, and this afternoon sold on the
street for $l.10. Later on calls were
quoted at $1.l4, and sold as high as
$1.1S. OF course these are not market
figures, but they serve to show the frame
of mind traders are in at present.
Friday, which was thought busy day
by brokers, sunk into insignifcance
before today's session of the board OF
trade. 1t was one of the widest days
ever known on the floor. December
wheat touched $1.0s, through the con-
sternation OF the bears, who, while par
TALLY prepared for yesterdays boom,
were completely dumbfounded this
morning, when the bulls sent prices up
with frightful rush. ~.
The bears said last night: Gone dol
lar must be the climax. In the morning
let's smash things" Any number Of
ATTEMPTS TO SMASH THINGS
were made this morning, but the final
result was not very encouraging to the
bears. Such jumping OF figures as
today witnessed had not been seen
since Hutchinson's famous career in
1888. The price remained at $1.08 but
a short time. The bears soon rallied,
and with a mighty onslaught sent it
down to $1.051a. But they could not
hold it out at that high price. When
the session closed the figure was stand
ing $1.061s.
Before the board opened this morning
there was great deal of surprise and
excitement. Reports of short European
crops; the prospective famine in Rus
sia; Germany's demand, and the conf
dent spirit of the bulls affected the curb
dealers, and at O'Clock S1.021 was
freely offered, while on the open board
the price was $1.021s, before the big
board opened. When trading began,
the wheat pit was flied with traders,
and the days excitement was quadru-
peeled.
81 A MIGHTY YELL
went up when the gong announced the
opening of today's business. 1t was inn
possible for some time to tell what the
price of wheat really was, for there were
half dozen different prices yelled out
in different portions of the pit, ranging
from $1.0l36 to $1.121s. 1t was 81 IMPLY
a matter of "take what you can get and
take it quick" said one trader as he
emerged from the throng OF
SCREAMING, STRUGGLING MEN.
After time the excitement settled
down for a little while. For few min
utes business was done on an enormous
scale. The bears made frantic efforts to
push the figures down, but failed.
European buyers at New York began
coming in strongly. The bulls rallied
with whoop, and then came the wild
est market scene in years. Wheat went
up and down in big leaps, going to
$1.0319, then to $1.05, almost in one
bound.
Ed Parker came into the pit as big
buyer, but could find no sellers. The
price went down to $1.05, then bounded
back and forth between that and $1.05
for ten minutes. The bears made an
other desperate effort to send the price
down. Momentarily the price retreated,
but then leaped to $1.05La, 81 .06, '61s,
7.'71a, finally reaching $1.0s within
half an hour.
ALL SORTS OF STORIES
were flying about. A large number OF
traders talked about the shortage in Eu-
rope, Others asserted the belief that
t'Jim" Keene of New York, was respon-
sible; that he was taking revenge for
his experience in '78, when little flyer
on the Chicago board Of trade cost him
several millions. Some said Keene was,
Philip Armour and B. P. Hutchinson
were responsible. Others that Keene
was backed by a powerful syndicate OF
New York capitalists. and that Hutch
inson was one Of the leaders. There
was nothing reliable about any OF these
rumors. The fact remains that the
market simply went wild today.
During the last advance from $1.05 to
$l.O8, the scene of confusion and excite
ment on the floor was indescribable.
Every time there was an advance the
bears got frightened and exerted every
effort to unload at the top price for fear
of drop as sudden as the rise. Then
five minutes later, when the market
again advanced, the men who had sold
were clamoring to buy back. being will
ing to pay from to 8 cents more than
they sold for. g
FROM THE VISITORS GALLERY
the wheat pit looked like an assemblage
of dangerous lunatics. The men crowded
together in mass, discarded coats and
hats and clawed each other like wild
animals, while constant deafening roar,
out of which no intelligence it seemed
could be picked, rose to the ceiling.
After the market closed there were
many traders who were frightened at
the idea Of holding wheat over Sunday
at $1.061a. The timid ones do not, how.
ever, seem to have scared the others,
for, as noted above, December wheat