The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-08-16
WHEAT FURRY AT CHICAGO.
Tremendous Excitement on Board of
Trade, With Rising Prices.

CHICAGO, Aug. 15.-December wheat
reached $1.0S on the regular board today,
and this afternoon sold on the curb at
$1.10. Later on Calls" were quoted at
s114, and sold as high as s1.1S Of course
these were not market figures, but they
serve to show the frame of mind trad
ers are in after this exciting week.
Friday, which was thought
busy day by brokers, sank into
insignificance before today's session of the
Board of Trade. 1t was one of the wild
est days ever known on the floor. Decem.
Der wheat touched $10S, 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
a frightful rush. The bears said last
nights market of 81 must be the
climax, saying: "In the morning let's
smash things" Any number of attempts
were made to "smash things" this morn
ing. but the result was not very encourag-
ing to the bears. Such jumping of figures
as today has not been witnessed since
Hutchinsons famous corner in 1888. The
price remained at S1.0S but short time.
The bears soon rallied, and with mighty
onslaught sent the price down to S1.05IS,
but they could not hold it out at that
price and when the session cl osed the fig
ures were standing at $1.0615.
Before the board opened this morning
there was great deal of suppressed ex-
citement. Reports of short European
crops, the prospective famine in Russia,
Germany's demand and the confident
spirit of the bulls affected curb dealers.
and at Q O'Clock $l.02A was freely offered,
while on the open board the price was
S102J< before the big board opened. When
trading began the wheat pit was filled with
traders, and Fridays excitement was
quadrupled.
A mighty veil went up when the gong
announced the opening OF the days busi-
ness. 1t was impossible for some time TO
tell what the price of wheat really was. for
there were half a dozen different prices
yelled ont in different portions of the pit
ranging from S1.00@l.0l5s toSl.03@1. .0311.
1t was simply matter OF take what you
can get and take II quick All
sorts of stories were flying about. A
large number of traders talked about
the shortage in Europe, while others as
serted that Jim Keene, OF New York. was
responsible; that he was taking revenge
for that experience in 1878, when the little
flyer on the Chicago Board OF Trade cost
him several millions. Some said keene.
Philip Armour and B. P. Hutchinson
were responsible; Others, that keene was
backed by a powerful syndicate of New
York capitalists, and that Hutchinson was
one of the leaders. There was nothing re-
liable about any of these rumOrs.
The fact remains that the market went
to pieces today. During the last advance
from Sl.05 10 SL0S, scenes of confusion and
excitement on the floor were indescribable.
Every time there was an advance the bears
got frightened and exerted every effort to
unload at the top price for fear of a drop
as sudden as the rise i've minutes alter.
After time the excitement settled
down for little, and for couple of min
utes business was done on an enormous
scale. The bears made frantic efforts TO