Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-20
Scenes IN the Chicago M1rket.
Chicago Tim es of Saturday.

directly -g.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
has ever been quoted at during the prevailing
boom, large transactions on the market taking
place at $l.22s4, and some private sales being
reported within one-eighth of $1.23.
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'
had been expected for days, and had been in
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
thing way up in the millions of dollars, for the
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 for it, But in view of the great outside
unreasoning public to wheat just now, the
experiment was deemed to be too dangerous a
one to undertake., as "the unreasoning''
might in the end demand more
wheat than they could either control or deliver,
and a general smash for two or 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-$1.2236-was about
the top notch of anything they might expect,
and that it was absolutely necessary to stand
from under. a..
The leading men in the trade all along, from
the commencement, utterly refused to believe
in the permanency of the great boom in just
so far as it forced wheat much above 81 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.l5 say, because
THEY FELT THAT WALL STREET WAS IN IT.
As long as they were sure that 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 a common rail-
road share, worth forty cents, and which
doesn't pay dividend once year, to a pros
pective value af $l.5O or more, and they knew
that Wall street considers wheat that is ac-
tually worth 81 per bushel very prime
gambling ''spec," to even so, with the remain
der from the top of the market in the specula-
ton, to the bona fide 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 little western deal in wheat,
the cat was jumping they were safe, even if
wheat went Exiting" 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 a lower market on yes
terday morning, but for the fact that the Eu-
ropean advices we're 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-
lions 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
FOL! 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
prairles, made them shudder.
beerbohm,, from London, said that both
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 CHER.
Advices from domestic points were also very
good, and there seemed to be no reason appar-
ent for anticipating the break
November wheat, which closed on Thursday
at $1.2256, opened on the boord at e1.2lZ,
and ranged as follows: 2O21, 2O115, 2Ok. az,
20, 22I, 2215, 22s4, and suddenly declined to
$l.18I, which
CAUSED A TREMENDOUS EXCITEMENT
on the board, in which, it is needless to say,
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
RhnnfInO--ar1 ~ <ha:-
hearts contents 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 ]. K. Fisher was popularity at
tributed the break In the market on Yesterday
This gentleman is very large operator and is
connected with interests centerinp
in New York. He is the prime mover in many
a gigantic deal here which the un1easoning
public" as old Col James calls 'em, don't get
hold of, but on yesterday, to the outside world
in wheat, the announcement that j. x. Fisher
had unloaded on the market the enormous
quantity of 10000 600 bushels of corn at 4314
cents for November was crusher.
y The bulls were scared out of their boots, and
wished to sell. They knew that corn was good
to hold just now, and that the best
judges on the board expected it to rise much
above this figure. That Fisher should sell sur
prised them, and they Immediately concluded,
if in their feverish excitement they can be said
to have concluded anything, that Wall street.
which was .'in it, 2 was now ''out of it," and
that IN .se ss.5l5z. IA
IT WAS TIME TO STAND FROM UNDER.
As Gen. Stiles says, they were completely
''joggled." and off their base. Here's the
break, boys, . they yelled, Ike 50 many tends,
"seu all you can; sell, sell, sell, or you'll be
left in the sweet by-and-by." And they pro
ceeded to unload. and vigorously, though very