The morning times., 1896-10-23
HEAVY LOSSES ON WHEAT
Wild Excitement Prevailed On
Chicago Change.
SELLERS WERE FRANTIC
Thousands of Bushels Dumped on the
Market, but Buyers Ceulu Not Keep
Pace with the Quantity Offered.
Banks Refused to Loan Money.
Election the Only Relief III Sight.


another big tumble on the board of trade
| today ami the wild excitement ON change
which accompanied the collapse bOrdcred
on Il panic. There was Il fan of 3-4 cents
from yesterdays closing price, exceeding
the advance for any day since the sensa-
| tlonal upward movement began in this
country and abroad.
LaLe in tne day there wasa recovery and
the highest point during the morning seS-
sion was "a l dc. The closing price was
701-2 cents.
Toward lnc closing hour the slump was
| SO rapid that drops OF accent and more found
no bidders. The price went from 73 to
| n Lie. 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 rumor that CudaiIy hau joined
| Armour i'll unloading his holdings. Thous-
| ands of bushels were dumped on the market,
| but there Were no buyers who could keep
| pace wIt.I the quantity offered. There were
| some heavy losses. The main cause uf the
| decline was said to be the failure 10 secure
advances from the banks for buying cash
| wheat.
BLAMED THE BANKERS.
within half an hour after the opening
| the price of December Went down "a
| cents auithe ineXorabIe banker " as blamed
| for refusing to lend money on any terms.
| The demand for money overshadow cd all
talk of foreign shortage. OF shipments to
India, or news from Australia and Russia.
Cash wheat sold below futures ana the
| price of the former declined from to Z
cents before traders " ere allowed breath
! ing spell.
Armour said that the key to the situa-
! ton was the scarcity OF money and that
| ~ pTi.t Of casn wheat was pulling future
wheat down.
| The curb last night prepared the way
| for the slaughtering Of the market price
today. Wheat sold at "A in the street and
this, added TO the cry Of distress from
fn'- cash market. thr-W the % lnJu u's-
terics at the opening Houses We're
s~ amped with country orders to sell at a
certain price il the decline continued.
Most OF them wanted the deal stopped at
a to "A . cents, but before they could
as much as shout Sold" the expert in
the box had marked the price dow II from
10 A to az IL.
SPECTATORS QUALED.
Then pandemOnium broke loose in all its
inry, ami the bra Vest spccnlatOr was filled
with Il dread Of what might come.
Bulls with big lines OF December wheat.
who have been busy unloading during the
last few days. surrendered some more to
the tottering market They sold at prices
which brought them fortunes. AMI took their
chances Of buying back again at Il lower
price. The bulls who have been CRYING
dollar wheat however, have not been
So silenCed by the tumble of the last two
days.
The bankers said that the election un.
certainty made il imperative for conserVa-
tive banks to decline loans for speculation
IN large sums. Armour, grain department
state tbe money market Wa = becoming more
closely allied TO the wheat market and
| ok
MONEY Is SCARCE.
st. Paul, MINI, Oct 22.-The elevator
companies, because of their inability to get
money for wheat storage operations, arc
compelled TO sell the wheat bought in the
country in order To realize money with which
TO make further purchases.
The deinauG for cash wheat IS thus cut in
two by the fact that terminal companies
find il difficult to provide themselves with
necessary money, so that nllers come in as
practically the only support OF the cash
market, and their wants are not sufficient
TO take all the wheat offered The result IS
the cash price has fallen heavily within a
week, and elevator companies have widcned
Their purchase charge from &c to &c and &c
lhey cannot pay more because they canlot
sell The wheat except at a wide difference
The millers have no money to put in
wheat except when the offer is sufficently
low 10 warrant lne payment oil a nigh ill.,
terest rate, when they are fortunate enough
to find one who is willing to let money on
the best security in the money market.
The Minneapolis elevator companies hav,
been in the habit of borrowing millions OF
money at 3 3 and per cent on whca,
security. But now little can be had nc
matter what rate is offered.
Up to within a few days there has beer
a fair supply of money for moving wheat
The elevator companies have, how ever, beer
obliged to ship wheat 10 some extent tt
provide funds, but they have not cut prices
. to the farmer on that account.
From premium over December wheat
the price of cas sh wheat has fallen to ant
5 cents under December prices. As th'
elevator Companies must sell i'll the oper
market they cannot pay more than the,
can get