Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-12-11
CHICAGO SPECULATION.
Wild Day on 'Ch0mQe-RosU the Market
Fits Up and DOIcn.

Wild Day on 'Ch0nQe-ROsC the Market
Fits Up and Do,cn.
iChicago Tribune of Saturday.
At the opening of the market yesterday
morning there was rush Of orders to buy,
as usual, on account of parties outside, and
prices advanced under the competition
between purchasers. Wheat went up about
one-fourth cent, and pork about quarter of
dollar per barrel. But the buying orders
were not so numerous as on previous days,
aud it soon became evident that sellers were
in the majority. The party who bought so
much pork the previous day commenced to
cell, Offering it in rather large blocks, and the
idea that he was unloading all that he had
previously purchased struck the provision
crowd with general panic. Within twenty
five minutes from the first sale pork had de-
clined ninety-fve cents from the top figure
of the day, amid the widest conceivable
rush on all sides to sell, and the varying will
lingness to buy the property. After the
market had gone down about % cents, the
number of would-be sellers was increased by
those. who were,i in the language of trade being
"sQUEEzED OUT OF THE DEAL
that is, the price had declined so low that
they were unable to pay up the margins
which they were momentarily expecting
would be called for. As consequence, the
transactions were unusually large. 1t was
| impo sible, amid the wild confusion, to
make note of all the sales that transpired,
| but it is probable that the entire sales of tbs
day aggregated not far from $4,000 barrels
| of pork alone, being q quantity but little
/ oh ne ha T1cT1o1 V0r0duofinn Of hoprofo1
pork during what is known as the regular
winter season of four months.
THE LARD MARKET
was affected by the:decliRe in pork, but not
to an equal extent. Il dropped about 45
cents per 100 pounds, while pork was de-
clining 95 cents on the barrel. Both re-
acted about IL o'clock in the day, and by
| noon the market was regarded
as comparatively steady. It then
| slowly advanced to within small fraction
of the latest prices of Thursday afternoon,
again eased off, and closed On Change rather
steadily, but weakened in the afternoon,
and pork closed at 20 cents below the latest
prices of Thursday, while lard closed at 15
cents below the closing quotations of that
day.
Although the grain markets were weaken
ed, they did not decline SO mucn as proVlS-
ions, the difference between the top and
bottom prices of the day in
WHEAT AND CORN
being about per cent. Wheat declined Pa
cents during the break in pork, and corn fell
off ~ cents, both reacted when provisions
turned upward, and touched about the latest
prices of Thursday. The feeling in the
afternoon was shade easier, but closed
n to Il cent lower, and the latest dis
advantage in corn was only about %
cent az compared with the previous day.
There was good deal of speculation as to
an independent cause for the decline in
grain. Some people who were Watching the
market asserted stoutly that wheat was
breaking because the party Of capitalists
supposed to be led by David Dows a Co., of
New York, had been unloading quietly for
two or three days past upon the brokers of
Jim Keene, achieving substantial revenge
for similar operation performed by Keene
upon them last spring. This, however, was
doubted by many, and the doubt seemed q
reasonable one, seeing that the decline was
! relatively small, and that the market reacted