The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1894-08-11
A BREAK IN CORN.
Bears at Chicago Succeed "a
Forcing a Reaction.
A DROP IN THE PRICE OF 5 IL CENTS
Opening ut 81 Ia Cents Bushel. II
Drops In = Very short Time to %,
and the Market Finally
Closes ut 90 ga.
CORN TuMBLEs.

1
top again in the corn pit on the board
of trade and hammered the price of
September corn from 611f cents, which
point it reached shortly after the
opening, down to SO cents, drop of
o. cents from the closing price of
Tuesday, and 81 cents from the high
est point to-day. The closing price
was 55H. Corn for May delivery sold
down to 51H cents, but soon rallied to
81 and closed at SEX cents.
Much Excitement Prevails.
There was no abatement of Tues
days excitement in the corn pit.
| Fluctuations were as wild as ever, but
the trade had two sides to it, bull
and bear side, differing in that re-
! spect from the transactions of the day
before, which were all favorable to
the bulls. The price took jump at
the opening of about two cents per
bushel on both September and May
corn.
Remarkable Fluctuations.
After the opening furry came ire
mendous selling by three or four of
| the big local houses, led by Counselman
& Day and Bartlett-Frazier. The
theory is that these houses have ex-
| tensive western connections and
through them have learned of great
! lines of corn held for the account
of country dealers on insufficient mar
gins. They offered corn for sale, hop
| ing thereby to start a selling panic and
then to buy in. If this was their plan
it worked out very successfully. In
the rush Immediately following corn
broke from 61H cents for Septem-
Der to So cents, and May corn
broke from 81 cents to 81 cents.
This remarkable break in prices
occurred within fifteen minutes from
the time the selling fever was started
After the break the brokers who pre-
cipitated it bought in what they could
The market very soon rebounded from
SO to So cents for September corn and
from 81 to 5415 cents for May. This
| remarkable action was followed by
other fluctuations of ., s or cents a
bushel.
Crop Prospects Not Improved.
The sellers who seized the oppor-
tunity of the firm opening and higher
price to transfer to their bank ac-
counts the profits they had on paper
were the watchful local operators
The country orders were still
to buy because the drought, which
! was the cause of all the recent rise in
price, still continued. The great
est damage done up to the pres
ent time has been in the states
west of the Mississippi Now,
! h. haa
dry weather are being felt even more
severely than before east of the river,
IN the states of Indiana, Illinois, Ohio
and Pennsylvania. Heretofore the
complaints from these states have not
been so serious, but now the farmers
are beginning to send up wall in
louder tones.
Severe Break In Wheat.
Wheat opened almost as eXcitedly
as did corn, although the fluctuations
did not cover so wide range. 1t
opened l cent higher than the clos
ing price Tuesday, but following the
course of the corn deal it had severe
break, losing all the earlier advance
and nearly cents per bushel besides
in the first forty minutes of the session.
September wheat, which closed Tues
day at 57ss cents, opened with buy
ers at all the way from 5719 cents up to
5sA. The break already alluded to as
having occurred early in the session,
brought the price down to 55sA or 2ss
cents under the highest price made at
the opening.
Drop In Prices.
New YORK, Aug. 9.-There was q
great deal of excitement in corn again
here as we'll as in Chicago. The
market went to smash, dropping 81
cents in few minutes The advance
of Tuesday was well held on the start,
and prices opened half a cent higher
here, September selling at Ga cents,
but shortly afterward declined
to SO cents and then dropped as from Il
toboggan slide to 500 cents, the break
being greater and more rapid than the
advance. December sold at SIX cents
and thep at So cents. Wheat was ex-
cited and irregular, September open
ing 4 cent lower, Immediately sell
ing up to 61A cents and then breaking
to 5s9l cents.