The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-08-11
coRn,s BIG DROP.
Chicago Hears Force the Price Down 20
90 ga Cents.


90 3-4 Cents.
CmcAeo. Aug. 9.-The bears got on
top again In the corn pit on the board
OF trade and hammered the price OF
September corn from 81 y cents. which
point II reached shortly after the
opening. down To So cents, n drop of
81 cents from the closing price OF
Tuesday. and 81 cents from the high
est point to-day. The closing price
was 55A. Corn for May delivery sold
down 20 5i4 cents, but soon rallied to
"a aud closed at 529l cents.
There was no abatement of Tues
days excitement IA the corn pit
Fluctuations were as wild as ever, but
the trade had two sides 20 IL, 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.
After the opening furry came tre-
mendous selling by three or four OF
the big local houses, led by Counselman
& Day and Bartlett-Frazicr. 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 10 start selling panic and
| then 20 buy in. IL this was their plan
/ "a al fafll m
the rush Immediately following corn
broke from 611S 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 IL bought in what they could.
] The market very soon rebounded from
SO 10 5s cents for September corn and
from 81 to 54jI cents for May. This
remarkable action was followed by
other fluctuations OF ., $ or cents a
bushel.
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
10 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
however. the destructive heat anC
dry weather are being felt even more
severely than before east of the river
IN the states OF Indiana, Illinois, Ohio
and Pennsylvania. Heretofore thu
complaints from these states have no
been so serious, but now the farmer
are beginning TO send up wall il
louder tones.
Wheat opened almost as excited,
as did corn, although the fiuctuation
did not cover SO wide a range /
opened cent higher than the clos
ing price Tuesday, but following tn
course OF the corn deal IL had sever
break, losing all the earlier advanc
and nearly cents per bushel beside
In the first forty minutes OF the session
september WHtatt which Gi1Stu hNN
day at 57qs cents, opened with buy
ers at all the way from 57l cents up Z
5s4. The break already alluded TO a
having occurred early in the session
brought the price down 20 55ss, or 22
cents under the highest price made n
che opening.
NEW YORK, Aug. 9-Therc was
great deal OF excitement in corn agai
here as well as in Chicago. tn
market wentto smash, dropping 81
cents in few minutes. The advanc
of Tuesday was well held on the start
and prices opened half a cent highc
here, September selling at "a cents
but shortly afterward decline
TO 63 cents and then dropped as from
toboggan slide 10 80 cents, the brea
being greater and more rapid than III
advance. December sold at 57S4 cent
and then at 50 cents. Wheat was e.
cited and irregular, September opei
ing cent lower, Immediately sci
ing up TO 81. cents and then breakin
20 5ssl cents.