The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-03-28
EXCITEMENT AT CHICAGO.
Transactions on Change Attended with
the Utmost Confusion.
The Threatened Panic Finally Averted, and
the Bears Driven from Their Position
The Crisis Passed.

CHICAGO, March 27-The speculative fever
ran very high on Change to-day. 1t was bat
tie royal for both the bulls and bears, and the
former bore away the honors as result of the
full days trade. The day had been looked for
ward to with unusual trepidaton. and it was
generally deemed that it would mark crisis,
either for a much lower range of prices or to
compel the bear element to cry halt for any
further breaking of prices 1t was deemed that
a further sharp decline would bring down
great many houses, the strain had been
one of unusual tension, prices touching figures
never before known in the history of the grain
trade at this season of the year. The opening
scenes on the trading floor were of the most ex-
citing character and of panioky tendency. Two
OF three small houses, 'long' on wheat, and who
could not carry their holdings any longer, threw
them on the market at the opening and accepted
prices fully one cent under the lowest figures Of
the preceding day. Rumors of the failures of
during the first thirty minutes, but following
that the market generally showed more steadi-
ness. Throughout the entire session, however,
transactions of the heaviest possible descrip
ton, large blocks being offered and taken read
lily, and while there we're lulls in the predominant
activity of the wheat crowd, when prices would
sag little, values rose steadily and with them
came an air of confidence which was expressed
at noon, that if there had been any danger of a
panic it had already been passed. The confusion
attending the opening of the wheat market was
such that sales in various parts of the crowd
varied half to one cent. To follow out the orders
to sell at the opening would have to accept
the best bid made in the vicinity of the seller
the uproar was of a character such as to prevent
operators from knowing the nature of transae-
tons in distant parts Of the crowd.
The wheat market opened al lie lower, but
rallied, with some fluctuations, cents above in
side prices, receded Use, rallied lie and finally
closed about l-Sc lower for May, 1-Sc higher for
June, and lac lower for July than the closing on
Change yesterday. March and April sold down
to 81 5-Sc, up to SO 7Sc, closing at 83 5-Sc. May
sold down to Sc 1-4086 3-6c. up to 88 5-8c, and
closed at SO 3-8c. June sold down to SSc, up to
80 3-sc and closed at 80 lac. July ranged from
IS 1-2091 1-8c, and closed at 80 3-4c.
On the call board the scenes of activity were
renewed. and 2, 100000 bushels were sold at an
advance of 5-801 1-8c. May closing at SOC; June,
Gle, July. 81 7-8c. Outside sales of May wheat
were afterward reported at 80 34c. There has
been a better demand for cash wheat since yes
terday afternoon, and from 750, 900 to LOCO. 900
bushels were taken for shipment, supposedly for
export.
The market for corn was moderately active
and somewhat unsettled, ruling lower earlier,
Dut ralneu subsequently ana closed steady Inc
market opened about 3-801-2c lower rallied a
1-8c, and closed lac higher than yesterday.
March closed at 40 78c; April &c., May
ranged from So 3-4054 7-sc, and closed
at 81 5-Se; June ranged from 81 1906 7-Sc,
and closed at IS 3-4c; July ranged from
Sc 34057 34c and closed at 81 lie.
On the call board 1000, 900 bushels were sold at
3-Sa5-9c higher, May closing at So 1-Sc
The market for oats broke 1-40I2c early il
the day, but afterward rallied 3 4c and closed
steady May closed at SO $780, June SO 5Sc On
call May seld down to SO 1-4c
Mess pork was fairly active, and declined 20 a
25c early, but rallied again and closed steady.
May closed at $l7I2 1-20l775; June, $l7. 81 IL
0l7.S5. On call options advanced 1-2@5c.
Lard was fairly active and easier earlier, but
closed stronger May closed at $93 1887 IL;
June. $9.42 l2@ On call June advanced
1-2c.