The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-27

selves, or else they had withdrawn their
support, that prices might get back to
what is nearer a popular belief, in about
the proper range or it may be shake out.
Before / o'clock, cash wheat broke be-
low 81. The inside range quoted up to
that hour was 99lc for December, 99lc for
January, and 95c for July. May sold
down to Sl.0ia. As compared with Sat
urday, this showed loss OF 33c for De-
cember, SEC for January, SIC for May, and
PIC for July. There was some recovery
from the bottom, and the market rested
easily at $l.04I@l.05} but the APP
pearance OF strength proved decept.
i've and wheat again broke. In
about five minutes MAY broke from Sl.05i
to Sl.03I amid the greatest excitement.
A slight rally carried the price back to
Sl.0i. 1t was not to rest there, however,
and with vicious plunge il dropped to
Sl02l, and then to Sl.O2s Then. with
the same suddenness that distinguished
the downward movement, the prices shot
back to Sl.03i, broke again 10 Sl.03, and
during the remaining few minutes of the
session the market was held nervously
above Sl.03.
The most exciting period Of the day was
the last half hour. The previous uproar
dwindled into insignificance and the pit
was the scene OF veritable panic. At
LOS o'clock there had been lively trade
and the semblance OF good demand.
The market started TO break, nobody
wanted anything. Millions OF bushels
were offered. Smash went prices and
everybody got scared. No satisfactory
explanation could be given for the
surprising manifestation, and the crowd
was left in the dark as TO
what II meant. OF course there were all
sorts OF wild rumors in circulation, but
nothing tangible was presented. No
''lame ducks" could be located. Upon
one point, however, the crowd was agreed,
and that is one or more big lines OF wheat
and innumerable small lines came out or
were shaken out today. Fairbank d
Baker and Ream d Pillsbury, and
half dozen others were numerously
mentioned MS having sold out,
but whether any or all OF them dumped
their holdings cannot DO determined. II
is very certain that the decline brought
out vast quantity OF wheat. Exhausted
margins and stop orders can not account
for by far the large proportion of the
wheat that was sold today. The great
bull commission houses were the vast
sellers and the Shorts were practically the
only buyers. A good many bulls proba.
bly, INDUCED in the Improbable expert
ment OF "fecling tor the bottom" but
they were not rs rule disposed 90 stand
the losses. They were great runners, and
their operations contributed not little TO
the prevailing weakness.
The provision trade was wanting badly
in the way OF support. The opening was
in some respects little better than last
Saturdays closing, but when Hutchinson,
| Cudahy and some smaller lights on the
bear side showed disposition to scll, the
| demand was altogether too small 10 take
| the property. The market, from the first,
was overloaded 10y offerings, and under the
burden placed upon il, broke steadily. and
| In serious manner. II showed at no time
any power Of recuperation and ruled in a
| dragging heavy manner Shorts covered
some OF their short sales at the profits al
lowed by the prices ruling, but In q gen.
eral way trading was far from satisfactory
| In pork the actual decline amounted TO -
/ @32l cents, in lard for January aud the
later deliveries 20 cents, and in short ribs
| l2l@l5 cents. First sales all around were
| made at the highest prices quoted.