New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-18
vt ss 20. People in the provision pit could only give
the cid stereotyped version of the days weakness
they said il was the September liquidation.
SCORES ON THE VERGE OF RUIN.
n AN AGREEMENT NOT TO TRADE SAVED $50
ST. LOUIS BROKERS From p~ANKRUPTCY.

oNLY AN AGREEMENT NOT TO TRADE SAVED $50
ST. LOUIS FROM BANKRUPTCY.
st. Louis, Aug. 17.-When the st. Louis grain marheV
closed Saturday bankruptcy stared over half Oh ohe
brokers and wheat traders in the face ana IL was I"
gloomy looking crowd that left the halls OF te En-
changes Finally, a dozen of the leading brokers met
near the elevator ana 1t was decided that something
must be done 10 avert general ruin. The bears were
put OF cash, and the bulls, although having large pronus
20 their credit, were also out of money anu couu NV
make their profits available or meet heavy margins y
can for a meeting was issued and at o:5o p M ue
reading room of the Exchange was TANNED WIFI
anxious traders. The meeting was so quietly con-
a,cted that Il was NOT generally known until to-day.
Various plans were discussed and ii was finally decided
TINT the settling price for December wheat should DC
81 O6 per bushel, and the bulls could draw all margins
deposited below 81 OF and the bears all above u H.
and no trading should be done on the Exchange Mon
DAY or Tuesday except what was necessary TO close
trades.
The agreement arrived at is all that saved at least
$50 traders from being forced TO announce their failure
this morning. The most intense excitement rased
when the bell rang for the opening OF the MARKET W
o 80 at the Merchants Exchange. 1t was uhderS'oou
that no trades would be allowed except for the pur-
pose Of closing existing contracts, but the bears began
TO bid. The price rose quickly to 81 10, then 10
81 0 81 II. and then by, IA cent bids it reached
II 10. but the greedy bulls would not sell a bushel
and IL looked as if the bears must bid sin higher, but
ut that moment the telegraph announced that the
Chicago and New-YOrk markets were breaking. Chi-
cago was then 81 Is. The st. Louis ticker broke DacA
20 81 10 1-2 under the heavy offerings of wheat by
the bulls, when 5000 bushels were sold, but the pears
held back and the ticker made o jump back to 81 %
when the bears covered a big line and then stood back
walt for the bulls TO lower their price still further.
The brokers stuck TO their agreement resoluteiy ana
when one Of the traders. known as jumbo Moore,
made an offer for wheat at 81 o3, saying blank the
settlement the crowd shouted Put him out" and
made a rush for him. lie withdrew for a Quaer
scene. One man had 10000 bushels of wheat which
he wanted to sell at 81 Os, but as it would not ring
with an existing contract he could make 10 sale and
was forced TO see the value of his wheat drop liz
cents. December wheat sold as low as 81 O3 and on
the regular board at 81 OF. The brokers got awiII
sick of trading in settlement and a motion by SD
Francis that regular trading be resumed was unan-
imously carried. This goes into eject tor prov.
The only failure was that Of tho Foeil commission
Company. one OF the members OF this house sold
some wheat Saturday and could not put up margins
when called upon to-day. The wheat was bought IN
for their account. This was a small failure ana du not
excite much attention from the trade.