St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-20
EVERYBODY AFRAID.
Utter Decentralization in the
Chicago Wheat Market for
an Hour.
Panic-Stpicken Holders Offer
to Sell at Almost Any
Price.
Closing Quotations on Ali
Cereals Higher Than Tues
days Figures.
Returning Confidence in the
Stock Market and Buying
Orders Increase.

CHICAGO, Nov. 19.-The markets, from the
extremity of Generalization at the opening,
recovered some semblance of returning calm
after the middle of the session, and follow
ing sensational declines, prices gradually re-
covered and averaged higher at the close
to-day than at the corresponding time yes
terday. May wheat, after declining 2l2c, not
only recovered Tins loss entirely, but added
ssc 10 Yesterdays closing quotation. Corn
closed without change since yesterday, after
spell of radical weakness. Oats made
slight loss. Pork declined zoe and lard and
ribs closed at an advance of 2l9@5c. In the
wheat pit, which was the center of the ex-
element prevailing at The opening. buy
ers kept their mouths closed for
moment and accordingly the deatening
noise which went up simultaneously with
the signal TO begin came from the Threats of
the panic-stricken holders. May wheat,
which yesterday afternoon closed at 9Sl2c,
was yainly offered at 97c, and not until sell
ers appeared willing to accent 96l4c did buy
ers come forth in any great numbers. Trans
actions took place at the same moment at
96s4c and 964c; there may have been
trade or two at 97c, and there certainly were
some at 96c. December was almost smoth-
cred out of hearing when business started.
May having now secured the greater part OF
the patronage of the spectators. 1t was
offered at anywhere from S9Ac to SSs4c at
the commencement with some transactions
passing at both extremes. All the
decentralization indicated by the foregoing
proceeded from vague apprehension of
some impending peril, something more
dreadful than had yet been made public, ard
the Imagination of those who held any prop
erty capable of further shrinkage have evil
IDENTITY filed up the underlined outlines of
the anticipated calamity with heavy blocks
of somber- coiOred ruin. There was nothing
i'll the usual governing influences before bus
mess started to account for the increase Of
the panicky feeling which prevailed. The
cables, it is true, reported that English mar
kets for breadstuffs were weak and wheat
lower, but less than this could not have been
expected to follow yesterdays extreme weak
ness here. There was free covering OF
shorts at the orening of the mar
ket. and so long as the prices OF
December kept down around 99c and
May remained in the neighborhood of 96S4@
97c and later there was considerable buying
for long account. The feeling of alarm was
replaced by one of moderate hopefulnesS
when reports from New York brought no
tidings of any fresh disaster there and quo
tations for stocks showed an improving mar
ket for good securities. May i'll the course OF
the last half hours business advanced to
9S7Sc, reacted 10 9Sc and had strong clos
ing. The corn market was scene of wild
commOtion al the commencement. and heavy
transactions were recorded during the first
half hour. Shorts were the only buyers in
sight, and heavy lines of those outstanding
contracts were wound up at the expense
Of these disappointed sellers OF long
corn. The opening price for May was
5Us4c and it sold at 5OL2c within minute or
two thereafter, and there was quick re-
covery TO 5l14c. The prices remained within
the limits of sic and 51l2c for a considerable
time and then became firmer. advancing to
52Ae. There was very little trading in the
other futures Oats opened wild and I'M
settled with sales for May at I@l3sc de-
cline. and quickly receded s4c more. After
the furry subsidized. better feeling devel-
oped, and there appeared to be as much de-
sire to buy as there had previously been to
sell, and prices advanced &c. and the market
closed steady at a net decline of A@lssc
from yesterday. PorE-Trading very heavy
accompanied with frequent and wide fluctu-
ations in prices. Prices on the whole
range declined 65@65c. At the de-
cline the demand improved, and as there was
less pressure TO sell, prices gradually rallied
90 to soc, and the market closed compare
lively steady. Lard-A very brisk trade was
reported. Opening sales were made at Zig to
lUc Decline and this was quickly followed
mand improved, and prices rallied 20 to
2-g2c, and closed comparatively steady.
Short Rib sales.--future interest than usual
centered, and trading was quite heavy at an
Irregular range of prices. Opening sales
were made at sc decline, and a further re-
duction of l0c was quickly submitted to. At
the decline buyers were more inclined to
take hold, and prices rallied 10 to l712c. and
closed comparatively steady.
The :..:.Sigc- rut,lrnS ranged fOllOWSs