The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-09-25
,& STIR an sac lEarlxer. I
SUDDEN RISE IN wHEAT--soME SMALL FAIR
y Yrpr9 THE RESUI n


The grain market was greatly excited yesa
terday. though the records OF the dealings
do not stiowa business OF the magnitude OF
the day before. The sales on Monday az
ereyated 1000, 900 bushels, while yesterday
the total was about 100000 bushels. There
was. however, an evident uneasiness among
the g.ain-men, and calls for margin were
lively from an early hour In the morning
until the close OF business-hours. On Mon
tav evening September wheat sold ut S1.24
@S1. ga, October at 81. 23s @S1.24a, Novem-
Der at s.. 23a @SI.25, and December at 81. 233.
Yesterday morning the market opened
strong, and, amidst intense excitement, the
price continued to rise rapidly, until, at its
close, S1.29 was bid for spot, September.
October, November. and December, all
around, while some sales OF spot are reported
ut as high as Sl.295. The principal element OF
excitement was the news from Philadelphia,
where, so great were the complications and
embarrassmeuts arising from the suspen-
sion. already reported. OF the wcll-knoWn
house of Smith, Howell & Co., that the Ex-
change had to be Closed until accounts were
liqu dated or adjusted. One OF the only
precedents for this action was the closing OF
the Gold Exchange in New York on the
occasion OF the evermemorable Black Fri
U,
direful and disastrous day added TO the
anxiety and nervousness OF operators on
both sides Of the grain market throughout
the country. The house mentioned held
foremost position in the grain trade in Phil
adelphia, Mr. S. jerks Smith, one OF the
partners, being president Of the Produce
Exchange, and reported to be worth in the
neirhborhood Of S2,OO0,000. There was
an anxious feeling here on Monday
night, and many margin calls were
mailed before the counting-rooms were
closed. The quotations brought by
wire early yesterday morning necessi-
tated amended and larger calls before the
| opening Of Change. and the continued rise
before the bell struck for its closing Obliged
operators to make further aud frequent calls
from time to time during the morning.
During the afternoon the grain-men gath
cred in little knots here and there in the
peighborhood OF South. Second, and Water
streets, discussing probabilities and indulg-
ing in occasional transactions at the alter
noon open board. There was large at
| tendance, but very little business was done.
the total sales aggregating about $4,000
bushels OF wheat and corn. Apparently q
feeling OF fear deferred operations. The
feeling, however. became slightly easier.
the price for wheat easing off to S1.2S
all round. The crowd fingered outside
about South and Water streets for
some time, and the telegraph boys
found most OF the places OF business trans
ferred to The street. So far as is known, all
OF the important margin calls have been
promptly responded to. There have been
a few comparatively small exceptions, two
rather small failures having been reported
on Monday evening, though none were de-
tintely spoken oi yesterday. 1t is under
stood from the talk on the street that almost
all of the large houses are on the right side
OF the market. and that it is the COMPARE
lively small-fry who are catching it " for
being I" short" The little drop, though, OF
Il cent. from 1920 to SIPS, was evidently a
| blessed relief to Il good many, who saw in
the future something that q no fellow could
| find out" though most fellows thought the
prospect Of the rising decidedly threaten
| lng.-Baltimore american, 24h.