New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-15
CHICAGO M4RKETS BEAR THE STRAIN
INTENSE EXCITEMEST-No PANTc-wHEAT ONLY
CENTS LOWER AND CORN LESS.
IBY TELEGRAPH To THE rRIBUsEl


IBY TELEGRAPH TO THE TRIBUsEI
CHICAGO, May Alt was marvel that this
market stood yesterday II did. There no panic
not even any great excitement Nothing however. could
stand the pressure Of the frightened operators
in the wheat pit this morning. II all the grain In tho
elevators had moved out night and IL the visible
supply figures had decreased by long rows OF cphers,
prices could not been susta med. Alexander Mitch
ell could not have kept prices up he had been on he
floor himself and had in his pay half the brokers
on the Exchange. The news from New-fork was
too bad. Before the board opened the news
of failures began along First there was the an
nouncement of suspension OF O. Williams, then OF
O. NJ Bogart then of COTE & Randle, then of Nelson
Robinson Co.. then to top 1t all and to add to the hnan
cial catastrophe came the that the weknown firm
of Hatch Foote and the Metropolitan Bank had gone
under
Wheat opened low but il went lower. June, beginning
at s7 went 10 SO and closed at S6Ss cents, and July,
opening at $685. dropped with little pounding to 80, and
closed at sscs cents. Lester had been big buyer
OF wheat He began opposing the Milwaukee clique
fortnight ago. and taking in his profits. His pur-
chases were short" grain. Corn was more stubborn
than wheat but suffered some. IL would have gone up
but for the NswYork panic. As it was it stood firmly
July corn opened at 57a touched 5ea and closed at
57& cents Pork TO 10 cents lower and lard was
duh and unchanged Early in the morning, when re-
ports OF trouble in Wall street first began 70
come IN, there rush 70 sell both
wheat and and offerings so heavy as to break
the market II Is believed, however, that the smaller
"longsp were about the only ones who sold. II may
safely be asserted that big holders doubled their deals
The upward of the market when rumors were the
thickest proves this II was about TIE only thing that
they could do. William Young & Co. and Nor
man Ream were supporters OF the market.
the former buying largely through brokers and
the latter openly This did great deal
10 restore confidence. Lndbom wished TO bet heavily
that the Metropolitan Bank of NewYork had not failed
When the bells struck announcing the close OF Change
today the general feeling among those traders who bad
taken active part IN the exciting scenes OF the session
was one OF satisfaction taking into consideration that
New-YOrk was the midst OF the most serious panic
that known for some years. while chicago WAS Sc
cure from commercial and financial disasters. Nearly
that general concentrations were IN orer
The markets thought 10 have borne up wonderfully
well under the extraordinary strain upon them.
Wheat closed to-day with decline less than two cents and
corn was even fortunate. IL seemed as II the New
York panic stocks and the numerous failures werc
almost looked upon bull arguments so large was the
demand TO cover short contracts. The excitement
and uproar on the floor OF Change was so great as 10
make n impossible 20 tell who sold aud who bought, ex
cent i'm a few instances. Among those who unloaded
heavily % Iona" wheat Kershaw but u can hardly
he doubted that investments were made suHcienty a-
! pOrtant 10 cover the sales OF long" stuh