Democratic Sentinel, Volume 16, Number 5, Rensselaer, Jasper County, 19 February 1892 — MARKETS IN A PANIC. [ARTICLE]

MARKETS IN A PANIC.

CAUSED BY REPORTS ABOUT THE ANTI-OPTION BILL. Chicago Board of Trade Member* Extremely Uneasy, Fearing That the Bll] • May Pans—Steps Taken for Relief— Uncertainty I* Felt Everywhere. Took a Big Tumble. Wheat took a big tumble the other day in the Chicago Board of Trade. It began sliding downward as soon as trade opened, and before the leak was stopped it had fallen 4 cents—enough to cause tremendous excitement among the operators. It was all started by a little rumor, which came on the top ol the uneasy feeling that has pervaded the board ever since Hatch introduced his anti-option bill in Congress. This rumor was nothing more or less than that somebody had got a sure “tip” that the Hatch bill would be reported upon favorably by the Committee on Agriculture, and that the bill was pretty certain of becoming a law. This was enough to throw the room into a fever of excitement, says a Chicago dispatch, and in a little while everybody was trying to get rid of his wheat. The situation was aggravated by an announcement from several big firms that they would discontinue dealing in privileges. The smash in tho markets took place in less than fifteen minutes. Business during the entire morning had been marked by an underlying tone of nervousness, due to dispatches from Washington predicting the passage of the bill. Prices had fallen sharply once, and afterward recovered part of the lost ground, with a look of closing higher. Suddenly another flood of dispatches canfe from Washington. In two minutes the newfound strength had given way to weakness, had spread into a genuine panic, and' the entire throng of brokers were screaming their offers to sell at any price. The market had dropped to 89$ cents when the bell tapped. But as the crowd poured down-stairs it continued tracing at still lower figures, and long after the session had closed wheat was quoted at 87 in the corridors and offices. The excitement increased even after the trading was over and members gathered in little knots and discussed the situation. The board of directors met and decided to send another committee at once to Washington to use its influence against the threatened legislation The naming of the committee was left with President Hamill, who will be its _ chairman. A similar committee which was appointed to visit Washington for the same purpose two weeks ago was dismissed. It is understood that its work was unsatisfactory, and it is thought a new committee may bo more effective among the nation’s legislators. Members of the Board of Trade are I thoroughly alarmed at the outlook at Washington. The bill, which, if passed and enforced, would literally drive the Board of Trade out of existence, is reported to be looked upon very favorably in both branches of Congress, and speculators, big and small, are wondering if it can be possible that their business will be taken away from them. Aside from its effect upon the market the bill was v. ry much in evidence all day. It was the sole topic of discussion, and, as is usual with Board of Trade men, there was a wide divergence of opinion as to its effects. By many it was viewed as a menace to a great invested capital. There, were undoubtedly many anxious consultations in commission houses. Several firms, it was said, who had arranged to enlarge thoir facilities, had decided to await events. Wheat was not the only product affected by the alarm. Corn was lower; so were oats; so Were provisions. Cotton at New York, very weak at the best, dropped to 6,89 for May, the lowest price heard of in fifty years; lower than anybody evei; knew cotton to sell since future delivery sales were established.