The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-09-30
The Effect Of the Success of the
Bulls Makes Things Lively.
The Galleries of the Exchange
Crowded With Interested People.
Incidents of the Widest Enthusiasm
and Chagrin in the Pit.
The Hopeless Shorts Can Get No Sat
isfactlon Out of "Old Hutch"
He viii Not Sell for
Less Than 90.

sNNb' Inc hCtHS On Cldllpc touuN was
even more animated and exciting than
yesterday. The knowledge that it was
settling day and expectations OF seeing the
utter demolition OF the bears made the
admittance to the gallery, so that long be-
fore the opening hour large crowd wasin
waiting TO make sure Of being there when
the fun began. The ladies formed us
large portion OF the crowd as on proceed
ing days. No sooner were the doors open
than the gallery was packed, and it con-
tinucd so throughout the entire session.
"Old Hutch" came in early and took his
accustomed seat at the north entrance,
where he remained during the session OF
course, the whole interest Of the day was
centercd in the wheat pit, which was held
by an immense crowd who yelled AMI
gcsticulated and shouted themselves
hoarsc in their efforts TO make themselves
safe on the general deal. Occasionally the
crowding and jostling was 50 great there
that it was with difficulty those oc-
cupying positions ON the upper steps
could maintain them and prevent them.
selves from being hurled headlOng on the
heads Of those standing beneath them.
Those who were not Immediately inter-
ested in the transactions in the wheat pit
stood in little groups around discussing
| the situation and crlticising "thc old mans
act. F" Ii was said ii he persisted IN
making the shorts settle ut 81 hc would
get shot, and that II was known that thcIs
were many who would not settle with
| him at all, but would leave IL TO the courts
| ~ decide whether they would be COM
PEELED TO pay his figures OF not. The die
| iator was not without his defenders. They
| insisted that he had given the boys every
/ opportunity 10 make themselves safe; that
| lac had absained from calling any margins
on them, and II any OF them went to him
and told him they were really unable To
settle, that would bU the last heard of the
| deal. Ii was aid, though, that whatever
settlements were made would be ut -.
| In regard to the other futures the feel.
ing at the opening was very much rs on
Yesterday. The tap OF the bell was fol-
lowed by a scramble in the pit, and first
prices varied about cent on each option
in the different parts of the pit. The olii-
cial figures gave tho opening about cent
over last nght-g91 cents for October, 9gl
cents for December aud SlOO4 for
May. Immediately after the hrst Hurry
the thought oil the CROWD seemed To De Ia
make themselves saiein expectation OF the
collapse, when the September deal would
close later in the day. This feeling pre-
vailed over thirty minutes, causing Octo-
Der 10 reach rs cents, December ISL cents
and May Sl0Ol. About 1890 O'Clock Tia,
sentiment changed and prices began Il
climb again. Az noon October and De
cember had reached Sl.O2s. The feeling
became strong, and at 1915 o'clock DE
cember which appeared 10 be the centc
OF the bull interest, touched Sl.O3, an at
vance OF Al cents over the price two houn
before.
OF course the traders and the publ,
were anxiously inquiring about September
The nominal price Of SLIGO was postvC
upon the board.
sales Of carloads TO be delivered bcior
~ o'clock were reported in the pit at yari
ous prices, from Si.25 10 Sl.45. llutchin
son bought out one lot at sl.l5, but whcr
shorts approached him he delibcratel,
demanded y for September on casl
wheat. Very little was done in Scpiem
Der 20 give the trade any idea Of who th'
remaining shorts were and how extcnSiy,
, the short interest remained 10 be carried
At 1880 o'clock Hutchinson rose an,
stretched himself and started down stain
. for some refreshments, leaving his broken
10 hold the boards at -. During his all
sence OF ten minutes prices kept ON goin,
, up for every future. October went q
81. O2, December touched sl.03i, and Ma!
+. climbed 10 Si.O3i. From these price
D there was temporary reaction o
: about cent twenty minutes
: before the Close. In the mcantin
a those interested in the settlement Of smal
A lot cash wheat gathered outside the whea
n Dit and Sl.0j was freely bid for car lot
ior settlement At / O'Clock, or iiitcc
minutes before the close, there was
further wave OF excitement, ~ the indica
tor for December jumped 10 Sl.0iL III
!. close was OF the most sensational character
In the last few minutes Of the session ID,
ccmber wheat touched Sl.Oj. At III
i same time some Of "lluich'H' broker
? stood on the edge Of the pit facing th
C cash wheat crowd aud created suspense b
n bidding - for regular September whca
i About this time Mr.. Hutchinson left hi
e post by the entrance and moved aroun
h the wheat pit 10 where the cash trader
IL were gathered. Had he been u whit
II elephant he could not have attracted moi
:. attention from the crowd on the ilOor an
IL in the gallery. lie was surrounded b
y several hundred, who surgcd back an
N refused TO let him escape. lie shook 10
h head and fist In anger, but still the crow
"a pressed around him. There was below
h Ing and barking by the younger member
=. clerks aud others, who climbed ON u
ii steps. chairs AMI tables 10 see the iuI
Of About one minute before the bell tapp'
Hutchinson offered - for regular whca
and four cans we're sold 10 him at III
price. How much he sold ut that igu
80 during the day only himself and the shoT
" who we're obliged 10 buy know. and ih'
~ are slow 10 state. When the closing b.
he struck, the floor, crowded as II was by
~ attendance Of members, clerksand favor,
outsiders, together with the oycrpack
s,arways and gallery, presented n see
more resembling an excited political me,
40 ing than an assemblagc Of cool-head
or business men. Youngbloom, Hen
~ Parker and Others started up some
W, feelings by offering cash wheat at sl.
,ds y. Il. Wear shouted that he would IA
~ 2. OOO. 600 bushels at that price. Moth
nj importance WAS accomplished. IL v
-, 6ftsan minutes before the floor and
~ galleries were emptied Of the excl
'nSg crowds, and thus ended the big sep,eml