The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-05
BRIEF PANIC IN WHEAT
PRICES FELL OFF NEARLY sc AND
THEN QUICKLY RECOVERED.
Nervous Chicago Market on Conflict
ing Observation-Disclosures Made Slight
Advances in All Lines.

CHICAGO, Nov. At there he a bull
clique in wheat, as is generally believed,
the market got away from it to-day for
few minutes. The break of about 2s4c took
place shortly after the opening, followed
by an equally sharp recovery. An attempt
to dispose of a long line, bought some time
ago, started the trouble. The market was
nervous to the close, which was at 1AQ1$sc
decline for December. An enormous export
business was done at the decline. Other
markets We're scarcely ruffled by the vio-
lence of wheat, corn declining but 1sc, while
oats closed shade higher. Provisions ad-
vanced 212Q1212c.
Wheat opened firm at a shade above yes
terdayS closing prices. Liverpool was
stronger than expected, showing but 5sd de-
cline, while Paris was up 80 centimes in the
face of yesterdays 1850 break here Light
local receipts were sustaining influences.
Shortly after the opening, at which time
December was quoted al 95AM951Ac, the
market was struck with one of those ex-
traordinary panics that every once in a
while knock into smitnereens calculations
based on the sanity OF the operators. The
panic was apparently the result of an I'M
skiIlful arrangement for the selling out of
line of 250, Wv bushels December wheat, on
which the holder had placed with his
brokers a stop-ioss limit when he bought it,
ten days previously. TO insure prompt ex-
ecutlon of the order to stop the loss at a
certain price, the brokers, in anticipation
OF It's reaching II to-day, divided It's amount
among ten or more other agents. ana, OF
course, when the market got within l-16c
or the limit what appeared 20 be general
selling panic struck the crowd, ana 1t be-
came Impossible to get rid OF any until the
market had dropped about &c from the OPEN
ing prices OF December. May also sunered,
but not nearly so much that option declln-
ing to 9l9sc, about cent under the opening
prices. buying orders were quickly DIS
trlDuted among a number or actIve brokers'
by George Is. French supposed to be the
leader oil the bull clique, though whose eff
iorts the break in the market was mended
in an even shorter time than it had taken
to smash it. December had sold down to
we, but 1t advanced to 95c Without a stop.
Receipts at Chicago included 1l6 carloads
by rail- and a cargo of ~, S33 bushels by lake
from Duluth. Minneapolis and Duluth re-
celVed l,U3i cars, against $50 week ago and
649 last year The Atlantic port clearances
We're again very heavy, 10000 bushels. New
YORK adV1ceS were very bulliSh as regards
the number of boatioadS SAID to have been
worked for export on the early decline,
claims beng made of as many as ninety
five loads, or 100000 bushels. The Cincinnati
Price Current was decidedly bearish in its
weekly report saying that the rains east
of the Mississippi had frightened the wheat
crop 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 skps. The tendency was to
SINK, ana even the reported taking of a to-
tai of 1872 boatloads at New York and out
ports failed to hold it up. December wab-
bled between 9414c and $3.50, but it closed at
S4c, as against S5Ac yesterday. May closed
at 1880, or only Ac above it's lowest on the
big break.
Corn was dull, but, considering the err
ratio character of the wheat market, very
steady. A slight advance was noted at the
opening, due to the small receipts, 1927 cars.
When the sensational break in wheat oc-
Cured prices dipped 3sc from the high
point but later recovered, December show
Ing but 1sc decline at the close. Atlantic
clearances were $4,000 bushels. Cables were
sd higher, December ranged from 263sc to
&c, closing at 26lsc.
oats were firm, and especially during the
early part of the session. The break in
wheat and corn was not responded to- even
demand from exporters for the cash article
was back of the strength. To-day's sales
Tor Shipment aggre ted 200, 900 bushels. Re-
celptS were $50 cars. December ranged
from 1890 to 1880 and closed at 191aQ195sc.
Provisions were dull but firm, with the
exception of a short time after the opening
When the gyrationS of wheat produced a
somewhat unsettled feeling. Offerings were
very small, and with a moderate demand
prices rallied a little. Trading throughout
was unimportant At the close December
Der lard DC higher, at $4.25, and December
ribs, PFC higher, at $4471a
Estimated receipts for Friday-Wheat, 120
cars; corn, $50 cars; oats, 240 cars hogs,
$4,000 head.
Leading futures ranged as follows: