St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-16

II an enormous scale and the bears
oade frantic efforts to push the figures
down. They could not do it. European
buyers at New York began coming in
strongly: the bulls rallied with a
whOOp, ond then came the widest mar
ket seen in years.
Wheat went up and down in big
leaps. going to S1.0315, and from that
point to $1.05 almost III one bound. At
81. .031z, ''Ed' Partridge came into the
pit as big buyer, but he could find no
sellers. Nobody wanted to sell Just
then, and the price went at once to
SI.O5. There it hung; fell to S1.04 and
bounded back and forth between the
two figures for ten minutes. "NOw the
climax. has come" shouted gang OF
TeG-faced bears. land we Will simply
knock the stufing out Of things At
it they went with batteTing rams. How
ever. the climax had not come, and the
battering rams did no good. MOmenra-
Tily the price retreated, but then, ike
balloon. it leaped to S1.05H, Sl.O6.
S1.0615, S1.07, S1.0715, finally reaching
S1.0S within half an hour.
All sorts of stories were flying about.
A large number of traders talked about
the shortage in Europe, and many
UEllEIS 6SSCILEO NllCiI DEllCl LAldl - III
Keene. of New York, was responsible:
that he was taking revenge for that eX-
perienee in 1878. when his little flyer on
the Chicago board of trade cost him sew
eral millions of dollars. Some said that
Keene. Philip Armour and 3. p. Hutch
insOn were responsible. and others that
Keene was backed by powerful syndI-
cate of New York capitalists. and that
Hutchinson is one of the leaders. There
is nothing reliable about any Of these
rumOrS. and the fact remains that the
market simply went wild to-day. Dur
ing the last advance from S1.05 to S1.0S
the scenes of confusion and excitement
on the floor were indeScTlbable.
Every time there was an advance the
bears got frightened and eXeTted every
effort to unload at the TOP price for fear
there would be drop as sudden as the
rise. Then, five minutes later. when
the market had again advanced, the
men who had sold were clamOring to
buv back their wheat, and were willing
to pay from one to three cents more
than they had previously sold for. Over
and over again this was repeated, and
sellers lost enormous amounts, which
they partly recovered by buying again.
From the visitors gallery the wheat
pit looked like an assem- blage or dan
gerOus lunatics. The men crowded to-
gether in a mass. discarded coats and
hats and clawed each other like wild
animals, while a constant and
deafening roar, out OF which
no Ineligible sound could be
picked, rose to the lofty ceiling
Finally the bears made a last despairing
effort and forced the price down TO
S1.O515. They could not, however, keep
down the bulls. who we're lubilant. and
the close showed a recovery 10 SlO615.
After the market there were many trad
ers who were frightened aI The idea or
holding wheat over Sunday at Sl.0615.
These timid ones do not seem, however,
to have scared other traders for. as
noted above. December went to SI.l0 on
the curb before o clock, and adVentur-
Gus workers were singing calls" about
at from S1.14 to S1.1S. What Monday
will bring forth is a matter OF grave
concern to many. The bulls are still
talking OF higher wheat and the bears
are not saving much. One remarkable
thing is that there have been no
failures. Everybody got through the
clearing house all right on Fridays buSI-
ness. but it is not unlikely that as re-
suit of tO-day's wild work some un-
lucky dealers may ''gO broke" Still,
there was not even a rumOr on the board
At the close of trading of prospective
failure on the part Of any individual or
firm.
In corn and rye there was also much
excitement to-day. largely in sympathy
with wheat September corn opened at
81 cents, and after dropping to a fTac-
ton over SO cents it caught the fever
and began tOadYance. 1t got as high
as CO.. cents soon after wheat
-aoo1nd 10 mari hnrnTn Thn
close dropped back to % cents and
closed a fraction over that figure. Rye
had a celebration all by itself. the price
being shot up from 90 cents yesterday
morning to S1.O4 at the close to-day.
This is largely due to Russian pTOhlbi-
ton Of exports and Germany's loud
wall over that and the shortage OF their
own crop.
One prominent wheat broker said this
evening: Il cart pretend to predict
what the future will bring forth. There
are only 2.O00.000 bushels in store here,
but the past few days dealings have
spread over the lines from 100000 to
100000 bushels. The big selling is
being done by foreign representatives
at New York. and they appear to be
ready TO take every bushel that IS
offered. Yes. it would look as II the
bulls we're doing it all, but can tell
YOU very few bears ara standing out,
ana the bulls are fooled about as much
as the years. 1 think this furry is due
entirely TO the condition OF affairs
abroad. However. ten days ago we
laughed at our New York agent, who
sent US kilograms ntimating as much.
His opinion has been fully verified"
Another broker said during the excite
ment to-day: Europe must have our
wheat and we must and will have its
gold .