Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-08-20
IN THE WHEAT afARh Eft
Intense Excitement Caused by the specu-
lations In the New York and Chicago
ur..l

1hahhrt5s
CHICAGO, ILL, Aug. 1890 a. H.
December wheat, open, unchanged at
$1.03, sold to $1.02t and back to S1.03l;
up to S1.03a and down to S1.03t.
September corn, &c.,, later at So, and
sold off to 629.
September pork, unchanged, at so. 95
Yesterday wheat opened amid the
widest excitement and with prices way
above Saturdays close. December
started at 100 to no Mt the same time
and in less than three minutes sold at
liz, fell to Ill and at 9.45 was about
III or Al cents higher than it closed
saturday. The excitement was intense,
everybody wanting to buy, but very
little for sale. Short selling is very rare,
the offerings being chiefly long wheat,
which pays big profit and is realized
on. Not until the price had reached
ia was there a change in the tide. Then
SO much long wheat came on the market
chat prices had to give away. The break
was rapid, and by the close of the first
hour December had sold back to 105and
was selling at 1861. The trade reached
such tremendous proportions that com
mission firms on the board of trade per-
emptorily refused to take any new
orders. Plenty of eager applicants were
ready to make or lose their money, but
IN such wild state of panic it was con-
sdered best to wait until the excitement
was over. Accordingly trade was re-
stricted to settling up old business, and
the shorts were the only buyers. The
various firms devoted their energies to
balancing their books. Closing prices
were five cents lower than the last
figures of Saturday.
NEW York, Aug. 1S.-The dealings
oil the Produce Exchange were at fever
heat yesterday. There was an attempt
to run further radical bull movement
on top of the remarkable advance of
Saturday, and ii was successful for n
short time. December wheat option, in
which there was most active trading,
ran up 81 cents to $l.1S, and September
made $l.l5, There was great nervous.
ness and feeling that affairs had been
strained. Soon there came along heavy
selling orders on foreign account and
local longs became anxious. They began
throwing overheard large lines and prices
were soon forced down, December going
on to Sl.l4 and September to $1.12f.
FROM these figures there were fitful
reactions and much calmer feeling.
However, there was evidently fear of
taking either the long or short side and
the brokers in operating demanded large
margins. The latest reports that Ger
many had declined to do anything with
the duty question worked sharply
against the efforts for manipulation.
The peculiar feature of the dealings to-
day was that at no time were prices
alike, there being difference of fully Q
cents per bushel at the same moment in
various parts of the pit" Exporters
were said to be attempting to resell their
wheat. Selling orders IN part came
along from the fact that Russia was try
ing urgently for markets for its wheat
and especially upon the continent, in
order TO be ahead of the order forbid
ding expectations, which goes into effect
August 9th. Later in the day there
We're increased offerings TO sell by the
foreigners, who want to realize, and
prices broke again sharply.
DECLINE IN LONDON PRICES.
LONDON, Aug. 1S.-The reaction in
America and on the continent weakened
the markets here and there was gen.
eral decline in prices. Wheat was of
fered Cd. per quarter below yesterday
prices, with no takers.