The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-08-17

being traded in at 997sc at Ills O'Clock yes
terday was wanted by hundred of believing
"bulls' and roaring bears" a. from S1.01o5
to Sl.03l4 the moment the bell tapped for
the opening of trade. at $50 o'clock. this
morning. Business for about one minute
was lone on an scale at from
S1.03 to S1.02s4- and then for a matter of
five minutes the crowd was unanimous to
sell and the price tumbled TO Sl.015s. Its
stay at the latter point was short, the same
unanimity which had a few minutes before
been in favor of the selling side now
changed and it rose to S1.02, at which point
sellers entirely withdrew until apparently
crazy buyers had advanced the price to
S1.05. Some sales at the time were made as
high as 81 .0514 before it once moro began
to recede. The reaction following the
latter bulge stopped when it had got down
to Sl.03S4- The market acted exceedingly
firm, with an upward trend, reaching to
Sl.04l2 and back again to Sl.04 a few times.
and then. as Oh the preceding bulge, the en-
tire pit full of operators. haggard and ex-
cited brokers. yelled their bids. and as
nothing but higher and still higher prices
could induce anyone to sell. bids of S1.O5,
S1.06. s1.07 and finally S1.0S were Numbered
almost simultaneously from husky throats
with very little grain secured as the price
such q panicky advance the worst was over
for the shorts" for this eventful day at
least. Comparative quiet soon succeeded
and the price once more began to sag, but
short" sellers had received such a cruel
experience in the earlier stages that the
only parties who offered grain towards
the close were those who had it
previously bought and thought well of
the profit offered to them. Many of the
most excited traders could not give q CO.
herent account of the cause of all the tur-
MOL, but sifted of the whIrliDg clouds of
dust which Obscured everything except
the fact that the market was in a tremen-
dOus state of nervous panic, the situation
aaQmpn IN ha fha raautf nf the domestic and
foreign markets being all feverishly higher.
The short rye crop in Russia. the excite
ment In the German rye market over the
Russian prohibition of rye exports. q re-
port that the cereal crop of Austria
Hungary Was heavily deficient and the
shortage in the wheat crops of France and
India. all pointed to a shortage In the
words breadstutfs. London was up 1so
erpOol was 1Q2d higher. and quoted
strong and advancing. Then q report
was put in circulation that James X.
Keene. of New York, backed by q big
Eastern syndicate. was running o bull"
campaign in wheat. The memory of his
last corner here In 1S77-7S, when be held
wheat M in the neighborhOod of S1.40 for q
long time. came to the perspiring shorts"
as q frjghtful nightmare. and rather than
take any chances they ran to the nearest
cover, regardless of the cost. Early re-
ports from New York that foreigners were
selling heavily caused . chang of senti-
ment. Wheat was thrown overheard in
blocks. and the price broke as indicated
above. This was near the opening. By the
time s1.0S was reached the excited shouters
began to lose their breath. end to realize
that the short" Saturday session end
ing at noon was drawing to q close. and
that it would be a good thing to even mp
trades in view of the intervening Sunday.
During this process December declined TO
S1.05l2. gradually recovered and closed at
S1.O6l2
A q ~ or. in, a, drr;r @ho H., - -o.
said that b. +. Hutchinson was again in
the saddles; that he had been righton wheat
and corn for some time and that he had
made q lot of money and was giving the
boys In the pit another taste of ms tactics.
1t wasalsO given out that Pardridge. after
his recent heavy fall, had again plucked
up courage to enter the fray and that he
mad been a heavy seller above $1.OS.
This would have been an exciting day for
speculators in grain If even wheat had re-
NAMED stationary. Corn was only of sec
ondary interest to-day because. as q rule, the
crowd trading In 1t is smaller than that in
wheat. The fluctuations were frequent
and of sufficient severity to be called
trend of prices was strongly upward. Sep
TENDER. which at one period of the session
sold as low as 59s4c. only reached lite PIN
nacle hen it touched 65l2o. and 1t stood at
6212c at the close of tie session, or 2s4o
above the point it stopped at yesterday.
The advance was due Tor the most part to
the excitement in the wheat market. and
that was taken advantage of by those who
are working the bull" side of the deal. 1t
was said that Hutchinson. now in New
York. was on the "bulp side of tho corn
deal also.
Oats hardly kept pace with other cereals,
the net gain amounting to only s40 7sc.
The news of the German excitement in
rye set the market to jumping here. No. Q
cash, starting at 97c. sold mp to $1.04. clos
ing at S1.O312. September started at $50
and sold up to S1.O4. During the past week
there has been SOC advance. and yet the
demand is undated. Since yesterdays
closing cash rye advanced 0c, August loo.
Septemb Der SC and October sligo.
The provision market was firm. but ap-
peared to draw its support mainly from the
tremendous advance IN corn and wheat.
The receipts of hogs were lighter than had
been looked for and the prices higher,
which was the only other independent
source of strength. The opening prices
showed considerable advances. After half
of that early gain had been dropped there
was another and o heavier advance toward
the middle of the session, but in the end
the price worked back to about the OPEN
ing point, and closed about so. The gains
since yesterday are: Pork. 17l2O25c; lard.
.O5G .07l2c: ribs. .O5c. The leading futures
ranged as follows: