The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-26
PRECEDENT IN ALL BULL
MOVEMENTS.
CAUGHT UNWARY OPERATORS.
MANY PAPER FORTUNES CUT DOWN
AND SOME SWEPT
AWAY.
To the Man Who Has Cash to Buy 1t
and Sell mber-Herald's
Grain Review.

CHICAGO, Oct 25.-The Times-H Her
aid, III its review and forecast of the
wheat market will say tomorrow
1t is rare that a speculative market
advances 10 per cent without a pause
and a setback; rarer still that a 20 per
cent gain is made without some trials
for the bulls. The wheat market last
Monday showed a rally within six
weeks of 40 per cent and up to that
time the bulls had had no troubles at
all Is it anything wonderful that dur
ing the week the holder did begin to
suffer the ordinary hardships of a spec
ulative market, or any wonder that,
after an incessant advance of 20 cents
a bushel 10 cents Of it should be lost,
some easily made profits reduced and
some recklessly pyramided lines top
pied over.
The substantial causes which started
the wheat advances did not change last
week Possibly some exaggerated
views in regard to them were modified,
but the claims of famine danger in
India were confirmed and the general
alarm abroad over wheat supplies was
demonstrated. The situation which did
change was the speculative. The rapid
advance had built up many top-heavy
long interests. Some of the bulls, even
some of the most important of them,
had overplaced. When the realizing,
which was inevitable in such an ad-
vance began, the market was unsafe
because of the many lines with aver
ages perilously high Everyone knows
how the topping of one pyramid
threatens another There was not a
commission man at the close Of last
week who could not tell of some extra
ordinary paper
PROFIT WIPED OUT
by the unexpected breaks. Tight
money contributed to the troubles of
the bulls. There were premonitions as
early as Monday. On Thursday the
situation had become sensational The
wheat spreads at Minneapolis on
Wednesday showed that the man with
money could make 35 per cent interest
by buying spot grain and selling De-
cember. The rate became as bad as
that here the next day. On Thursday
there was for d time only one buyer of
car lots in the market and not more
than three or four buyers on any scale
the whole day The spreads here
showed 80 per cent interest rate all
over the f1oor-in fax and coarse grains
cember was naturally terrified when he
learned that spot was offered 31s cents
cheaper and good shipping grades SC
TO 12c under what he had paid. Pos
slbly there was some manipulation Of
the money market by bear interests.
That, however, did not any lessen the
effect of the killing of rates.
Powerful influences were arraved
against the wheat price all the week.
1t lookd as if Armour, who had lioui-
dated a long line under 20 cents, sold
1t all the way up from that point. That
was the pit theory at any rate. There
were reasons why the elevator people
generally wanted a berak. They had
a great deal OF money tied up in mar
gins, and such an advance in the height
OF the movement of spring wheat was
nSt to their liking. The signs at times
during the week suggested that the
elevator people here and in the North
west were pulling such strings as they
could to bring around a reaction. This
week will be filled with election fears
and 1T would be remarkable If bulls
made any considerable progress in any
market.