St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-18
BROKERS IN a FRENZY.
Gotham Grain Dealers Have a
killing Day.


New YORK, Aug. 7.-Pandemonium
reigned in the wheat pit at the opening
of business in the produce exchange
this morning. The excited brokers
could not restrain themselves until the
gong announcing the opening of the
board sounded, and for half an hour
previous were climbing over each 9TH
er's shoulders in the center of
the crowded oval, yelling and howl
ing wildly, waving their arms like
a horde of savage Comanches in their
frantic eagernesS to make a sale. The
spectators gallery, overlooking the
wheat pit, was packed with visitors, not
a few of whom were ladies, and they
gaZed with astOniShment upon the
scene of wild disorder below. Even
Wall street brokers left the stock ex-
change board room to watch the excit-
ing antics of their brothers in the grain
trade, and it was a sight worth seeing.
After the close of business on Saturday
trades and deals were made ION the
curb" the expression used to designate
unofficial sales, at prices 3(04c bushel
above the regular closing quotations.
This morning the speculative atmoS-
phere in Chicago showed unmistakable
signs of further disturbance. Although
that market opens Oh Sunday morning
half hour in advance Of the New York
produce exchange, the Western brokers
were trading on the curb long before
the regular opening. Early cables
from Europe said that the market was
strong and excited with few holders.
On London American wheat opened at
from l to cents over Saturdays clos
ing. and linda wheat advanced 3 cents.
Paris and Liverpool prices we're and
81 cents higher and the markets were
strong. The bullish news was supple
monted by similar reports from Chi
cago. December wheat, the strong
option in the Windy city, closed at
S10615 on Saturday. "Curb" prices
there to-day ranged from Sill to S1.13.
The board of trade opened at 1890,
New York time, and the opening figures
were Sl.1115. Within five minutes they
had advanced to SLIP and gone back
again to S1.10I, a big advance, never
theless, over Saturday. September
corn, which closed Saturday at 621l
cents, opened to-day at 6S cents.
All this whetted the brokers here. 1t
was evident the bull craze was still on !;
Old traders shook their heads; they con-
sidered it a dangerous market. The
shorts had all been scared into the
woods and covered their contracts, Ieav-
ing only the bulls to trade with each
other. Bulls and bears alike wished
that to-day was not Monday, so that the
exchange could be opened at the regu-
lar hour instead of II o'clock. Every
thing was uncertain. but there was
every indication that the fiurryin wheat
begun on Saturday was to continue.
Prices might break ten points. but there
was bound to be excitement. New York
brokers who received private dispatches
from Chicago were thrown into a state
of wild commotiOn when they learned
that 'curb'' prices in Chicago were five
and six cents above Saturday evenings
close. As IL O'Clock came on the e&-
citement grew, and "eurb'' prices were
many and confusing. The pit was
jammed and a bowling mob Shrged
around the oEtsKirtS Of the crowd.
The gallery was packed, the fact being
genefaiiy known that something was
up. The first stroke on the great metal
gong was echoed in loud shrek in the
pit, and the days business had begun.