St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-01
The Board of Trade Gets Down to Lively
Business in the New
Building.
Bucket Shops and Open Board Suddenly
and Unexpectedly Deprived Of Mar
ket Quotations.
Grain Markets Active and Higher,
But Close With Some of the
Advance Lost.
a New Wall Street Decoy for Lamb
kins--The Day in Wall
Street.
Chicago.
N q = u
Snecial to the Globe.

Special to the Globe.
CHICAGO, April 30.-The ceremonies of
the last two days connected with the dedi-
cation of the new board of trade building
were perhaps of paramount interest to the
general public. but the scene this morning,
when the trading first began in the vast and
gorgeous new exchange hall, was far more
impressive to the thoughtful beholder. The
hustle of mechanics, uSherS and visitors of
yesterday morning gave way this morning
TO an Infinitely greater rush of business peo-
pie. The entrances and halls were fairly
thronged, almost every one going at a double
quick, so that great caution was necessary
TO prevent collisions. The delivery room,
in the center Of the basement, was very
bedlam for noise and numbers, But the
center of attraction was, of course,
the main hall. BY 8 o'clock the
floor and III the public gallery. The hall
had undergone some changes since yeSter-
day. The platform, chairs, shrubbery and
electric lamps were gone. Long rows of
Handicapped sample-tables were ranged
along each side OF the hall. The ticket
booth stood in the center of the floor, each
Of the pits was graced with a cherry mes
senger-stand, and the telegraph booths
swarmed with clerks and messengers.
FROM THE VERY START
the din was indiscribable, for there is an
Wlmistakable echo in the room. A dozen
messenger boys We're darting about calling
the names OF parties for whom they had
kilograms. and their voices reverberating
among the arches high overhead.
As $50. the hour for dealing, ap-
preached. the crowd and the noise
rapidly increased. At 9:15 there was
movement toward the wheat pit, which
soon proved entirely inadequate to accom-
modate the dealers, while the corn and pork
pits were comparatively deserted. Every
eye was fixed on the eighteen-inch gong on
the north wall. over the private gallery,
which is operated by the great clock in the
tower and which never strikes but at $50
in the forenoon. The clock in the south
end Of the hall indicated the instant when
the happy sound was to be heard, but when
the crowd was in its most quiet mood the
lIprOar was so great that the gong was
almost inaudible The bulls and bears,
however. heard it. and then broke IoOse-a
scene and q sound never before known to
the jewellers on earth. In thinking Of
something to compare the uproar to, one
naturally pitches upon the
ROAR OF NIAGARA,
the roar of artillery in battle, the roar of
the wind OF a cyclone and the roar Of the
surf breaking on a TOck-b0und coast. But
the uprOar this morning was both different
from any Of these and greater than all of
them together. The scene presented in the
wheat pit was indescribable. Down to the
very center the dealers were wedged in,
like herring in barrel, and were pushing
and struggling like panic striker audience
in q burning theater, while around the outer
edge the thr0ng constantly stOrmed the
party on the highest step and tried to take
their places. Their screams were as far
superior in pitch. l0udneSS and continuity as
the new hall is more beautiful than the old
one. Spectators wondered more than ever
before how they ever made themselves
understood to each other, and yet they did
it. Every now and then some agoniZed
countenance would assume q
LOOK OF ANGELIC SWEETNESS,
nod assent to a yelping friend twenty feet
of and then. raising his notebook and pen
Gil in the air.. while he rocked wildly to and
fro, made note of a transaction amount
ing, perhaps, to 500, 600. 1t was great
occasion, and perhaps was due partly to
war news, and partly to the fact that it is
the last day in the month.
As soon as possible the little pits for a
cent viii be placed in position Tor dealers
to occupy portion of the vacant space,
while the remainder viii be occupied by
sample tables As q whole, however, the
real business opening was all that could be
desired, some complaints, Of course, being
inevitable.
TIE WIRE WAR RESUMED.
While these scenes We're being enacted in
The Exchange hall there was very differ
ent state of things in the open board of
trade and in the bucket shops. At the open
board, at POpe'S and at the Palmer house,
bucket shop dealers stood around the tickers
for a long While waiting for the first quota
tiOnS from the new hail. When 9:45 came
end there was not a tick they became ul-
eaSy.and at 10 O'clock they knew something
was the matter and they rushed around to
ind out what it was. It did not take them
!Ong to learn that the market report COM
MIttee Of the board OF trade had cut all the
wires leading from Exchange hall to the
open board and to the bucket-shOps. This
action was like a thunderclap from clear
sky, as the courts had long ago issued in
functions restraining the board of trade and
the Western Union from cutting wires OF
removing tickers. The explanation of it all
was that the board of trade had been adj
vised by its counsel that the injunction with
which it had been saddled applied only to
wires leading to the old board OF trade
building and that those leading to the new
might be severed
WITHOUT VIOLATING THE INJUNCTIONS
and committing contempt of court. mas
much as cutting Of the wires would put the
board beyond the reach OF iniunctions and
put the bucket shops to the trouble of end
less litigation to re-establish them, the
temptation was too strong to be resisted,
and the wires were cut. OF course, the ex-
element was very great, and at one time
the open board looked very greatly dis
turbed. Gen. Supt. Clowry of the West
ern Union is not in the city, and Chief
Clerk Ball was unable to say what could be
done in the matter.
The markets for leading cereals opened
excited and higher under lower quotations
for cereals received early. June wheat
opened nearly &c above Mondays closing,
at 9S18. Then followed rush of the shorts
to cover, forcing the price up to 9435c, but
the receipt Of pacific news Whitfield down
the advance by degrees until 93M was
reached, at which point it closed,
SHOWING AN IMPROVEMENT
OF 25Sc on the latest figure current forty
eight hours ago. The latest quotations of
c0nS0ls received here indicate full recov-
cry from the decline, and taken in connec-
ton with private adviceS of a more pacific
tendency in European affairs, the close was
rather quiet May wheat closed ~ C above
the lowest point touched during the day, at
9155c, and July was 274c over Monday,
closing at 96c.
Corn opened wild. The first trade made
in the pit was at 1919, Alexander c. Ray
OF L. Everingham & Co.. buying 5000 bus.
June corn at that figure The official figure at
the opening was at 4S2(c. The market