St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-16

HICA{rO- aug. l0.-Iu6 iOcdl u6alSES
sn cereals completely lost all control
ever the wheat. corn and rye markets
this morning, and many times during
.he day they as clearly lost control over
themselves. No such excited serambles
have been seen in the Chicago wheat
pit since B. P. Hutchinson ran MS cor
ner in that cereal in the fall Of 1885.
Outside dealers were as much at sea as
the Chicago spectators. Hundreds Of
messages were received by commission
men from clients in the country, ,inquir-
Ing what do you think CT the maTket?''
but the blind could not lead the blind.sO
each one was allowed TO grope for him
self. The story is only barely indicated
by the closing quotations, which show
SIC advance IN wheat, Sc II rye and
R5zc in corn.
Buyers So Crazy.
The excitement which characterized
trading Yesterday was Quadrupled at
the opening to-day. December, which
was being traded in at 99Hc at l;l5
O'Clock yesterday afternoon. was want
ed by hundreds of believing bulls and
roaring bears at from SL0l2s TO SL0314
HLE AlLl1E4E AL4E DEA4 LaDDNA AD4 LtAC
Dpening OF trade at $3.50 o'clock this
morning. Business for about minute
Has done on an enormous scale at from
E1-O3 to S1.02$<. and then Tor a matter OF
i've minutes the crowd made a Unanl-
nous rush TO sell. and the price tum-
bIed to SI.OI5S. Its stay at the latter
nOint was short The same unanlmIty
which had Tor q few minutes been
in favor of the selling side
now changed. and il rose to
kIO2. at which point sellers ell
tireIv withdrew until apparently crazy
buyers had ad 3 ced their bids to Sl.O5.
Some sales at IAat time were made as
high as OBJ before II once more be-
Ean to recede. The reaction following
She latter bulge stopped when 1t had
got down TO S1.O35z. The market acted
exceedingly firm. with an upward trend
reaching to SI0416 and back again to
Fl.O4 few times, and then, as on the
preceding bulge. the entire pItful OF
DersDiTing. haggard and excited brokers
yelled their bids. and as nothing but
higher and still higher prices could in
duce any one TO sell. bids OF SJ.O5. Sl.O6.
BLOT and finally S1.08 were Numbered
simultaneously from
500 Husky ThFOa1s
with very little secured as the price
shot up. There was feeling that after
such a panicky advance the worst was
over lot the shorts. Tor this eventTul
dav al least. Comparative quiet sue
ceeded. and the prices once more began
10 sag. but short sellers had received
such q cruel experience IN the earlier
stages that the only parties VINO offered
stuff toward the close were those who
had il previously bought. and thought
well OF the profit offered 10 them. Many
Of the most excited traders could not
have given q coherent account OF the
eause of all the turmoil. but. sIfted OF
the whirling clouds OF dust which OBJ
scured everything except the fact that
Ihe market was in a tremendous state
Of nervous panic. the situation
seemed TO be this: Domestic and
foreign markets were all feverlsnly
higher: the short rye crop IN Russia :
the excitement in the German rye mar
ket over the Russian prohibition OF rye
exports: a report that the cereal crop OF
Austria. hungary. was heavily deli
cieut: the shortage in the wheat crops
Of France and India. al pointed 10 a
shortage in the worlds breadStuns.
London was up one shilling on cargOes
for prompt shipment: Liverpool was
one penny TO two pence higher aud
quoted strong and advancing. Then q
report was put IN circulation that James
r.. keene. OF New Y Ork, backed by q
big Eastern syndicate, was running q
bull campaign in wheat. The memory
of his last corner here III 1s77-1S. when
he held wheat up in the nelghbOrlOoo
OfS1.40 for a long time. came to
The Perspiring shorts
as q frightfuI nightmare, and, rather
than take any chances. they ran to tht
nearest cover. regardless OF the cost
EarIv reports from New York that Tor
eigners were selling heavily caused {
change of sentiment: wheat was throw
overheard in blocks. and the price broke
as indicated above. By the time Sl.0'
was reached the excited SnOuters began
10 lose their breath and TO realize tha
the short Saturday session, ending a
noon. was drawing TO a close. ana that
would be q good time TO even up trades
IL view of tie Intervening sunday
During this process December declined
TO s1.05-z. gradually recovered, anC
closed at Slu615. At various time.
during tie dav il was salC
that B. =. Hutchinson was again
in the saddle; that he had beef
right on wheat and corn for some TINE
and that he had made @ lot of none!
and was giving the BOYS IN the Dit an
other taste OF his tactics. that Pard
ridge. after his recent heavy fall. nat
again piucked up courage and that ia
had been heavy seller above Sl05
THIS would have been al exciting ga,