The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-01-30
CHICAGO AAnkEra

me R0ofd Oh Ifo4e.
Chicago, Jan. 2s.-1The Board OF Trade
markets were wildly excited today and
made sensational decline. affected by
heavy selling under the influence Of
the gold export scare and the strained
financial condition. Cash wheat went
below all former records. and was
worth only 49c a bushel. There seemed
to be wheat. both cash and optional, to
burn ON the board today. There might
have been a few failures. but the mar
ket recovered at an opportune moment.
Yesterday May wheat closed at IS lee.
Today 1t opened at Sc, and then
dropped to Sc s-4c. Tie market was
very shaky. and a panicky feeling pre-
vailed all around. There was every
indication that a big crash was in pros
pect, but this was prevented by a lucky
chance. which shored the. market and
doubtless saved several firms on the
board from throw 6 UP the sponge.
When SIC for May had been reached.
Charley Smith, seeing q chance on the
100000 OF puts which he bought yes
terday. began to buy heavily against
them. Others who were in the same
boat did likewise. and this heavy buy
Ing had the effect OF staying the market
and restoring 1t to a feeling OF strength.
Under this influence the market raj
lied. and danger seemed to be tempo
rarily averted.
In sympathy with May wheat. clay
corn broke and tumbled head.0ng. HAY
which losed last night at "A 5-Sc opened
today at a 3-Sc, and at once broke to
44c. Before noon 1t had fallen to ~ 1-2c,
but rallied later with wheat.
Provisions also came in for their
share of the general decline. May pork
dropped soc. It rallied again on heavy
buying orders.
Chicago Jan. 29.--At the opening of
the session the wheat spectators gave
unmistakable Indications of what they
thought would be the effect upon trade
OF gold exports and the strained finan-
cial situation resulting thercfrour. The
weakness OF foreign markets In the
face of yesterdays advance here was
likewise an element in the distrust
which prevailed at the opening. May
wheat, which closed yesterday worth
So lie, opened with selIers offering 1t
freely at anywhere from CSC to Sc 3-4c.
No general demand sfrang up until 1t
touched 50 Lee, and such as sprang Up
at that price was against puts. which
had bought good for today at from
50 f-sc TO IS lac. Smith, who was said
to have bought puts on 1900. 900 bushels
at the prices named. was credited with
purchasing 1000. 900 bushels OF May
wheat at between Ee f-2c and 81 s-4c.
and that along with similar purchases
by others who held puts. proved a
check for the time being. BY 1850
O'Clock the price for May had been re-
ducef to SIC. with January or cash
wheat at 4ac. Decentralization had by
that time spread TO every speculative
market on the floor. and the agitation
became extreme for q minute or two.
but was checked again when a fresh
demand was struck at the decline last
referred TO.
Apart from the demHsalizing effect
of the financial situation upon the for
eign and domestic grain markets. the
other matters pertaining 20 supply and
demand were encouraging TO holders.
and that more than anything else en-
Outraged buying. The total OF the pri-
nary market receipts today was only
ITa.o0o bushels against 19s.o0o on Tues
day OF last week. and compared with
2s3, go on tins corresponding day OF the
year before. The export clcarances from
the principal Atlantic port amounted
TO 200 600 of wheat and about 1900
bushels In the shape OF flour. The pur-
chase for export from New York Of
about thirty boat loads and from South
ern ports from thirty 90 thfrty-fye
more, and the taking of about 80. eco
bushels Of spring ard winter wheat
here. caused some covering Of shorts
In the last half hour OF the session.
and May declined TO Sc and closed with
baye~s at s. T-sc-
The general Generalization which
struck everything On the speculative
Hss this morning was nowhere more
conspicuous than in the corn pit But
the break IN wheat at the opening
caused holders OF corn to rush their
stuff on the market regardless OF eysrs-
tRssag. The country holdings, which. Up
Il, within the last few days, hzu with
stood al attempts OF disiodgrnent. have
been gradually undermined and were
topping over. Today there ~sas-a ger-
era; caye-sn. as May CORE. which closed
yesterday at ~ lac was Offered for
sale al - lie before noon Today. A
secoywy Of lc per bushei Ia the pTice