St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-17
CANE Up like A CORK.
Symptoms Of a True Case OF
Panic in the Chicago
Wheat Pit.
q Break Of Three Points Al
most Recovered Before
the Close.
Corn Advances FractionallY
and a Fipmer Feeling De-
velops in Corn.
Hog Products Active at Ir-
regular Prices, Closing
Very Tame.

CHICAGO. Nov 15.-The wheat market ex-
hibited all the symptoms of a true case OF Il
pane before trading had been in progress
over an hour but the spasms, though violent
were not of long continuance, and during
The last hour there was Il recovery OF nearly
2l2c from the lowest price of the day, with
the closing figures showing decline since
yesterday of ISc in December and s4c in May.
Corn and oats were dragged down, while
wheat appeared to be i'll the throes of disso-
luton. but came up again like corks when
the weight of the wheat panic lifted, and
each closed with moderate gains. Provisions
were dull, and while averaging lower closed
with little loss since yesterday. The
wheat market, while free from the COM
plications attending upon the financial
situation, as it appeared TO be for about tif-
teen minutes near the opening, gave some
symptoms OF returning confidence among
the local speculationS. In fact, quite gem
eral feeling that the end of the decline had
already taken place was apparent. some OF
the leading commission men so expressing
themselves How far these opinions were
from gauging the probabilities of the day
fluctuations the after course OF the market
has been witness. The price or December
wheat started at 91Ac, with the pressure
coming principally from the selling side, and
the fluctuations played nervously around 94c,
touching 937sc,and selling sparingiy at 94$Sc
in the course of its several changes The
trading during the time referred TO
was not very heavy and in the lulls which
took place the tendency appeared TO be in
the direction OF frmness. 1t was observed,
however by the students OF the blackboards
in stock Offices that these securities were
again breaking IL New York, and upon this
hint the nimbie runners in the wheat pit
commenced 10 unload, and in few minutes
a decline in December to 93Ssc took place,
There was only momentary restat the fig
uTes named, when il was followed by q
further drop to 9H5sc. There was hard
and exciting struggle lasting two or three
minutes before the pressure of the offerings
could overcome the buying which such prof
liable decline brought in favor of the shorts.
hut twas overcome in the end and then en-
sued one of those periods of wild dellrium
which occur perhaps at intervals of year or
two in the wheat pit. Buyers were wanted
but they would not make a move and for
time the competition i'll undertaking to Sc
cure BUYER was such as Knocked prices
from under so rapidly that it was impossible
TO execute hundreds Of orders at the limits of
the exhausted margins. The decline was
not arrested until December wheat was sell
ing anywhere from 90s4c TO Gle, and May at
9>5sGI 9SS4c. The report of the financial en-
was the cause of the wild stampede. The
reaction from the lowest prices of the day
was not indicative OF any very great aces
sion of confidence, but the market during the
last hour of trading was free from the
panicky feeling which had previously
characterized it. The prices of December
held around 92a@93c for q considerable
time, and May 81, and the resting figures
93lsc Cor December and Sl.00ss for May.
The stocks OF corn are so small and the re-
ceipts TO day and those promised for Monday
were so light that holders were very firm.
and the shorts, though very aggressive, had
hard work TO cause break of S4c, even when
wheat was dropping about at that rate per
minute. The opening was firmer than the
previous days closing, and May was sSc
higher. There was further advance of 4c
before the reactionary movement set in, dur
ing which latter period the price broke 1sSc
from the top, but recovered g. of this imme-
diately AFTER and during the remainder of
the session the price was maintained
at some improvement over yesterdays clos
ing quotations. Oats were active, but weaker
and lower early in the day, owing to the
weakness and decline il wheat and corn
aud free selling by longs. Prices for May
declined 1lsc from yesterdays close, and
touched 4234c. Later in the day firmer
feeling gradually DEVELOPED, and prices ad-
yanced 1850. and the market closed steady at
full outside figures, and at fair gain on
yesterday. Pork-Rather active at Irregular
prices. Opening sales were made at about
The closing figures of Friday, and a reduc-
non of sc was quickly submitted to. Later
sell caused a weak feeling, and prices reced-
ed 1Tl2@2Gc. Toward the close prices raj
ried 7l2@1l0c, and closed quiet Lard-Trad-
ing moderately active. Prices declined at
the close.
The leading futures ranged as follows: