The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1894-04-06

q few minutes moved up to &c. with
no Indication of the panic which
followed. The Signal Service
Agent put the touches on the
weather map. The chart showed
milder weather only in certain local
tiles, while the Northwest, Iowa,
Kansas, and other great States of the
wheat belt had freezing weather. This
was not all. The prediction was for a
more severe freeze than on Monday
over the whole wheat b,lt. This was
alarming. At the same hour every
house on the floor with country con-
nections had dispatches telling Of
wheat already killed by the cold wa-e
of Sunday and Monday. Tuesday the
trade was bearish on the theory that
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
previous warm weather. All this came
on the trade, which was heavily short.
1t wa, not the sh .rtage OF che big
house, nor dozen big houses. The
scalpers were sho t. The tailers after
the bear plunger5 were short. Every
big commission house had fr )m 10 to
100 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 one to sell it
to them. There was nothing left but
to bid for ii. Tris started the Tanic
among shorts. Then came another ele-
ment of danger, the stop loss orders.
Customers with ten, twenty or fifty
thousand wheat short ground 58'c or
5Sic had protecting orders around Sole
or Toe. When stop orders were
reached commission men were wild.
Once thu market got by the stop-orier
point the loss was on the house. Big
houses had all their brokers buy ng
like fury. 1t was wild scene and a
great, bounding. bull ma 'ket, with
lsses for shorts, big and little, right
and left. The May price started
5Ssc, went to sc gradually, went
to &c with shorts elm bling over
each ether to get wheat sol &C lowe-,
went from Gee t. Gle with commission
houses buying on tremendous soa'e
to save their customers and thems elves,
and the panic which was on car led
the price to 6ltc, CT &C over the close
on Tuesday. July sold cote ard up to
OCC. dTOT uX DEOh0TS SILL Wn0dO Ou
the b g advance, and the May price
went back to 60ic. On second furry
before midday the May sold Gle and
was stopped by enormous selling by
Baldwin Farnum end others. The
market became steady at colo, 2lc over
Tuesday night. The light s, 166
Minneapolis and Du nth, against 300
year ago, added to the force OF the
bayirg.
Millions of Bushels Handled.
Hundreds of brokers and spectators
were wildly clawing the air and
screaming for wheat, says the dispatch.
They bid the market up on themselves
furiously, and in less than five minutes
the price rs Gil, and July was SO.
From 5)t to 81 hardly a trade
was made. Everybody wanted to buy
wheat, and nobody had any for sale.
The fountains of supply wore suddenly
exhausted. The bears we're thrown
into hopeless panic by their inability
to get wheat. Nothing 80 frightens a
SPECTATOR as to discover that he can
neither buy nor sell, and when thor
oughly panic stricken nobody can skip
fracti ns in his bids like a trapped
short seller. Atsuch Periods be wants
the property and price cuts no figure.