The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-23
LONG WHEAT OVERWHELMED THE
MARKET AND PRICES TOOK
TUMBLE.
HEAVY LINES SACRIFICED,
STOP LOSS ORDERS A DOMINANT
FACTOR IN THE FINAL
STAMPEDE.
NET Loss OF NEARLY FIVE CENTS,
Break One of the Heaviest Ever
Recorded in Single Day for
Chicago Wheat

CHICAGO, Oct. 22.-One of the heay-
lest breaks in price ever recorded in
one day, on a market which was not
influenced by the bursting Of a cor
ner, was the outcome Of todays trad
ing in wheat. From the close Of the
day before until the last moments Of
today's session, the decline was nearly
5 cents per bushel. Corn and oats held
steady and, compared with wheat, they
might almost be called strong. Pro-
visions likewise were but slightly af-
fected.
December wheat, which closed yester-
day at 7514 cents, opened this morning
from 74A, sellers, down to 733zcents.
Very few of those who wanted to sell
succeeded in getting above "A cents,
and in very brief space of time there
were no buyers at over f31a cents Be-
fore half an hour of the session had
passed, wheat sold at 721A cents. Yes
terday morning on the curb, the price
was 1874 cents; today about 10 O'Clock
it was 7212 cents. 1t is not often that
the price has such a sensationally sud.
den collapse.
Tight money was the principal factor
of weakness The banks are said ia
be inclined to refuse loans, and the
carrying charges which speculation has
had to bear are said to have been in
some instances as high as 25 per cent
per annum. 1t was felt that such con-
ditions could not continue, very de-
pressing factor on values, and hence
the smaller operators, who We're suf-
| fering the most inconvenience as bor-
roWers, made an early rush to sell.
This brought an immense amount Of
wheat on the market
Stop loss orders were in the hands
of nearly every commission man and
the opening decline caught most of
these. From 721s cents for December.
there was rapid recovery to 7315 cents.
and after another decline to 73 cents.
the price again recovered in a more
gradual way, until it reached IA cents.
The activity which had characterized
the trading up to the latter point ceas-
ed there, and for long time thereafter
there was nothing left of the two days
stern but the quiet heaving Of the
ground swell
Opening cables exhibited considerable
weakness and aided in the decline,
Liverpool opened 11kd lower fol-
California futures and 2Ad lower foI
red American, while early Berlin ca
bles showed a decline of 41s1narks. about
Use per bushel That the financial
end of the deal was being made the
most Of to force prices. down, everybody
believed, but that made it none the less
effectual. After the rise to "A cents,
the price sagged again to 721k cents,
and was bringing about 7S cents at
o'clock
In the last ten minutes of the session,
Bedlam broke loose. The price began
to tumble and panic about describes the
condition Of mind of many of the hold
ers of long wheat Stop loss orders
again came into play and some very
heavy lines were sacrificed. San Fran
cisco and st. Louis, from whence came
buying orders earlier, were heavy SELL
ers in the last stampede. The San
Francisco market was quoted as clos
ing, as this was, in a panicky condition,
and rumors of Cudahy selling out,
Armour pounding the market and other
unauthenticated canards helped to
keep up the demoralized condition Of
the crowds to the end December
tumbled from 72 to 70A cents, in less
than ten minutes, and closed at 701A
cents, or AZ cents below the final quo
tations Of the day before.