The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-23

Selling Growing to a Cyclone in tn
Last Few Minutes-December Closes a
20 LIZ Cents-New York's SIuml
Amounts to Five Cents-San Francisc,
uiisses the Indian Demand-Tigh
Money BIarket-Northwest Receipts.
Chicago, Oct. 22.-wheat took another
downward plunge this morning Open
ing trades for December option were
made from 1875 to- "a cents, the nigh
est figure paid being actually a cen'
under yesterdays closing. II sold i'm
mediately down to 1874 cents and rallied
to 1875 cents, then started on rapid
and nrvous decline TO 721. cents. Nari-
Gus influences contributed TO the weak
ness. chief among them, however, being
the tightness of the money market, and
traders. seeing no immediate prospec:
Of relief, sold freely. Stop loss orders
were also abundant. Gables showed a
decline and northwest receipts were
heavy, as usual, running somewhat over
last years. Second cables showed a
still further decline. This caused re-
newed liquidation, and December, which
meanwhile had recovered TO 1872 cents,
started down again, reaching 70 cents
by 1890 o'clock. Again the market
turned sharply upward and at 11:45 a.
m, December was quoted at a cents.
Chicago, Oct 22.-Almost cents a
bushel was clipped off the price OF wheat
today. December, which closed yes
teIday at 75A cents, finished today at
7012 cents. 1t is not often that the price
has such a sensationally sudden col
= lapse. Stop loss order sales were in the
hands Of every commission man who
had customers long on wheat and when
a decline came early today it caught
the most Of these. 1t was practically
impossible to follow exactly the stop
loss orders at any given figure and the
result was an almost unanimous rush
to SELL
The closing fifteen minutes was mark
ed by scenes of unparalleled excitement.
In that brief period the price of the
December option, which had been tum-
bling around 7314 @73s. cents in an un
certain fashion for some time. fell to
T0i2 cents, the low point of the day.
Most Of the late decline occurred with
In a space of five minutes. Liquida-
ton had been going on on a large scale
fering large lots OF cash wheat was
construed es meaning that there were
no immediate prospects OF an improve
Eent in the money market. About 1
O'clock Cudahy's wheat began TO go
over 1t was the last straw. In a
minute the wheat pit, which had been
iv1y enough before. was in perfect
pandemonium- Wheat was thrown on
the market IN a perfect delUge. From
Y cents to Il cents, which drop Oc-
Cured In almost less time than it takes
to chronicle it, it was impossible 10
sell a bushel. Down the price went
till liz cents rad been reached. Then
q short breathing spell occurred. The
market quieted down for an instant
and the price rallied Il of a cent, though
no support was given in the meantime.
But 1T was the calm before the storm
Away it went again and in the closing
minutes the market was in perfect
chaos. No one wantedto buy. everyone
wanted TO sell and a minute before clos
ing December was offered at 70A cents.
AS the closing bell rang out 7011 cents
was being quoted.
NEW YORK'S FIVE CENT SLUMP.
. New York, Oct. 22-Today's wheat de-
rLned to a point cents below last
uISHI ClpSc All ncy IOilS the MAJ hCI
was under bear control, although at
midday talk of export business in the
northwest started some buying. 1t
only served to intensity the demora1i-
cation of the last half hour, however.
At $40 o'clock December ruled fairly
steady at S0Ac. while soon after 2
O'Clock it sold at 77Ac. The decline
was almost unprecedented in its fierce
ness. 1T was caused by a tight money
market and inability Of bulls to hold
on TO their wheat any longer. The
break was accompanied by the widest
excitement and prices descended so rap
Idly that il was utterly impossible for
brokers 10 execute their orders any
where near the desired figure. Plunges
OF 4 to &c were frequent Early in the
day traders had an idea that the break
was over and loaded up accordingly, |
only TO be caught by the slump near the |
close. Foreign houses were heavy sell !
ers during the entire session. Reports
from Liverpool, Berlin and Paris showed /
weakness at each market. In addition
TO this, northwest receipts were again F.
On large scale Transactions for the /
day amounted to II, 430, coo bushels.
in corn and oats there was a small
trade With a very steady market. The
opening was weak, but the offerings
were soon taken care OF and during the
balance of the session the markets were
steady. easing off a little in the last few
minutes with the break in wheat.
INDIAN DEMAND GONE.
San Francisco, Oct. 22-Wheat had |
another break today but the bulls be /
lieve ii Will soon reach a point where |
the demand win again be stimulated. |
\ great depressing factor in this mar
ket fer the last few days is the fact |
that the demand for wheat for Ship |
ment TO India has entirely ceased. While |
futures were going DOWN at rapid /
rate today. George w. NcNesr was pay !
ing SI:4O per GENITAL for spot wheat. De- /
cemher at the same moment was sell |
Ing at 81 IS The noon session closed in |
sonlbre fashion. The shorts drew down |
their margin money and the longs put |
up theirs. Many small fortunes on |
paper We're swept away. AT the after I
noon session the demand was trifie I
flrner than during the morning. De |
cember wheat sold at sl.S3S. but closed 4
steady at Si.52iA. May rose from sLS1 4
10 a.S1Ss, at which figure il closed. I
Spot wheat closed at sl55.
FOREIGN WHEAT MARKETS.
Liverpool. Oct 22-W leat-Spot. quiet: |
demand poor; No. red spring 6s sc; |
No. hard Misunderstanding quoted: No. |
! California IS Id. Futures opened easy /
with near and distant positions 2Ld
lower; closed unsettled with March s4d 4
lower and other months 3I-d lower. ,h,,s,- /
ness about equally distributed: October
6s 60: November and December IS 81.
January. February and March IS Sd
London, Oct. Pat the Baltic TODAY
the cargo wheat ma rket was dull NJ ~,
opening. with sellers generally Offering