The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-08
Chicago.


CHICAGO, Aug. THE Board of Trade
was the scene of wild buying panic to-
day. shooting up at dizzy gait and
carrying wheat with it. The drouth in the
corn belt was unchecked, the weather bu-
reau showed no sings of relief from the
bliStering winds that are sweeping over
Western corn fields whitening the growth
and destroying the crop Excited brokers
clustered about the corn pit, eager to buy.
At the tap of the bell wild struggle for
holdings began. Shorts were frantic and
at every jump in the price with its con-
sequent losses to them fought more fierce
~ for cover Before 10 o'clock corn had
gone up seven cents in long and sensa tional
jumps and wheat, with its heavy load of
bearish influences, had struggled Ac up the
scale. The visitors gallery soon filled
with spectators who climbed upon the seats
and leaned over the ratings, watching the
yelling, bowling mob of specula tors on the
floor Holders with visions of sudden
wealth held on to their grain until offer
ings were as scarce as rain storms and
shorts with visions of equally sudden dis
aster grew wilder as the session advanced
The market, which a few weeks ago APP
parently had no bottom, now seemingly had
no top and, passing wheat, corn continued
in an advance that has seldom been
equalled on the Chicago board for sensa-
tional features.
The raging bulish features of course
We're the hot dry winds sweeping across the
already parched corn fields, the published
official reports that over a large section of
Nebraska the farmers would not raise
enough corn to keep them from starving,
the extremely bullish Iowa crop report,
putting the crop prospects even lower than
the spectators had guessed at, and the
fact that corn in Liverpool was reported
2 pence higher.
The trading in corn from the start was
of the widest description, the shorts
struggling to keep up whatever was Of
fered that could be got at regardless of
previous prices prices in other parts of
the pit from that in which each was en-
deavoring to lift himself out of the finan-
cial hole into which his previous sales had
plunged him. AS consequence the open
ing price for September corn was anywhere
between 545sc and 5Sc in different parts of
the pit, against $3.50 at the close yesterday,
and by Jumps of halves and cents the price
quickly advanced to so cents or 67sc above
Yesterdays last figures. Then it as sud
denly plunged down to SIC, sold at a bound
to SOC, then to Coo again. This gait, of
course, could not last indefinitely, and the
most urgent of the shorts having waded
ashore, the strain eased somewhat. The
price sank at first by cents and halves,
with an OCCASIONAL slight reaction until at
1876 a. m it was quoted at 55lac. May corn
opened anywhere from 5012c to 521ac,
against 1850 at the close yesterday, and
advanced to 537sc, or a clean advance of
struggled to keep up with corn. September
opened at 551a@555sc, against 549sc at the
close yesterday, and advanced to $3.50
again, or 214c over yesterdays last figures,
and at 1876 was selling at 557s@56c.
Oats sympathized with the other grains
September, which closed yesterday at
3O7sc. opened at 321sQ322c, sold at &c. and
at 1885 a. m. was back to 32sAc.
Noon-Prices have remained compare
lively steady since the opening furry and
subsequent reaction. September corn at
noon was quoted at 5Sisc. September
wheat, 56Ac. The reaction after the opening
boom was assisted by the weather bureaus
prediction of rain in Iowa and Nebraska
today or tomorrow.
Close-Wheat, steady; August, 55bc; Sep
TENDER, $3.50; December 605sc. Corn. high
er; cash, 5s95914c; August, 6SAc; September,
591sc; October 59Ac. Oats, higher; August.
33Ac:: September, s3kc; May. 3sc. Pork,
higher; September. s13.321z; January, 1925.