The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-22

OF 1-S Cents Since Tuesdays Closing
Winter do the Tripping Up Act-Curb is
Hysterical Before the Opening ard the
| Early Hour is Frantic, With Cables Up
| Corn. Oats and Provisions Down-Wheat
Marie. Elsewhere.
Chicago, Oct. M.-Wheat took an en-
phatic and inglorious tumble today, the
December option closing al 75Ac de-
cline Of SIC from yesterdays closing
prices, and that too, after selling at
1910 on the curb. The principal de-
pressing features were the tight money
market and the fact that No. 8 hard
winter is now selling at a discount OF
from 9 20 10 cents under December.
Other markets were more or less affect
ed. Corn declined 12sc, oats sc, and
provisions 10a121a cents.
| On the curb before the opening Of the
regular wheat market this morning the
! feeling verged on the historical for a
| while. December was first quoted at
7S1zc. It jumped to 1870 in a few min
! utes, then came down with a slam to
! 7l1ac. On the regular board the traders
commenced practically where the ire
pressibles on the early curb had left of.
/ The range in the price OF December at
! the moment when the tap of the starting
! signal was heard was from 7T7sc to 771sc
! as compared with yesterdays closing
price Of 1850, with sales as low as 7Ss4 C
in the next moment. The shaky condi-
ton Of affairs was a surprise because
public cables showed Liverpool I'd up
and Berlin IL and IL marks higher.
! So wild was the opening in the pit that
prices in different parts were almost
one cent apart at the same moment.
Cable reports, afterwards denied, that
corner had broken in South Russia did
much toward unSettling the crowd. But
the tightness of the money market and
the consequent depressing influence that
circumstances had on the price of cash
wheat, together with the strained con-
dition OF the speculative deal, were
mainly responsible for the decline, and
in fact were the Overshadowing influen-
ceS all day.
The cabled reports of the advance at
Liverpool was accompanied by a state
ment that it was due entirely to the adj
vance here yesterday. The advance
here near the close yesterday was very
generally attributed to a shrewd spec
ulative move by John Cudahy. For
Liverpool to have no better reason there
fore, for its overnight bulge was a cSuse
OF weakness instead of strength. The
scarcity of ioanable funds in the north
west, which was corroborated by the
increasing discount for cash wheat at
Minneapolis was not confined TO that
section alone, as was seen in the widen
ing OF the breach here between the price
of cash wheat and December About
ten days ago regular No. wheat seller
October, was only &c lower than the
active future, December, whereas today
100, 000 bushels seller October was sold in
the pit at 21ac under by a firm that had
the grain to deliver. Bradstreet'S Wis
ible supply statement, which was re-
ceived at II O'Clock and showed an in
crease of 6, 200, 900 bushels in the worlds
stocks of wheat since a week ago, caused
an augmentation of the heavy feeling
with which business commenced, and
the heaviest decline occurred after its |
After the first slump to 76s. C |
there was recovery to TIC. That was |
followed by a dip TO 7615c and recovery |
to 77Ac. 1t sold gradually down to |
751s, recovered again to 1850, and then |
followed q decline which did not stop
short Of 751sc. with 751lc the bid price !
at the close.
Corn was sympathetically affected by |
the weakness in wheat and a decline of |
sd at Liverpool. The heaviness of the |
although not quite as heavy as |
had been estimated yesterday. was an
other element of weakness. the yard. |
mere being full of cars waiting to be I'M
loaded. Opening prices for May were /
at 2Sa4c, decline OF &c. 1t declined to |
and closed weak at 277sc. December
was even weaker than May, declining
l%c.
Oats declined with wheat and corn.
and at the lower prices the market was
active. There We're liberal offerings
and good demand. While the mar
ket was mainly a sympathetic one, the
liberal selling went long way towards
creating the heaviness. An increase
Of 1872, 900 bushels in Bradstrest's report
Of the visible supply also had a mate
rial influence. May opened about &c
ower at 21&4c to pc. declined to 2llsc,
and closed easy at q &c bid.
Trade in provisions was light. The
opening was weak and at a slight de-
Zine and that feeling characterized |
4 tuillS diA Jay PACKETS were Itle Drl0-
sipal sellers, their offerings being quite
rec, aud but little support developed.
The closing was at about bottom jan |
Iary pork closed 12is cents lower at S7S5
January lard 1212 cents tower at $40;
January ribs 10 cents lower at s3.S5G
'S7ls
Estimated receipts for Thursday:
Wheat, 80 cars; corn. 700; oats, 3S7: hogs
{, 900 head.
BULLS LOSE THEIR GRIP.
New York, Oct 21-The bulls lost
heir 4p on wheat today and there was
decline in prices that wound up with
let loss for the day OF 3SG3izc-
the entire session the mar
let was fairly buried under = landslide
y long wheat. It poured in from all
.ides. but chiefly from foreign houses.
This was the straw which broke the
,ulrs back. All recent bull strength
las been derived from abroad and TO-
lays weakness in cables and European
lfferings defisd all efforts - stay the
ide Of tiquidati tons. Even some OF the
taundAest bull operators became alarm
i az the downward rush and threw
ver their wheat. The grea test excite
nent was at the start and during the
nal hour. Prices then made gymnascsc
evolutiins that set the pit in an upr0ar. ,
december wheat which opened al the
FAY from S5I. 10 S4izc. closed al s2iS
N the curb before the opening i touch
d ssi.c. or within &c CT ;he top notch
D. Tire year. The selling movement vas
1tens2iei by an increase Of over 5000 ,