The farmers' union. (Memphis, Mo.) 1891-1895, 1894-04-05

a few minutes moved up to SOC. 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
moro severe freoze than on Monday
over the whole wheat belt. This was
alarming. At the same hour every
house on tho floor with country con-
nections had dispatches telling of
WI cat already killed by the cold wave
Of Sunday and Monday. Tuesday the
trade was bearish on the theory that
Louis parties after sending out agents
reported half the crop in Southern
Illinois. Tennessee and kentucky killed
beyond doubt, as it was jointcd by the
previous warm weather. All this came
on the trade, which was heavily short.
1t was not the shortage of one big
house, nor a dozen big houses. The
scalpers were shot. The tailers after
the bear plungers were short. Every
big commission house had from 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 it. This started the ranic
among shorts. Then came another ele-
ment of danger, the stop-loss orders.
Customers with ten, twenty, Or fifty
thousand wheat short around 5Sic or
h cd mr. ~
or toe. When stop orders were
reached commission men were wild.
Once the market got by the stop-order
point the loss was on the house. Big
houses had all their brokers buying
like fury. It was a wild scene and
great. bounding. ball market, with
/ l-sses for shorts, big and little. right
and left. The May price started
5Sic, went to sc gradually, went
to &C with shorts climbing over
each ether to get wheat sol &C lower,
went from Gee t. Gle with commission
houses buying on a tremendous scale
to save their Gust )mers and thems elves.
and the panic which was on car led
the price to Cite, or &C over the close
on Tuesday. July sold 6O.c ard up to
63c. Partridge brokers sold wheat on
the big advance, and the May price
Weut UdCh W OO'C. Ou d ScCOUQ hurry
before midday the May sold 6lsc and
was stopped by enormous selling by
Baldwin Farnum and others. The
| market became steady at fOsc, 2sc over
Tuesday night. The light cars, l66
Minneapolis and Duluth, against 800
year ago, added to the force of the
buying.
Millions Of Bushels Handlsnl.
! Hundreds of brokers and spectators
were wildly clawing the air and
| screaming for wheat, says the dispatch.
They bid the market up on themse Ives
furiously, and in less than FIVE minutes
the price Was 61s, and July was 63.
| From SGT to 81 hardly a trade
| was made. Everybody wanted to buy
| wheat. and nobody had any for sale.
The fountains Ct supply were suddenly
| exhausted. The bears we're thrown
into hopeless panic by their inability
to get wheat Nothing so frightens a
| Spectator as to discover that he eau
neither buy nor sell. and when thor
uehly panic-stricken nobody can skip
| fractions in his bids like a trapped
| short seller. At such periods he wants
the property and price cuts no figure.