Savannah morning news. [volume] (Savannah) 1868-1887, 1884-04-05
ON THE EDGE OF A PANIC.
CHICAGO's BULLS AND BEARS
WAGE A FIERCE WAR.

A Disastrous Tumble In Prices All
Along the Line, Followed by Only a
Slight RecOvery-Afany Large Firms
bra En Close to Rufh-NO Failures Re-
ported However.
CHICAGO, April 4.-The opening on
'Change to-day was marked by the same
phenomenal excitement that has been the
rule for the last week or two, and from
noon up to the close, at O'Clock, matters
lowered on the edge of panic. The ten
sion could have hardly been greater, and.
to add to the confusion and uproar. the
decline in values extended to all COM
modities, compelling brokers to exercise
rare generalship in filling orders and in
saving their ''short' customers from a
| general wreck.
THE CAUSE OF BREAK.
The last frightful break in wheat was
Occasioned by rumOrs Of a grain panic in
London and by lack of confidence in the
stability of a large number of Chicago
commission houses to stand the strain of
a continued downward tendency of prices.
When May wheat had touched S1% cents
the tremor which had seized the bull crowd
subsided in measure and prices reacted
cent, May closing on Change at S2K
cents.
RUMORS OF DISASTERS.
When the regular board had adjourned
there followed prolific calling 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 freely used as being in trouble
up to late hour in the afternoon, there
appeared to be no warrant for it.
A FURTHER RALLY.
On the call board in the afternoon there
was still further stiffening of prices,
which served to create a somewhat bet
ter feeling. The great interest at the
opening was centered in the provision pit
and the prices of pork and lard fell off
rapidly from the start.
PORK.
Pork declined from 50@60 cents per
barrel in the first half hour, but after that
rallied from 25@30 cents. Prices fell off
again however, during the closing scare
in wheat, but recovered again on the call
board. May pork ranged from SIG 05@
SIG 40, closing at $16 15@16 171l. June
ranged from SIG 1O@16 80, closing at
sales of pork were 22,O0O barrels,
prices advancing 10 a Is cents.
LARD.
pork. The market opened at from solo
cents lower, declined 15@20 cents addi-
tional, and, after several rallies. closed at
very nearly the inside figures. May
ranged from $S 30098 80, closing at $8 35@
$8 371&; June ranged from So 450QS 621&,
closing at SIS 471l@S 80. On the call board
the sales Of lard were {, $50 tierces at 21I@
3 cents higher.
WHEAT.
There was an early break in wheat of
%@1 cent from the closing yesterday, at
tended with some excitement, after which
the market recovered in a measure, and
from that on till noon the trading was of
a very quiet and listless character.
Shortly after the noon hour the offerings
largely increased, and, with little or
no support, prices broke off
in very quick fashion. The
scene in the trading pit was one of fierce
bewilderment, and the excitement could
hardly have been at higher pitch. The
current was stemmed after May option
had touched S1% cents, and from that
point the recovery was steady. April
sold down to 1914 cents and up to 79%
cents, closing at 7S cents; May sold
down to 81 cents and up to s415 cents,
closing at S2% cents; June ranged from
S32s cents to S6}s cents, closing at S415
cents.
On the call the sales were 2,200, 900
bushels. May advanced to S32S cents,
June to S47s cents.
CORN.
Corn was very active but unsettled, and
was affected very perceptibly by the
tluctuation IN other markets. The mar
ket opened shade weaker, declined go
= cent, rallied 3z@1 cent, then became
weak, declining 1H@1T cents, and finally
closing 9s@B cent under yesterday.
April closed at AZ cents. May sold down
to 5134@534 cents, closing at 525s@52A
cents. June ranged from 5219@54A
cents, closing at 53H@535s cents. On
call 100000 bushels were sold. July adj
vanced q cent.
OATS.
Oats were unsettled and lower. May
closed at 3l2s cents, June at 3112 cents,
and all the year at 2634 cents. On the
call board 100000 bushels were sold. May
advanced 4, June advanced q and July
advanced y cent