Los Angeles herald., 1891-08-18
A FARMERS MARGRT
The FURRY in Grain All
in His Favor.
Wheat Advanced Twenty Cent?
a Bushel.
Chicago Spectators Have Thus Far
Not Made a Cent.
New Workers Said to Have Made Some
Meney-saturday's Confusion Re-
peated ON tho Produce
Exchanges.
Associated Press Dispatches.

Associated Press Dispatches.
CHICAGO, August 17.-This was an
other banner day in wheat. Saturday e
confusion could hardly be exceeded, YET
the visitors in the gallery today were
we'll entertained, and the gentlemen on
the floor were not heard to complain Of
lack OF action. Before the exchange
opened the bears we're predicting big
drop, while enthusiastic bulls were
talking dollar-and a-quarter wheat.
When business began the familiar
howl went up, and it was impossible for
awhile to tell what was being done.
December wheat closed Saturday at
$1.061s. This morning it opened at
$1.09, bid; $1.10, bid; $1.11, bid, and
$1.11a. Some was had at all the prices
named in the first ten seconds. Within
the first three-quarters of an hour there
had been sales at $1.l216, 81 .131s and
some at $1.14. In the height OF the ex-
citement one trade OF 10000 bushels
was made at $1.15.
BEARS GET IN THEIR WORK.
Suddenly it become known that sew
eral houses, with foreign connections,
were selling heavily. This was enough.
If there had been wildness in the
previous buying, there was little short
of insanity in the selling craze which
followed. The bears, who had been too
frightened to sell for several days. made
combined onslaught, in which they
were aided by the timid ones, who had
been following the bull lead. December
dropped. The most determined efforts
of the bulls would only result in keep
ing it up for moment or two. Within
very few moments ithad reached $1.05,
then favorable bull news coming in. it
advanced to $1.07, but after the hour of
see-sawing back and forth near that
figure, it declined to $1.0411a, then ad-
vanced to $1.O51a.
THE LONGS" PANTc-sTRTCKEN.
About noon telegram was received
from B. P. Hutchinson by one Of his
friends, saying: Foreigners are selling
frantically, and wheat will drop" The
dissemination of this prophecy encour-
agrd the bears. The excitement quieted
down. Then many ''longs" figured
out that they were drawing on
shoal, and as result they became panic
stricken. Early buyers turned sellers.
The bears pushed, and December
dropped with rush to $1.03. finally
closing at $1.031a.
Old traders said the rapidity and
wide range of the fluctuations today ex-
ceeded anything seen before on the
board. Trades were not taken by brok-
ers on less than. 10-cent margin.
On the curb this afternoon there was
much wild trading. December sold at
$1.04; calls were to be had for 81. .1015,
and puts at 981ac.
AS things stood today at the close it
is said that no Chicago man has made
cent, while most of them have lost, or
now have their entire fortunes at stake,
and were buying and selling in the
same moment to protect themselves.
New Yorkers are reported to have made
the most money.
THE FARMER BENEFITED.
One prominent broker held it as a
farmers y market. The advance to
the farmer, he said, has been over 20
cents bushel. Opinions among deal
ers and brokers are unanimous that
heavy foreign buying is at the
bottom of the present furry. The idea
ULdb bIlC WCIc INcW IOTk
spectators is now generally secuted.
The general notion is that the shortage
of wheat abroad has drawn many heavy
foreign buyers into the market, and the
upward tendency has found Chicago
holdings short. One well-posted broker
lays all the uncertainty to Russia. IF
Chicago people knew" he said, "what
Russia's wheat amounts to, or what to
expect from Europe, they would know
what to do. But as it is, they have no
idea where they stand, and nothing to
go by."'. s.,
sA OTHER GRAINS EXCITED.
The excitement on the board today
was not confined to wheat, but quickly
spread to corn, rye and oats. August
corn jumped from 6411s to II within half
an hour; then declined to IS. Septem-
ber corn advanced to 68, and declined
to 6334. Rye futtered until it was diff
cult to keep track of it, between $1.06
and $1.10 throughout the session. This
tends to show the character of the
market.
NOT SINGLE FAILURE YET.
A remarkable feature is that despite
the markets wild character, there have
been no suspensions. Margins have
been promptly forthcoming, and the
fears OF Saturday that today would see
many traders 60 to the wall, has been
IoI