St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-16
CAME UP like 4 CORK.
Symptoms Of a True Case OF
Panic in the Chicago @
Wheat Pit.
& Break of Three Points Al
most Recovered Before
the Close.
Corn Advances Fractionally
and a Firmer Feeling De-
velops in Corn.
Hog Products Active at 1P-
regular Prices, Closing
Very Tame.

CHICAGO, NV. 15.-The wheat market ex-
hibited all the symptoms of n true case OF
panic before trading had been in progress
over all hour, but the spasms, though violent,
were not of long continuance, and during
the last hour there was recovery OF nearly
2l2c from the lowest price of the day, with
The closing figures showing decline since
yesterday of 1sc in December and s4c in May.
Corn and oats were dragged down. while
wheat appeared 10 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 marker, while free from the COM
plieations 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 gen
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 days
fluctuations the after course of the n arket
has been witness. The price OF December
wheat started at 944c, with the pressure
coming principally from the selling side, and
it quickly declined to Gle For short time
the fluctuations played nervously around Gle
touching 9375c, and selling sparngly at 94ssc
in the course of its several changes. The
trading during the time referred 10
was not very heavy and in the lullS which
look place The tendency appeared to be in
the direction OF firmneSs. 1t was observed,
however, by the students of the blackboards
in stock offices that these securities were
again breaking IN New York and upon this
wheat
commenced 10 unload, and in a few minutes
n decline in December TO 93Ssc took place,
There was only momentary rest at the fig
ureS named, when il was followed by
further drop to 925sc. There was a 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.
but twas overcome in the end, and then en-
sued one of those periods of wild delirium
which occur perhaps at intervals of a year or
two in the wheat pit. Buyers were wanted
but they would not make a move, and for a
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 Ole, and May at
9e5S09SS4c. The report of the financial en-
barrassment of Barring Brothers of London
was the cause of the wild stampede. The
IedctlOH 1IOIn llIS loNeSL prices Oh tue udy
was not indicative OF any very great acces-
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 a considerable
time, and May 81, and the resting figures
93ISc Cor December and Sl.005s 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
wheat was dropping about at that rate per
minute. The opening was firmer than the
previous days closing, and May was Sac
higher. There was further advance of l4c
before the reactionary movement set in, dur
ing which latter period the price broke lac
from the top, but recovered S4c of this imme-
diately after, and during the remainder Of
the session the price was maintained
at some Improvement over yesterdays clos
and lower early in the day, owing to the
weakness and decline in wheat and corn
aud free selling by longs Prices for May
declined Use from yesterdays close. and
touched 42S4c. Later in the day d firmer
feeling gradually developed, and prices ad-
vanced SIC. and the market closed steady at
full outside figures, and at a fair gain on
yesterday. Pork-Rather active at irregular
prices Opening sales were made at about
the closing figures of Friday, and a reduc-
ton of &c was quickly submitted to. Later
prices rallied 7I2@1Oc. but more pressure to
sell caused weak feeling, and prices reced-
ed 17l2@20c. Toward the close prices raj
ried Tl2GDl0c, and closed quiet. Lard-Trad-
ing moderately active. Prices declined at
the close.
The leading futures ranged as follows: