The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-08-18
ST. LOUIS IN the AIR.
Wheat and Corn See Sawed UP and
Down All Day.

ST. LOUIS, August II. When the st. Louis
grain market closed Saturday bankruptcy
stared over nalf the brokers and wheat
traders In the face. A gloomy looking
crowd left the halls Of exchange. dozen Of
the leading brokers decided that so mething
must be done to avert the general ruin. The
bears were out of cash and the bulls although
having large profits to their credit were
also out of money. They could not make
their profits available OF meet the heavy
margins and had been forced to call from
the bears. The shorts could not close be-
cause the longs would not sell them wheat to
fill short contracts with and ring" trades
a call for meeting was issued at 80 o. m.
.Ihe reading room Of the exchange was
jammed with anxious traders. The meeting
was so quietly conducted that 1t was not
generally known until today Various plans
were discussed, 1t being finally decided that
the settling price for December wheat
should be $l.O6 per Dushel. The bulls could
draw all margins deposited below 102 and
the bears all above ITO. No trading was to
be done on exchange Monday or Tuesday
except what was necessary to close traces.
Inc agreement arrived at Is all that saves
at least 100 traders from being forced to an
nounce their failures this morning.
This was another banner day in wheat,
The opening this morning was at 1O9 bid.
ITO DID, Ill bid, and some at 111a. Within
three-quarters of an hour after the opening
In great furry there had been sales at 1921
and lib. Some excited traders bid ia, while
nundreds were selling lat a cent lower. In
the height OF the excitement one trade of
10000 bushels was made at 115. Suddenly it
became known that several houses with for
eign connections and foreign orders were
selling heavily.
II. there had been wildness in the previous
Duylng there was little short of insanity in
crQZA Uhiab In
few minutes it reached 105. Then more bull
news came in. ana with hard fight 1t was
brought back to 107. After an hour Of see
saving back and forth between that and
to 1857
Along towards noon telegram came from
B. L. Hutchinson, saying that Foreigners
were selling frantically and that wheat
would lower. The dissemination of this
prophecy did mucn to encourage the bears.
Iney put out short lines and December
dropped with a rush to 1O3, finally closing at
1O33. An old trader said the rapidity and
WlQe range OF Quotations today exceeded
Saturday or anything seen before on the
On the curb this afternoon there was wild
trading. December sold at 1O4 and calls
were to be had for 1.0a, and puts 981. AS
Things stood today at the close it is said that
not Chicago man has made a cent on the
market.
Many have their fortunes at stake. New
Workers are reported to have made the most
money. The excitement on the board today
quickly spread to corn, rye, oats and even
granger stocks. Corn was a much excited
as wheat without andything to especially eff
feet 1t. The fiuctuation reflected the widest
spirit OF speculation. August corn jumped
from 81 to II within the first half hour.
Trade then dropped back to 66. September
corn took jumped to 68 and then fell to
63 a. Rye went up and down between LOG
and ITO throughout the session. A remark
able feature of the market is that despite its
wild character there have been no sus-
pensions.