Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-08-07
BUYERS WERE IN A PANIC
Excitement Caused by Advance in Wheat
and Corn.
Sensational Scenes on the Chicago
Board of Trade-Cause of the
Big Jump.

CHICAGO. August THE board of trade
was the scene Of a wild buying panic to-
day, corn shooting up at a dizzy gait and
carrying wheat with 1t. The drought in
the corn belt was unchecked, the weather
bureau showed no signs Of relief from the
blisterihg winds that are sweeping over
western corn fields, whitening the growth
and destroying the crop, and excited brokers
clustered about the corn pit eager to buy.
At the tap Of the bell a wild struggle for
holdings began. Shorts were frantic and
at every jump In the price with its conse-
quent losses to them fought more fiercely
for cover. Before IL o'clock corn had gone
Up seven cents in the long and sensational
jump, anC wheat, with Its heavy load OF
bearlsh influences. had struggled Ia cents
up the scale.
The visitors gallery was soon filled with
spectators. who climbed lpon the seats
and leaned over the ratings, watching the
yelling, bowling mob Of spectators 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, getting wilder as the session ad-
vanced.
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 equaled
on the Chicago board for sensational fea-
lures.
The bullish features of course, were the
hot, dry winds, sweeping across the al
ready parched corn fields; the published
official reports that cover a large section
of Nebraska that the farmers would not
raise enough corn to keep them from starry
ing; the extremely bullish Iowa crop re-
port, putting the crop prospects even lower
than the spectators had guessed it, 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 snap up whatever was oftered that could
be got at regardless of previous prices or
prices in other parts of the pit from that In
which each was endeavoring with might and
main to lift himself and Of the financial hole
into which his previous sales had plunged
him. As consequence the opening price
for September corn was anywhere between
81 SIS cents and SO cents in different parts
Of the pit against 50 Is cents at the close
the price quickly advanced to % cents, OF
IS above yesterdays last figures. Then
it as suddenly plunged down to IS cents, sold
at 80 cents. then to 90 cents again. This
gain. 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 1875 Q. m. II was quoted at IS 1-2
May corn opened anywhere from 80 IL
cents to 81 IL cents against 4S IS cents al
the close yesterday. and advanced to SO rs
cents. or a clean advance of 5 cents break
ing of later to 40 1-2. Wheat struggled to
keep up with corn, September opening al
20 1-2a55 50 cents, a gain of 2 IA cents over
yesterdays last figures, and at 1875 am
was selling at 55 7-Sa08. Oats sympathized
with the other grains. September. which
closed yesterday at 80 IS cents. opened al
81 1-Sa32 81. sold at "a cents and at 10 81
am. was back to 81 "a cents.
Later Prices have remained compare
lively steady since the opening furry and
subsequent reaction September corn a:
noon was quoted at So 1-2c.; September
wheat at 81 IA. The reaction after the
opening boom was assisted by the Weathei
bureaus prediction of rain In Iowa and
Nebraska today or tomorrow.
Excitement at New York. -r.,-p
NEW YORK, August This morning
the corn market demonstrated its ability to
still do some tall skyrocket work, despite
its recent phenomenal advance, by starting
out with two-cent jump over last night
and increasing 1t In d few moments to 5i.2
while at the west the anxious buying OF
shorts was putting prices up one and two
cents clip until a gain of 7-Sc. had been
ing corn considerably higher than wheat
The excitement here during the advance
was naturally intense, and the corn ring
was crowded with brokers trying to cover
their short contracts, The foundation to1
the sensational rise in corn still rests on
the bad crop news, which Is getting worse
every day, and a report today that the Iowa
crop bulletin would show a condition of AZ
per cent.