St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-18
SAVED FROM RUIN.
General Bankruptcy Averted by a
Settling Agreement.

ST. LOUIS, Aug. 17.-When the st.
Louis grain market closed Saturday
bankruptcy stared over half of the brok-
ers and wheat traders in the face. and il
was a gloomy-looking crowd that left
the halls of the exchange. Finally
dozen of the leading brokers met and
decided that something must be done to
prevent general ruin. That bears were
out of cash, and the bulls, although hav-
ing large profits to their credit, were
also out of money and could not make
their profits available or meet the heavy
margins they had been forced to call
from the bears. The shorts could not
close because the longs would not sell
them wheat to fill their short contracts
with and ring" the trades,
A call for meeting was issued, and
at 8 80 D. m. the reading room of the
exchange was jammed with anxious
traders. The meeting was so quietly
conducted that it was not generally
known until to-day. Various plans were
discussed, and it was finally decided
that the settling price for December
wheat should be S1.06 per bushel, and
the bulls could draw all margins depOs-
tied below S1.O2. and the bears all above
81 10, and that no trading should be
done on the exchange Monday or Tues
day except what was necessary to close
trades. This agreement is all that saved
at least $50 traders from being forced to
announce their failure this morning.
The most intense excitement reigned
when the bell rang for the opening of
the market at the merchants exchange
at 9:30 a. m. 1t was understood that no
trade would be allowed, except for the
purpose of closing exporting contracts,
but the bears began TO bid. The price
rose quickly to $1.09; then to S1.10 and
Sill, and then by Quartercent bids it
reached SLIP; but the greedy bulls
would not sell bushel, and it looked
as if the bears must bid still higher,
but at that moment the telegraph an
nounced that the Chicago and New
York markets were breaking. The st.
Louis ticker broke back to Sl.1015 un-
der the heavy offerings OF wheat by the
bulls when 5000 bushels of wheat were
sold, but the bears held back, and the
ticker made jump back to S1.06. when
the bears covered big line, and then
stood back waiting for the bulls to lower
their prices still further. The brokers
stuck to their agreement resolutely, and
when one of the traders, known as
Jumbo" Moore, made an offer for
wheat at s1.0S, saying "D-n the settle
out" and made a rush for him. He
withdrew for a quieter scene. One
man had 10000 bushels which he
wanted TO sell at S1.0S, but as it would
not 'ring" with an existing contract he
could make no sale and was forced to
see the value of his wheat drop ~
cents in less than half an hour. De-
cember wheat sold as low as Sl.03, and
on the regular board at $1.04. The
traders got awful sick of the trading
settlement, and motion that trading be
resumed was unanimously carried.
This goes into effect tomorrow.
ThysOn, who failed yesterday, is
IS, ZOO bushels short, but no settlement
has yet been reached in the case.
On Foreign BOurses.
PARIS. Aug. 17.-There wss an active de-
mand in the grain market to-day, especially
for rye, which advanced to francs per 100
kilogrammes. Wheat and -four advanced l
franc.
VIENNA, Aug 1.-THE grain market was
firm to day. Autumn rye advanced so
kreutzers, and wheat advanced 20 kreutzers.
BUDA-PEsTH, Aug. 17.-An active grain
market prevailed here to-day. Wheat ad-
Vanced 90 kreutzers.