The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-23

Prices-Liverpool Market Weak
ems Under the influence of the Big
Decline Here-Lov Prices In San
Francisco-St. Louis Among the
SuRerers-other Markets OF the
World.
/ CHICAGO, Oct. 22.-Wheat continued
its rapid decline this morning.
More long property and some
short" pressed on the market.
Liverpool was weak and lower, and
continental markets furnished a similar
story. The cash situation has assumed
considerable Importance.
Tight money is reported from all the
business centres, and the question of
carrying wheat is one that is crowding
all others at the present time. The
confirmation Of India sales at San
Francisco shows that much exaggera-
ton took place regarding that phase of
the situation, only six cargOeS being
worked, where at least fifteen were re-
ported at different times. Everything
considered, the situation was less bui-
lish than O. week ago. The northwest
had 1000 cars against 1,0S7 a year ago.
Export clearances were 355, T25 bushels
During the last half hour. panic
reigned.
Confusion was extreme, millions of
bushels being poured on the market
regardless of price.
December fell from 1917 to 70A, with
lightning speed, the excitement COM
ing to an end only with the closing
tap of the bell.
December wheat opened from 741A to
1875, sold between TAX and 70A, clos
! ing at 70l@; Az under yesterday. Esti-
mated receipts for tomorrow 1S1 cars.
Oats-With wheat and corn declin-
! ing, little hope was entertained for
oats. Holders made the best of bad
situation and sold on every hard spot.
Receipts were 422 cars and 113,545
bushels were taken from stock. Ex-
ports were 1880 bushels. May oats
closed H@N lower. Estimated receipts
for tomorrow $50 cars.
! Provisions under the stress of weak
ness in the grain markets product
! displayed an easy feeling at the open
! ing, but it was later succeeded by a
steadier one. The hog market was
firm, which fact extended assistance
to provisions. The close was easy in
! sympathy with the break in wheat.
! JANUARY pork closed 121a cents lower,
January lard unchanged and January
ribs 21z@5 cents lower. Closing prices:
/ ssW heat-October, 671s; December, 701a;
May, 74A.
| corn-October 22@22,s; December.
234 May, 271s.
! Oats-October, 17h; December, 1871:
May. 21Q211s.
Pork-December, $50; JANUARY, IT'S.
Lard-pecember, 4.171s; January, 4.40
Ribs-December, $50; January, 1924.
Another story.
CHICAGO, Oct 22-December wheat
took another tumble on the Board of
Trade today, and the wild excitement
on change which accompanied the COL
| lapse bordered on a panic. There was
a fall Of Az cents from yesterdays
| close, exceeding the advance for any
| day since the sensational upward move
ment began in this country and abroad
! The closing price today was 701s cents.
Late in the day there was a recovery,
and the highest point during the morn
ing session was 7414.
| Toward the closing hour the slump
was so rapid that drops of a cent and
more found no bidders. The price went
! from GO to III in five minutes. The
scenes in the pit were such as Board
| Of Trade history is made of. There was
| a frantic rush of sellers on the strength
| of a rumor that Cudahy had Joined
Armour in unloading his holdings
| Thousands of bushels were dumped on
| the market, but there were no buyers
who could keep pace with the quantity
offered. There were some heavy losses
and general fear is expressed for tomor-
row. The main cause for the decline
was said to be failure to secure adj
vances from the banks for buying cash
wheat.
| in !, he inc
! the price of December went down "a
and the memorable banker was blamed
for refusing to lend money on any
terms. The demand for money over
! Swallowed all talk of foreign shortage
| of shipments to India or news from
| Australia or Russia. Cash wheat sold
below futures, and the price of the
former declined from to cents before
| traders were allowed a breathing spell.
| Armour said that the key to the ST
| uation was the security of money, and
that the price of cash wheat was pulling
| future wheat down The curb last
| night prepared the way for the slaught-
| ering of the market price today. Wheat
sold ait "a in the street and this added
| to the cry of distress from the cash
/ market threw the pit into Mysteries at
the opening. Houses were swamped
| with country orders to sell at a certain
| price if the decline continued. Most of
| them wanted the deal stopped at "a to
| 741h cents, but before they could as
much as shout sold" the expert in the
! box had marked the price down from
75A to ny. Then pandemonium broke
| loose in all its fury and the bravest
! speculator was filled with a dread of
what might come next.
The bulls with big lines of Deem
| Der wheat who have been busy unload
| ing during the last few days, surren-
| dered some more to the tottering mar
ket They sold at prices which brought
| them fortunes and took their chances
| of buying back again at lower price.
The bulls who have been crying DOL
lar wheat" however, have not been
| silenced by the tumble of the last two
days The bankers said that the cleo
ton uncertainty made it imperative for
! conservative banks TO decline to loan
/ for speculation in large sums. Armours
! grain department stated the money
market was becoming more closely al
| lied to the wheat market and that the
| election was the Only relief in sight.
st. Louis Wheat.
| ST. LOUIS, Oct Notwithstanding
the effort of the bulls to maintain
prices and even advance the market,
the speculative character of the ad-
! vance in wheat was demonstrated to-
! day when the bears, almost without
effort, lowered the December option
/ from 761s to 1875. Liquidation by the
dor r1-o,, tod m crat r1rt ~, RIG