Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-08-22
AN EXCITED MARKET.

The Cincinnati Crowd Has Gained the
Day, and Has Made a Fortune-It Gar
roted the Wheat Market, and Picked the
Pocket of the World of 81 ,OOO, ,OOO-One
OF the Most Successful Corners Ever Exc
cuted on the Chicago Board.
[Chicago Times, 2Oth.]
The era of unparalleled excitement about
the board OF trade shows no visible signs of
abatement. Yesterday was another day of
huge transactions and higher prices all along
the line. The regular board in the morning
and the call board in the afternoon were
crowded to point approaching suffocat1on,
and ths widest confusion reigned. Excite
ment was intense, brokers and their custom
ers yelling and screaming like demons,
until compelled from sheer exhaustion
to retire hOarse and trembling from the
scene. Orders continue to pour in from
the country, and commission men are
worked to death. The cry for margins goes
up from every OIL ce, and at the present time
not less than $8, 8,000, 900 in money is locked IN
in the banks in the form of margins on board
OF trade property. Some idea of the enormous
volume OF business may be arrived at from
on the street yesterday that the Cincinnati
clique had closed out its deal, having taken
advantage of the unprecedent country demand
to get rid OF their stuff. One braker who has
done considerable business for the Handy
crowd estimates their net profits on the deal at
between 81, zoe, 900 and $2,OOO,OOO This i'm
mense sum is parceled out among some six or
eight persons, but it gives to each handsome
fortune. This wheat deal is one of the most
successful operations ever attempted on the
Chicago board of trade, and next to the
Armour pork deal of last year, the most
profitable. From the first, circumstances
have favored the spectators from Buckeye
State, and at critical point in the move the
public, influenced largely by the short-crop
report, stepped IN and assumed the pressure.
Local capitalists doing business on Gamblers
alley are unanimous in saying that
THE DEAL WAS MIsERABLY MANAGED.
but, as the parties interested got away with
big pile of money, the mismanagement will
probably be lost sight of. The grumblers
were usually on the wrong side of the mar
ket, fact which detracts from the value of
their opinions. The world hasn't time to
weigh the words of men who undertake to
prove that deal which netted clique $2,-
OOO,OOO was unsuccessful and abominably
mismanaged. The people never get part OF
the $2,00O,OO0.
Now that the public has taken the deal and
is running it, the situation becomes one of in
creased interest. So long as orders to buy
come In prices will be maintained in all likeli-
hood, but when buyers slack up, land get tired,
the tide is liable to change and prices start on
the back track.
II am very much afraid prices have gone to
an extreme which will lead to disastrous re-
Suits" remarked an experienced and conser-
vatlve dealer. "There is too much steam on,
and | fancy can hear the riyets swapping
under the terrific strain. / am disposed to
think an explosion is imminent
Said another broker: "The buyers are
nearly all from the country at this time. Our
veteran board OF trade men are lying low and
when the reaction sets. The excited
and feverish markets which are now
ruling are a feature of business every
summer, the only difference being in the ex-
tent and volume of trade. The smart fellows
who wait and watch never fail to make big
thing when prices start down. Up to date
Chicago men have not suffered greatly by the
pull movement in produce, and they are in a
position to make Rome howl when things
come this way. The bulls have made barrels
OF money, but fortunately not largely out of
our local spectators. Shrewd and observant
dealers have been feeling for the top for sew
eral days, and they have about made up their
minds that time is ripe for them to become
active bears. -
"The crowd is timorous,' put in third,
"and ready to take fight at moments notice.
The public will soon begin to understand that
the heavy men who have been behind corn
and wheat are out, and when they do they will
be apt to 60 on the other side. The public
may, however, carry on the deal and absorb
the anticipated receipts as fast as they come,
in which event prices will be maintained i
dr, nnfv vOnt fOv hon
GETTING READY FOR A DECLINE.
It is certain that many heavy houses are
now selling largely in provision and grain,
and margining up so as to get every cent profit
when the market retrogrades, as they feel
it sure to do soon. They regard
present values as purely speculative, and
fictitious to great extent, Sentiment which
moves them to go with the bears. They
have no confidence in the market as it now
stands.
Business on the regular board yesterday was
marked by the most violent fluctuations in
prices. 1t was the biggest speculative day of
the week. The market behaved in a singular
manner, and seemed influenced by a
species of st. vitus' dance. Prices
danced up and down in an unac-
countable way, oftentimes advancing and
then declining cent or more, with scarcely
sale, buyers and sellers climbing over or un-
derbiddlng one another in feverish haste This
excited state of affairs led many to believe that
some big firms were on the point of going by
the board, and a panic seemed about to be
started several times. The short interest filled
the air with vague rumors of tottering houses,
but as none of them could be traced to a relia-
be source, the bulls regained confidence and
sailed in once again, carrying prices up like
lightning. The storm signal is
out, but up to the latest re-
ports no wrecks have occurred, even the
small craft riding the waves safely. Brokers,
as general thing, have called margins aharp
ly both ways, and their is vast sum of money
in the deal. The houses doing the bulk Of
the business are therefore better protected
than usual, and in better shape to stand
humping. Nearly all the firms have made
money for the last two or three years, and, as
one of the leading dealers put it, 1--WE are all
well fixed"
Drowned In the Red River of the North.
Last Tuesday or Wednesday morning while
the steamboat "Selkirk," Capt. Ed Hartshorn,
was ON her return trip from Pembina to
Crank Forks on Red River, of the North, a
man, who had given his name as Lewis Ryan,