New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-19
TRADE IN CHICAGO.
lBT TELEeRAPa 10 THE TRIaUSE.I


Chica go. Aug. 1s.-F'or an hour after the opening
the wheat market plunged about Ike machine
which could not be controlled AT first the brakes
fa4-ed TO work. and prices were smashed PIC 30
in a few seconds. Then the market started to
away again. and drove prices Sc to &C higher in
few minutes Holders were slaughtered thu
break where stop loss orders could be filed. Many
were never filled until the market rebounded and
in such cases great losses were avoided New Sep
TENDER wheat broke instantly from 81 0s1a last
night to 81 O6tt. December from s. o9 TO 062. and
Nav from 81 I11s to 81 OSl,. While the trade was
vet dazed by the storm OF selling which dislodgsd
holdings OF frightened traders by the millions OF
bushels the wave Of fresh buying came and lifted
the market In a phenomenal way. The September
price was rushed UP TO 81 90. December TO 8 dss..
and May TO 81 u
With the shake-out OF the first few minutes. and
the strong rebound which landed prices almost on
a level with the tintop figures OF the &c advance
of Wednesday. the action was far from an end
The selling pressure returned Cautious holders
who escaped slaughter on the opening break took
advantage OF tha strong recovery 70 get out their
holdings The second decline was more natural
The September price worked back more than 9
from ton 20 81 O67s December &c back from top az
q OF. Nav back 2I4c from best point, % 81 o9a4
Before the market opened 0Inne-v pods showed
two-cent break on the curb. This construed
by the trade here meaning that better reports
from the fields might be at hand IN the Northwest
market There was no frost IN Manitoba or NORM
Dakota. as predicted The trade was loaded Win
high priced wheat on the remarkable advance o,
the last hour yesterday II took only the scratch
OF a match to start selling panic. On the oths1
hand. a lot OF cool headed people, who anticipates
the opening smash, stood ready to buy wheat o"
The break OF &c TO Sc Patten and H. V. Jones were
sending most alarming crop reports rom NAM
toba as we'll as from North Dakota
The great sweep OF buying orders on the recovery
was as wonderful as the panicky selling on ~
break. II was a heavy. dragging market IN wne't
the last hour September closed &c lower Tor w
day az 81 OSI5; December Ike lower, at NV'lsi Nay
about nc lower, at 81 Osls to 81 o99s-
There was a material lowering OF corn prices -
rho morning for several reasons. The local Tau
had corn bought on the strong advices yes'eId@s-
vbere vas the same nervous strain amons ho1eN
a. IN wheat and stop loss orders drove pisss
lower on first trades The first break was -
Septernbe- to 53.sc, Il; December 10 49, 4 I.
more than 1c and May 10 5e'Sc- When wheat sAs.
I'M over Sc corn prices recovered 10 5Slic' Sep'si
her to 5f8sc 10 Size, and December ana MAY
57zzr Following the second break in wheat ~. W
nrices weakened 10 SHE September. 0Sssc 70 . -
Deceu,ber and May. 52Ssc-ths September onIs .
under last night. the May on lac
Local receipts were only 81 cars Armour -
called buyer of September and seller OF 49,
Der corn through Ash and Others. .ss-
Corn was heavy with wheat at close esp'I -
Off SC at 5i9sc December and May about li2c -
al 5sic to 5Sa.c and 52Ac TO 521ac. Cash corn 81
for shipment were $4,000 bushels, and char''-
buffalo 10000 bushels at 1tse rate
Oats prices suffered less disturbance the ms =
than other markets. The losses from Wedis-1-s
were only iac 10 s.c. The market had a rai's -,
wheat and corn. 1t was on the second Ne'A -
that the market felt the most selling p &,
BartIett-FraxIer started the selling when P~ ,,.
NAV prica under S7ssc and this preeipitaIeu - -
ON stop loss orders. which forced the - :.
S71.c Last prices for oats we're about 49, ~
s,c 20 3fsc: September. S5iic: December SAI
S7ssc. -, i'd ;.
There was better feeling on the euyins ss,ir.
hog products from the start. There was a..
for pork which was not offered most o. -. -
Commission people had buying orders lo' SSsts,
products At opening. Later i was thousiie ~r,as
bullins was feature. Hogs were &c hsi'~i
was little seIliny pressure az any tne. s,Fsi
Pork prices went To 81 . for SeptenloSi -
October. and made 2oc gain early to SIS . lVs
uarv For same months lard sold . SIS = -, ~,
81 O,Is. or aoout hye cents higher husS *:
10 letsc gains; September. s. b; Ue'oDe. ., Ia.
Nav. 5 % All products HrTed si:a NOR = 30
hour January pork sold SlS-''s ar, r,s
5, l.5s: ribs. 50 81 Pork closed SIS Ia; 1afa AM
at about 2i1c under top.