The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-09-25
tstsp aas che Markets IS
SUDDEN RysE IN wHEAr--soaE SHALL FAfE-
4 Z rrsrrs Essrys ~

The grain market was greatly excited Yesr
terday, though the records OF the dealings
DO not show business OF the magnitude Of
the day before. The sales on Monday az
prcgated ], 900, 900 bushels. while yesterday
the total was about 100000 bushels. There
was, however, an evident uneasiness among
the c:ain-men, and calls for margin were
lively from an early hour In the morning
unt;i the close Of business hours. On Mon
tIay evening September wheat sold at 81 q
mSl 24t, October at 81. 23S 3Sf. 244, Novem-
Der at s. aSa GaS1.25 and December at 81. 252.
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
aeas high as $l.29a. The principal element OF
excitement was the news from Philadelphia,
where, so great were the complications and
embarrassments arising from the suspen-
sion. already reported. OF the wcll-known
house of Smith, Howell d Co., that the EX-
change had TO be Closed until accounts were
luu dated or adjusted. One OF the only
precedents for this action was the closing OF
ihe Gold Exchange In New York on the
occasion OF the evermemorable Black Fri
,lav: anG, doubtless, recoiiections OF that
direful and disastrous day added 10 the
anxiety and nervousness OF operators on
both sides OF the grain market throughout
the country. The house mentioned heid
foremost position in the grain trade in Phli-
adelphia, Mr.. S. jerks Smith, one or the
mariners, beng president Of the Produce
Exchange, and reported to be worth IN the
neichborbood Of $2,000,000. There was
an anxious feeling here on Monday
night, and many margin calls were
mailed before the countiDg-rooms were
| closed. The quotations brought by
wire early yesterday morning necessl-
tatcd 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 and 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 aud indulg-
| ing in occasional transactions ut the after
noon open board. There was q large at
tendance, but very little business was done,
the total sales aggregating about $4,000
bushels OF wheat and corn. Apparently
feeling Of fear deferred operations. The
feeling, however, became slightly easier.
the price for wheat easing OIL to Sl.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
icrred to he street. So far as is known, all
of the important margin calls have been
promptly responded to. There have been
few comparatively small exceptions, two
rather small failures having been reported
| on Monday evening, though none were de-
tinitcly spoken OF 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-frv who are catching it > for
being Short" The little drop, though, Of
cent, from S129 TO Sl.2S, was evidently a
blessed relief to Il good many, who saw in
the future something that "no fellow could
find out" though most fellows thought the
| prospect Of the rising decidedly threaten
ng.-BaltimOre american, 24h.