The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-05-23
WILD SCENES.
Intense Excitement at Chicago
Board of Trade.
Crowds Push and Shove to See
Wheat Boom.
OPENED WITH A YELL.
The Pit One Surging Mass OF
H0Wling Men.
Wheat Went to Eighty-TwO for
July Option.
The Market Closed With a Slump
to 78 81 Cents.
This Was an Advance Over Last
Night However.
The Market Closed With a Slump
to 78 3-4 Cents.
This Was an Advance Over Last
Night However.

CHICAGO, May 23.-One of the great
est crowds that has been seen for many
day was packed in the galleries OF the
board of trade this morning. 1t was
certainty that the widest scenes SO far
of the present activity in wheat would
be precipitated when the days business
was begun. The visitors were not dis
appointed.
The curb, or outside trading preced-
ing the opening of the board made 1t deti-
mite that wheat would open in the neigh
borhood of 3 cents higher than the TIA
cents closing price of last night. In
two or three minutes preceding the bell
the pit filed up to overfOwing
with the clerks Of the brokers
and the brokers themselves who felt the
necessity of their presence at such an
exciting battle as was soon to be on be-
tween the bulls and bears.
The bell rang and its echoes were
drowned in roar from the pit that
filled the great room until it seemed
that sound was coming from every
side of the apartment. The deafening
howl apparently came no more from the
wheat pit than from the furthermost
corner of the ceiling
The eyes of the visitors stood out and
every man and woman leaned forward
with gaze riveted on the wheat pit where
the widest excitement prevailed.
Bareheaded and with perspiring faces
the crowd pushed, showed and struggled
in the mass, surging back and forth
across the bottom of the pit and upon
the steps like Gagged wild beasts The
unframed ear could not detect a single
Ineligible sound, but "bears" heard all
too plain the Soc to S01lc bid for July
wheat which closed LAST night at TIE.
The impression seemed strong with the
general public that wheat was good for
81. and many are holding out for that
price. President Baker of the board
said that wheat would be cheaper at 81
than it is now at 80 cents, and that it is
now cheaper at 80 cents than it was last
winter at half dollar
Traders, however, were by no means
unanimous in accepting President
Bakers rOseate views. However the
change of front by Linn, Cudahy and
other chronic bears has greatly increased
the confidence of the bulls and there
seems no limit to their expectations
The rumOrs that a big short had failed
to respond to margin calls, had consid-
cradle effect as it was supposed that such
shorts were being bought in This
tended to increase what would in any
event have been an exciting market
The trading was enormous. 1t was
estimated that probably 200, 100000 bush
els were bought and sold during the
trading hours Every broker in the pit
had his hands full Of buying orders, all
from out of town specuIators
1t was not the country dealer only this
time Wall street found out that it had
a good thing" and orders from New
1ork came here by the score
The difference between the New York
and the country orders was that the
Gotham spectators generally named the
price at which they desired to
invest their money while the country
dealers put no limit on their transactions
nno thelr kilograms simply said, buy
There was slight furry, causing an
advance IN quotations, when houses with
which J. c. Schwartz had deals. began tc
Duy wheat for his account because he
bad failed to put up MARGINS which
were called on him last night
Schwartz promised today to make good
MS margins as soon as the banks opened
put he did not do so. Not only this, but
he went on the board and bought whear
today. The market took anoth er bulge
shortly after noon today and soon sold nr
to 81 cents. All the news was buYlish IL
the extreme.
The market was very nervous durine
the last hour. July selling at 80 to 819{
and was very err attic finally cIosin,r in {
for July. -
Tho closing price was not. however
tne lowest of the day. The
market had previously touuhe(
,toA' ]. c. Schwartz who ha
Oeen sensational plunger in corn an,
wheat for a year failed to respond +
margin calls made upon him yesterd,v
alter:oon and did not pay his debt bal
SnGe ace In the clearing house.
Inc buying in of wheat which he wa
snort Dy the firms with whom he haC
St1 traces caused the rise in july +,
ocl4c from around $685. wher'
1ao dropped to after the onenin,
OuIge ana several other minor. hnt We
consIdera bic fuctu ations. Before tn
eAcl1ement attending the COVERING in q
ochwartz's line of 100000 bushels or 81
su1sloeo, the price swelled to 80 cents.
phenomenal slump in wheat occnrret Ia
The end of the the ~ msTl9et '97Se
grand slide for last NIGHTS fi@nre
FROM 81 cents, the hioh roir
OF the days tradings pTice mice