The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-04-05
A PANIC IN PROVISIONS.
An Unparalleled Scene of Excitement
trash in Prices at Chicago.
All Commodities Affected by the Downward
Movement, and Offerings Largely In
creased-The Fluctuations.

CHICAGO, April 1.-The opening on Change
to-day was marked by the same phenomenal OK
element that has been the rule for the last week
or two, but from noonup to the close at l o'clock
matters lowered on the edge of panic The
tension could hardly have been greater, and to
add to the confusion and uproar, the sharp de-
cline in values extended 10 all commodities, com
polling brokers 10 exercise rare generalship in
filling orders and in saving their ''short" Gus
toners from the general wreck The last fright
full break in wheat was occasioned by
,umors of a grain panic IN London
and lack of confidence in the stability
of a number of large Chicago commission
houses to stand the strain of the continued
downward tendency in prices. When May
wheat had touched 81 1-Sc, the tremor which
had seized the 'bull" crowd subsidized in a meas
ure, and prices reacted 1c, May closing on
Change at 50 1-2c. When the regular board had
adjourned there followed prolific call for mar
gins, and as far as could be learned they were
generally responded to, and while the names of
some old and responsible firms were very freely
used, causing trouble up to late in the afternoon
there appeared to be no warrant for it.
On the call board in the afternoon there was
a still further stiffening of prices, which served
to create somewhat better feeling. The great
interest at the opening was centered in the pro
vision pit and prices of pork and lard fell OIL
rapidly from the start Pork declined 30 a 60c
a barrel in the first half hour, but after that
rallied 2503ec, but fell off again during the
closing scare in wheat, but recovered again on
the call board May pork ranged SIG. % a 16. 49,
and closed at $50 017.50 June ranged $l00
1855, and closed at $l0,25. July ranged 500
2062 10, and closed at $2030a2035. On the
call board sales were %, 900 barrels, prices ad
vancing 10 a 15c.
Lard followed closely the course of pork,
opening .05 a .10c lower, and declining 10 a 2Oc
additional. and after several rallies closed at
very nearly inside figures. May ranged $50
S55c and closed at SAT IL a s. Soc July, s. % 9
as, zoe, and closed at S.550S So ] &c. On call
sales were 4, $50 tierces at 02 12d .05c higher.
There was an early break III wheat OF IL lie
from the closing on yesterday attended with
some excitement after which the market
recovered in a measure, and from
that on until noon trading was OF
a very quiet listless character. Shortly after
the noon hour offerings largely increased, and
with little no support prices broke Off IN very
quick fashion.
The scene in the trading pitwas one of fierce
bewilderment, and the excitement could hardly
have been at higher pitch. The current was
stemmed after the May option had touched
81 lie, and from that point the recovery was
steady. April sold down to 76 34e, upto ~ 34c
and closed at 7Sc. May sold down to 81 l-2c up
to 81 1-2c. and closed at 50 l-2c. June ranged
at SO 3-8 a Sc 3-Sc, and closed at 81 1-2c July
ranged at 81 II 0S7 lie, and closed at Soc
bid. On call the sales were 2,200,OO9 bushels
May advanced to SO 3Sc, June to "a 1-Sc, July to
Sc l-sc later exhibiting a most marked advance.
The corn market was very active, unsettled,
and affected very proniscuously by the fiuctua-
tons in other markets The market opened a
shade weaker declined 3-S G12c, rallied 3-4c, and
then became weak, declining 1-2G Sc, finally
closing 5-S a 7-Sc under yesterday. April closed
at 4Se; May sold down to 81 "a SO l-2c and
closed at 80 50 a 80 3-4c June ranged at 80 1-2
"a 3-Se and closed at 50 IL So 5-8c; July ranged
at "a IL G56e, and closed at 50 1-Sc. On call,
sales were 500, 600 bushels, July advancing 3-Sc.
Oats were unsettled and lower. May closed at
81 3-Sc June, 81 1-2c; year 26 SAC. On the call
board sales were AGO. 600 bushels May advanced
lac; June advanced 3-Sc July advanced 1-2c.