The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-18
EXCITEMENT In WHEAT.
FLUCTUATIONS WILDER AT CAT
CAGO THAN ON SATURDAY.

The Crowd Bought or Sold According
to Impulse-Prices Went Gallopine
Upward at Irregular Leaps-Ths De-
cline Which Followed Almost as
Rapid and Sensational-Finally Under
Conserv vstive Psce-The FURRY at
London and Berlin.
CHICAGO, Aug. II, P. M-The fever
which was raging all Saturday in the
wheat pit was as much as ordinary human
constitutions could stand, and although the
fluctuations to-day were even wilder, tbs
excitement was no greater than on the clos
ing day of last week. The usual news
which influences momentary fluctuations
was unheeded; the crowd merely bought
or sold according TO Impulse communicated
by disappearing margins. All customers of
the commission houses who had trades open
were called heavily for margins, and much
of the trade done in the first half hour OF
the session was in the way of closing up, as
best il could be done, such of their business
as had not been sufficiently protected by
margins. The wildness of the first hours
transactions can be judged by the range of
prices of December wheat during that time.
There was
ONE SIMULTANEOUS JUMP
Cor it at the starting signal at from 81 90
TO 81 II for December, and it went gallop-
ing upward in irregular leaps of u cent
and sometimes / cent at time until il
Btruck 81 IS, and some impetuous spirits
even made trades at 81 IA before the ad-
vancing tendency was checked. In the
frr Ill.
was even made at 81 IS; for the
legitimate top Of the market 81 IA
was the figure. Aside from the bull
fever which was raging hot in the veins of
nearly all traders, there was plenty of bull
ish news at the opening. London cargoes
for prompt shipment were / shilling and 8
pence higher; Liverpool was 11%@3 pence
up; Paris was the equivalent OF 5 cents
higher, and the New Y ork produce exchange
not being open for half an hour after trad
ing began here, its members were
BoMBARDING THEIR BROKERS
here with buying orders Suddenly there
was a Change OF sentiment; New York and
foreign houses began selling heavily and
Berlin was quoted cents lower. The de-
cline which followed was almost as rapid
and accompanied by about as sensational
features as was the preceding ad-
vance. 1t tumbled until Ii struck
operators became apparently equally
exhausted, and "A long interval Of quiet fol-
lowed. All of this occurred before ii O'Clock.
Comparative quiet following the drop to
81 05 and the reaction to 81 07.gave the con E
servative element in the pit time to get the
market in hand. and to regulate the course
OF values moro in accordance with reason.
Thereafter, while the tendency was down.
ward, it was at
MORE DELIBERATE PACE.
BY 1880 o'clock 1.-THE price of December
had got down to 81 03; IL reacted to 81 OF,
weakened again and closed unsettled at
81 02T@l OS, against 81 0614 at the close
on Saturday, after having covered phe-
1omenally wide range of 11@11Y cents
during the day. On the curb after the close
of the session December sold up to 81 04,
calls sold at 81 1016 and puts $3.50. Dur
ing the excitement in early trading nothing
less in margins than 10 cents per bushel
would be accepted by the brokers and this
fact was
A MATERIAL ELEMENT.
in the excitement. The corn market was a
good second to wheat in the amount of ex-
cltement in the pit and violence of its fiuc-
tuatlons. Like the superior article, it had
Its exciting bulge and inglorious collapse,
and trading in it was also largely governed
at the opening as Ia wheat by the collapse
of margins. The opening of the
market was highly turbulent and
frothy, with September anywhere from
10 to 6S cents. The highest price Of the
day occurred shortly after the trading COM
menced. September reached 80 cents; Oc-
tober 631z cents, year 51& cents, and May
AZ cents. The tendency during the remain
Ger OF the day was strongly downward, but
sore reaction set in near the close, causing
arecovery from the extremity of the days
decline, and leaving prices about cent
gain over Saturdays close for August and
september In a stronger ending
IT BROKE AWAY
from the controlling influence of wheat.
Oats, like everything else were higher and
greatly excited at the opening. Shorts
bought freely, the market sympathized
strongly with corn and wheat and
prices went up rapidly, though the
advance was less marked than that in othe
cereals. They broke with them, declining
slowly and closing slightly above the bot
TOM figures. Anticipated heavy receipts
mad something to do with this reaction but
IL was largely due to the decline in other
markets. In the rye market there was a
s'cent huctuation in the price of September
a1i aaGtnre. The first sale was at 81 06, next at
u 10. The
PRICE AFTERwARD ADVANCED
% 81 II and then dropped to s1O5 without
uade on the way. The last trade made was
~ ~ u ", which was the lowest price at which
~ sIeTe ao was any trading. 1t was offered at
81 :, w W on close. August sold from 81 06 to
81 81 ~ IL aud closed 81 04. October started al
NVH, touched 81 0S and declined to 81 90.
so, in store and 30 go in sold
aom u O7 at the start to Sill
Me. 80 downward to 81 o. Hog pro-
co1 ~uc@ opened higher in sympathy with
lu' In spite of the liberal receipts OF
uOss' mess pork started Is cents under, and
oD ouler the active demand advanced 20@25
i 9S ~, more; but when wheat and corn broke,
sSdion0wed, receding S5@9O cents amid con.
Taolaoie excitement and heavy sales.
9SSadrtd 9SSSard the close there was a rally of
IIoOg<S19 cents, leaving prices 2o@3O cents
ciSei %eI than on Saturday. Lard was less de-
NJ Ieu os, IN lts fluctuations, closing with a Loss
OHiy - cents. Ribs lost 711S@10 cents.
AT FEVER HEAT IN NEW YORK.
,hn hNEw YORK, Aug. 1.-THE dealings or
fevepp pr1ouce exchange to-day were again al
Tbea. neat with tho beginning of trade
rsdios was an attempt to run further the
tbo Dull movement on top OF
dav remarkable advance Of Satur.
Sbo,. ana 1t was successful for q
ont;o. time. The December wheat
rar, an, ~ IA which there was active trading
rnada e cents to 81 Is and September
maae 81 10. There was great nervousness
s snu a feeling that affairs had been strained
on forsiene came along heavy selling orders
account. and
hA LOCAL LONGS BECAME ANxIoUs.s