The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-10-22
Scenes IN the Chicago Market.
Chicago Tim es of Saturday.

lOnlcaSO Times OF Saturday.
The first sharp tumble in the prices of grain
since the commencement of the extraordinary
int alton in November wheat, occurred on yes-
terday. It made the bulls squeal while it
lasted, and a large number of them hurriedlv
sold out all they could after the market had de-
cllned to $l.19, with what proved to be moro
haste than discretion, since the market subse-
quently rallied to much better figure, closing
at $1.2O1S.4 1t.:n.a G@IjHa -
The hasty sales at $l.19, and $1.19h, were
directly :;2, e.. ~ l..n, ,.rs.. -, - :
.t.s. THE RESULT OF A HUGE SCARE
for the market had opened at firm prices, sus-
tanned by most encoura ging reports from for
eign and domestic points, and within half an
hour after the commencement of Change
November wheat rose to a higher price than it
mas ever been quoted at during the prevailing
boom, large transactions on the market taking
place at $l.22sM, and some private sales being
reported within ne-eighth of 81. %. 49,. =.
That the scare was SO general and SO severe
In its effects can be attributed solely to the
uneasy condition of the market. The ''break''
dustriously worked for by influential brother
hood OF bears for week and more. So dis
gusted were the latter with their utter failure
to annihilate the prevailing high prices that
some had even gone SO far as to suggest form
ing combinatiOn that would represent some
express purpose. of breaking the market by
filling up" the bulls with as much wheat as
they would take at such prices as they would
give Tor 1t. But in view of the great outside
demand, and the frenzied attachment of s'the
unreasoning public" to wheat just now, the
one to undertake, as ''the unreasoning''
might in the end demand more
wheat than they could either control or deliver,
and general smash for two three millions
or so might be the melancholy result. Still the
persistent efforts of the great bear clique were
no such insignificant tactics as could safely be
ignored, and even the most sanguine and ex-
travagant of the bulls began to feel that the
closing price of Thursday-$l.2 about
the top notch of anything they might expect,
and that it was absolutely necessary to stand
from under. -,....... o.. ..
the commencement, utterly refused to believe
In the permanency of the great boom in just
so Tar as 1T forced wheat much above ST. per
bushel, and the immense crowd of bulls MANY
of whom are thoroughly green outsiders, were
only induced to believe that wheat was only
safe to buy or to hold at $l.15 say, because
THEY FELT THAT WALL STREET WAS IN IT. IL
As long as they were sure that a ring of spec"
ulators in New York were bulling this market
for their own ends, they felt safe. They knew
that these men will often run common rail-
road share, worth forty cents, and which
doesn't pay dividend once year, to a pros-
pective value af $1.50 or more and chey knew
that Wall street considers wheat that is ac-
tually worth 81 per bushsl very prime
gambling "spec," to even $2, with the remain
der from the top of the market in the specula-
ton, to the bona 6de price paid in Liverpool
to the men all along the line who don't know
enough to get from under. This is the view of
Wall street on a little western deal in wheat
and as long as the bulls here felt that it was
the cat was jumping they were safe, even if
wheat went "kiting'' to 81 so. But an ominous
rumor about eastern people unloading freely
cooled the ardor of the late curbstone crowd on
Thursday night, and though it did not succeed
in breaking the market much that evening it
would have resulted in lower market on yes
terday morning, but for the fact that the Eu-
ropean advices were unusually good and served
for time to dissipate the bad impression and
nervous apprehension that existed just below
the surface. In spite of their bullish protesta-
tions the trading bulls began to feel that after
all wheat was but wheat, and that it was pretty
high for wheat, with millions more bushels to
roll into Chicago and Milwaukee every day.
With New York behind them they felt coura-
geous, but the faintest suspicion that the bot
tom might fall out of New York. leaving them
straddled on declining market and cruelty
exposed to the great grain wave rolling over
them in millions of bushels from the Western
prairies, made them shudder., s.5 a.s .
OecipoAuA, 1COm LOuuOn SAID tn8G Doth
wheat and corn were in good demand and at
advanced prices, looking up. For cargoes off
coast there was lively demand, and Liverpool
quoted wheat two pence per centum higher.
Advices from domestic points were also very
good, and there seemed to be no reason appar-
ent for anticipating the break" y }"5 1t.t
& November wheat, which closed on Thursday
at $l.22A, opened on the boord at $l.2lL,
and ranged as follows: 2OM, .2O1155, FOX, 2lI,
90, 224, 2211, 1924, and suddenly declined to
$1.lSM, which ' .,'4' t@" af
&4 CAUSED TREMENDOUS EXCITEMENT
on the board, in which, it is needless to soy,
the curbstone, the alley, the commission
houses, the ''little board of trade,' and all the
bucket shops instantly participated. The
pit on the board was perfect bedlam. Men
were struggling, bowling, yelling, dane
ing shouting, and damning to their
hearts content; the bears yelling with
triumph that the break SO long anticipated
had come at last. As France has had the credit
of setting things booming through Baltimore
sales once, this deal and England has been
credited with following closely in her wake
through New York, and also of once breaking
the market through an unfavorable Liverpool
dispatch, SO to J. X. Fisher was popularity at
tributed the break In the market on Yesterday.
This gentleman il q very large operator and Is
intimately connected with interests centering
in New York. He is the prime mover in MANY
gigantic deal here which the "unreasoning
public" - old Col. james calls 'em, don't get
hold of. but on yesterday, to the outside world
in NheAt the Announcements That r Y r:shn.