The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-05

CHICAGO, Nov At there is bull clique
In wheat, as is so generally believed, the
market got away from 1t today for few
moments. A break of about 2$4c took place
shortly after the opening, followed by an
equally sharp recovery. An attempt to dis
pose of a long line bought some time ago
started the trouble. The market was nervous
to the close, which was at IA 91asc decline
for December An enormous export business
was done at the decline. Other markets were
scarcely ruffled by the violence in wheat, corn
declining but 1Bc, while oats closed shade
higher. Provisions advanced from 2lac
to 121ac.
Wheat opened firm at shade above yes
terday's closing prices. Liverpool was
stronger than expected, showing but Esd de-
cline while Paris was up 80 centimes, in
the face of yesterdays 15sc break here. Light
local receipts were a sustaining influence.
Shortly after the opening. nj which time De-
cember was quoted at 9514 G9514c, the market
was struck with one of those extraordinary
panics that every once in a while knock into
smlthereens calculations based on the sanity
of operators. The panic was apparently the
result of an unskillful arrangement for the
selling out of a line of 25O,OO0 bu December
wheat, upon which the holder had placed
with his brokers a stOp-loss limit when he
bought it, ten days previously. To insure the
prompt execution of the order to stop the
loss at a certain price, the brokers, in antici-
paton of it's reaching it today, divided the
amount among ten or more other agents, and,
Of course when the market got within Lice Of
the limit what appeared to be a general sell
ing panic struck the crowd, and it became i'm
possible to get rid of any until the market
mad dropped about &c from the opening prices
of December. May also suffered but not
nearly so much that option declining to $3.50,
about 1c under the opening prices Buying
orders were quickly distributed among a
number OF active brokers by George B.
French supposed to be the leader of the bull
clique through whose efforts the break in
the market was mended in an even shorter
time than it had taken to smash it. December
hod sold to 92c, but It advanced to CSC without
q stop.
Receipts at Chicago included lie carloads
Duluth. Minneapolis and Duluth received
1O37 cars, against 939 a week ago, and $40
last year. The Atlantic port clearances were
very heavy, 100000 bu. New York advices
were very bullish as regards the number Of
boat loads said to have been worked for ex-
port on the early decline, claims being made
of as many as So loads or 100000 blu. The
ish in its weekly report, saying that the rains
east of the Mississippi had Frightened the
situation very much. In addition more rain
was predicted for tomorrow.
The market was very unsettled after it's
early break and rapid recovery, but it made
no more such wild skips. The tendency was
to sink and even the reported taking of 1872
boat loads at New York and outports failed
10 hold it up. December had Wabbled between
sac and 9434c, but it closed at 94c, as
against 95Hc yesterday. May closed at 915sc,
or only &c above it's lowest on the big break.
Corn was dull, but, considering the cratic
character of the wheat market, very steady.
A slight advance was noted at the opening,
due to the small receipts, 927 cars When the
sensational break in wheat occurred, prices
dipped &c from the high point, but recovered
later, December showing but 1sc dscline at the
close. Atlantic clearances we're $1,000 bu.
Gables 1sc higher. December ranged from
263sc to 26c, closing at 2615c. Oats were firm,
especially during the carry part OF the ses-
sion. The break in wheat and corn was not
responded to, even though business was in
active. The urgent demand from exporters
for the cash article was back of the strength.
Todays sales for shipments aggregated 200-
OJO bu Receipts were $50 cars. December
ranged from 1875 to 1880, and closed a shade
higher, at 191aG195sc.
Provisions were dull but firm, with the OK
ception OF a short time after the opening,
when the gyrations of wheat produced a
somewhat unsettled feeling. Offerings were
small, and with a moderate demand prices
rallied little. Trading throughout was un-
important. At the close December pork was
IOUl2l@c higher, at $7.S712; December lard
DC higher, at %.25, and December ribs, 21bc
higher, at $44712. Estimated receipts Friday:
Wheat. l2O cars; corn, 80; oats, 240; hogs, rs
600 head.
The LEADING fut,-oe ropoo5 o f,,