The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1894-04-05

few minutes moved up to SOC. with
no in ,ication of the panic which
fol- wed. The Signal Service
Agent put the touches on the
weather map. The chart showed
mild weather only in certain local
tiles, while the Northwest, Iowa,
Kan as, and other great States Of the
wheat telt had freezing weather. This
was not all. The prediction was for a
more severe freeze than on Monday
over the whole wheat bait. This was
alarming. At the same hour every
house on the floor with country con-
nectiOns had dispatches telling of
vi eat already killed by the cold wave
OF sunday and Monday. Tuesday the
wheat was not injured. Cairo and ST.
Louis parties after sending out agents
reported half the crop in Southern
Illinois, Tennessee and Kentucky killed
beyond doubt, as it was jointed by the
pre- .ious warn weather. All this came
on the trade, which was heavily short.
1t was not the shortage of n big
house, o a dozen big houses. The
scalpers were shO t. The tailers after
the bear plunger5 were short. Every
big commissi n house had fr )m 10 to
lOU customers short, some small, some
large lines. They all wanted wheat.
In the face of the weather map
and the alarming crop dispatches,
there was no n to sell 1t
to them. There vas nothing left but
to bid for it. T is started the PANIC
among shorts. Then came another ele-
ment of danger, the stop loss orders.
Custome S with ten, twenty or fifty
thousand wheat short around 58lc or
5,4c had pr tecting orders around 59tc
or 'Oc. When stop olders were
reached commission men were wild.
On g tn market got by the %stOp-orler
point the loss was on the house. Big
houses had all their brokers buy ng
like fury. 1t was a wild scene and a
great, bounding. bull ma'ket, with
sses for shorts, big and little, right
and left. The May price started
5S!c, went to SIC gradually, went
to &c with shorts climbing over
each other to get wheat sol &C lower,
went rom 60c to Gle with commission
houses buying on a tremendous sca'e
tosave their customers and thems olives,
and he panic which was on car led
the price to 6l!c, CT &c over the close
on Tuesday. July sold 6O!c ard up to
&c. Parjr dg, br kers sold wheat on
the Big advance, and the May price
went back to 20 C. On a second furry
Del IRE midd ~ the May sold 6lsc and
Vas stopped by enormous selling by
bildwin tarnum and others. The
market became steady at colo, &c over
Iue@day night. The light cars, 16f
Minneapolis and Du uth, against 36O a
yea ago, added to the force of the
buying.
billions OF Bushels Handled.
Hundreds of brokers and spectators
were wildly clawing the air and
S,Ccreaming for wheat, says the dispatch.
ihey bid the market up on themsel Ives
!urlousl' and in less than five minutes
ne price WIS 6lt. and July was 63.
rom 5Ja to 81 hardly a trade
was made. Everybody wanted to buy
MTl'a'' and nobody had any for sale.
ine fountains # supply were suddenly
GAhauEted. The bears we're thrown
mo hopeless panic by their inability
seJ wheat. Nothing so frightens a
,p;c"lator a to discover that he can
uclther buy nor sell, and when thor.
fnE my panic stricken nobody a skip
Ihac'l rs i'll his bids like a trapped
,hoorV seller. Atsuch periods he wants
0 property and price cuts no figure.