The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-08-07
UP IN A BALLOON.
Prices for Corn Go Sailing at
Chicago.
A Wild Buying Panic on the
Board of Trade
DUE TO DRY WEATHER.
Very Bad News from the Corn
Crop
All Over the West Responsible
for the Bulge.

CHICAGO, Aug. THE board of trade
was the scene of wild buying panic to-
day, corn shooting up at dizzy gait
and carrying wheat with it. The drOuth
in the corn belt was unchecked
The weather bureau showed no sign Of
relief from the blistering winds that
are sweeping over western cornfields
witbering the growth and destroying the
crop, and excited bro kers clustered about
the cornpit 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
consequent losses to them, fought more
fiercely for cover. Before 10 o'clock
corn had gone up seven cents in long
and sensational jumps. and wheat with
its heavy load Of bearish influence had
struggled 214 cents up the scale.
The visitors gallery was soon filed
with spectators. who climbed upon the
seats and leaned over the railings, watch
ing the yelling, bowling mob of specu-
latOrs on the floor. Holders with visions
of sudden wealth held on to their grain
until offerings were as scarce as rain
storms, ard shorts. with visions Of equally
sudden disaster, grew wilder as the ses-
sion advanced.
The market, which few weeks ago
had no bottom, now seemingly had no
top, and, passing wheat, corn continued
an advance that has been seldom
eQualled on the Chicago board Of trade.
The raging bullish features, of course,
were the hot dry winds sweeping across
the already parched corntields; the pub
lished official reports that over a large
section of Nebraska, the farmers would
not raise enough corn to keep them from
starving and the extremely bullish Iowa
crop report putting the crop prospects
even lower than the spectators had
guessed, and the fact that corn in Liver
pool was reported 2 pence higher.
The trading in corn at the start was Of
the widest description. the shorts strug-
CLING to snap up whatever was offered
that could be got al, regardless of pre-
vious prices, or prices in other parts of
the pit from that in which each was en-
deavoring with might and main TO lift
himself out of the financial hole into
which his previous sales had plunged
him.
As a consequence. the opening price
for September corn was anywhere be-
tween 545s and 58c, in different parts of
the pit, against 5315, at the close yester-
day and by jumps of halves and cents
the price quickly advanced to 60c. or 67a
cents above yesterdays last figures. Then
it as suddenly plunged down to 5Sc, sold
at a bound to so cents, then to 80 cents.
This gain. of course, could not last,
and the most urgent Of the shorts having
Waded ashore, the strain eased some
what The price sank. at first by cents
and halves, with an occasional slight re-
action. until 1875 a. IN. it was quoted at
5515 May corn opened anywhere from
5O15 to 5215 against 48zs at the close yes
terday and advanced to 537s, or clean
advance OF 3 cents, breaking off later to
4915.
Wheat struggled to keep up with corn.
September opened at 5516 0555s against
5456 at the close yesterday and advanced
to 56a, gain of "a cents over yester-
days last figures, and at 1875 a. m, was
selling at 555s 056
Oats sympathized with the other
grains, September which closed yester-
day at 307s, opened at 81 215@323l. sold at
"a and at 1875 was back TO 3234.
Prices however remained comparatively
steady since the opening furry and sub
sequent reaction. September corn at
noon was quoted at 5S1a; September
wheat at 56H.
The reaction after the opening boom
was assisted by the weather bureaus
prediction OF rain in Iowa and Nebraska
fodav or Tomorrow