St. Paul daily globe., 1893-02-16
BROKE At The CLOSE
Wheat Fell Nearly Three
Cents in Short Order
at Chicago.
Ten Minutes AfterWard 1t
Had Shot Up One and a
Haii Cents.
Provisions Not Affected, Re-
tanning the Advance Of
the Forenoon.
Nall Street Trading Was
Very Active, With Some
Excitement.

CHICAGO, Feb. 15.-Wheat today fell
nearly SC bushel and shot up again a
cent and a half-aIl in ten minutes
Traders were aghast. The break oc-
Cured without the slightest warning,
Just at the close Of the day. In the up
roaI and excitement the impression
quickly spread that clique that had
been holding up wheat had determined
to shake out the outsiders by letting The
price down cent. They let it down,
but the market, in the semi-panic re-
Sulting, let Itself down almost &c
bushel more. and the clique for few
fated moments was pOWerless to stop it.
Some OptimiStS on the curb this evening
were declaring that, in view of the
rapidity of the action when it did COM
mence. the opening price tomorrow
would be 79c, the price when the col
lapse begun. Compared with last night
the closing figures show loss of 135;
corn is off &c. and oats $5c. Provisions
were not affected to any particular eX-
tent and maintained nearly all of an adj
vance which began in the forenoon.
Pork is up 35c; lard 321ac, and ri6s 23c.
The final action in wheat came as
sickening as a lynching at prayer
meeting--p -pandemonium III an instant
where all had been peace, the victims
unick drop and breaking, taut-
rope stops. Norman B. Ream seemed
TO be the leader of the vigiiantes. 1t is
upon an avalanche Of selling by him and
others that feeling goes panicky and
stop loss orders become operative, add
ing to the weakness. All day preVi-
ously wheat had ruleu dull and narrow.
The predicted cold wave had not mate
rialiZed, bat the temperature was low
in the Southwest and furnished ground
for some apprehension, while colder
weather was probable tonight over Ohio
and Inniana. The state board of agri-
culture in Indiana Illinois and Kansas
rel o ted that the crop had been unlB-
iured by the recent severe weather, but
the Missouri authorities admitted con-
siderable damage. The result was
doubt and hesitation, which created
dullness and prevented much strength.
1t was not until about &c had been
expedIti0uslv knocked off the price that
the croWi began to realize that the mar
ket was receiving no support from the
clique who had been depended upon to
prevent a break. Upon that discovery
there was general rush to get rid of
long wheat, and it was found by brokers
who held stop-lOSs orders almost impos-
Sible to find buyers. There was par
tial recovery, almost as sensational as
the drop had been. Kennctt-HOpkinS
and EggleStone came in as heavy buy
ers when the price had its big breaks,
and, the crowd jumping to the conclu-
sion that the clique was again at work,
sent the price kitIng. back. According
TO one authority, practically the whole
trade had been failing on after the bull
clique. The news of drop of 213c in
cash wheat at Minneapolis on enlarged
receipts. belief that the clique houses
have unloaded haviIy on July buyers
while holding the May firm, apd a sud
den attempt OF the trade to sch where
there was no one to buy caused the
dump.
Corn showed increased weakness and
declined sharply. The receipts were i'll
excess of expectations. The outward
movement was light, interior deliveries
generous and stocks steadily on the in
crease. Holders soon began to show
encouragement mad there was free
selling, which Increased as the market
weakened. Baldwin d Farnum and
SchwarZ-Dupee were among the most
liberal sellers, and, as the former have
been supposed to be Identified with the
New York combine, the story was
started that that clique was weakening.
The weakness in wheat also and the re-
action in that cereal we're reflected in
the corn pit. The decline was 1c from
last nights figures and the close 38c
from the bottom.
In oats there was an active trade and
a weak market. The weakness was due
40 sympathy with wheat and corn, and
also to liberal liquidation by longs"
and selling by shorts" At 34c for
Nay there was Il big trade, all the offer
ingS being read ly absorbed. Buyers
were finally flied up. however, and the
price then dropped &c below that fig
ure.
1t was not surprising that the provis-
ion trade turned little bearish at the
opening. Hogs were weak and 15c
lower at the yards. On the break Cud-
ahy became a buyer of ribs through
several brokers'. This turned the senti-
Dent of the whole trade. There was a
iarge scattered short interest created on
the decline, and this sought to cover at
once. Prices got a sharp advance of 6Oc
in pork. On the bulge there was some
ceiling for country account and some
taking of profits. Prices yielded little
from best figures during the whrl in
wheat.
Estimated receipts for tomorrow:
Wheat 1876 cars; corn, 260 cars; oats, $50
rars; hogs, $4,000.