The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-24
GREAT TUMBLE YESTERDAY.
Opened at $1.o21a and Dropped tt
Ninetv-fiye.

Chicago, Aug. 23.-Speculative mar
kets on the board of trade succumbed
to profit taking sales, and registered
night
Liquidation, which began on Satur-
day, continued on an enormous scale
at the opening.
During the first Is minutes of the
session, fluctuations were the most
violent in many years covering, as they
did, range of 5 cents. The bears, who
have been in Information for some time
took fresh courage and pounded the
market on every bulge, only letting up
after establishing a new decline of 312c
for the day IN September wheat, 12c in
September corn and 5sc in September
oats
Sales of September wheat were made
on the curb this morning at the high
est figure yet reaehed-1.021a The
regular session opened With wild rush
to sell with trades made on a range
of cents, September going at from 81
to 81. Every one in the pit seemed to
have but one end in view, and that was
to let go. September turnbled With a
rush to Soc. December touching 94%c.
A few buying orders were then dis
tributed where they would do the most
good and what looked for a moment
like a panic was turned into a rush
for cover.
September sold up without reaction
OF more than half a cent to 991ac. An
other drop took place, but in slow
deliberate way. The visible supply was
very much of a disappoin tment to the
bulls, showing less than half the de-
creases they had confidently figured
upon. Short sales were thought to be
a good speculation, when the sellers OBJ
tanned within a few cents of dollar
and the bears opened their spouts with
a will, only ceasing operations when
the price of September again, reacted at
So cents.
The routine news of the day was
practically disregarded. Foreign crop
damage and news of sensational ad-
vances in English and European mar
kets only had a tendency to invigorate
traders with beariSh tendencies seem
ingly.
The bull pool, whose operations have
helped the late advance in grain, were
rather inconspicuous and in fact in
dividual operations were lost sight of
entirely during the morning. Later it
was the general belief that the pool let
go OF much of their late purchases,
more especially corn.
The market for corn was extremely
excited.
Every one with a profit seemed pos
sessed only of desire to unload while
there was still profit in sight. and
many paper fortunes melted away.
Favorable weather and Increasing re-
ceipts everywhere discouraged holders.
Sales were made at the opening on q
range of a full cent, something M.
often seen in the corn pit. English mar
kets were reported excited ait goodly
advances. September opened 12@l1sc
higher. sales being made a 32@p33c, but
when the trade saw Chicago receipts
posted at nearly 1000 cars. cries of
starvation. ETC.. were quickly turned
into orders to sell. The market sold off
steadily to the close. but owing to the
early advance. showed only 1ac loss for
the day.
The market for oats svmpathized
with corn and wheat. Liquidation by
prominent interests. helped by a good
sized increase in the visible supply, in
duced an easier tone. although outside
trade was fair and principally on the
buying side. The December option led
in volume. Opening %@1c higher, it
declined steadily to the close, establish
irer a net loss OF | cent