The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-23

Scarcity of Ready Money the Cause.-The
Bulls Not SiIenced

CHICAGO. oct. 22.-December wheat
took another big tumble on the Board OF
Trade to-day and the wild excitement on
Change which accompanied the collapse
bOIdeTed on panic. There Was a lall
oil Ole. from yesterday closing prices,
eAccvC lns tne ADVANCE Tor any udy si.cC
tho Sensational LpWaiu NOV tinent began
ia this country ana aoIOdG. Late ia the
day there was recovery. ana tut ulsnc1l
point during the morning session was
"a l-4c. Inc closing piI,e Maa 80 lee.
towards the Closing hour the stump was
50 great tfat drops vi cent auu more
found no bidders. The price went from
- 10 IL Ia Ia i've minutes. Inc scenes
in the pit were such as Board Of Trade
history Is made OF. There was frantic
rush OF sellers on the strength OF rumoF
that Cudahy had joined armour in un'
loading his holdings thousands OF nusn~
els were dumped OH the market, Dut there
were 10 buyers who couiG Keep pace Win
the quantity offered. There were some
heavy losses. The main cause of the de-
cline was said 10 be failure 10 secure dd-
yances from the banks for buying cash
wheat.
Within half an hour after the opening
the price oil December wheat went down
> SIC. and the ineXOrablo banker was
blamed for refusing TO lend money on any
terms. The demand for money oyershai-
owed all talk OF foreign shortage, OF silp-
ments TO India, or news from Australia
ana Russia. fash wheat sod below lu-
lures, and the price Of the former de-
clined from six 10 seven cents itloiS
traders were allowed breathing spell.
Armour said that the key To the siiua-
ton was the scarcity Of money, and that
the price OF cash wheat was pulling ~
tire wheat down. The curb last night
prepared the way for the slaughierins OF
the market price to-day Wheat soiu al
73c i'm the street. and this. added 10 the
..F
threw the pit into mysteries AT the open
ing. Houses were swamped with cDuh-
try orders TO sell at certain price II the
decline continued. Most Of them wanted
the deal stopped at 7ic to a l-2c.. but
before they could as much ~ shOut
sold" the expert in the box had narhed
the price down from - Lie. To- - i--c.
Then pandemonium broke loose in an u.s.
fury. and the brayest Spectator was Hll-
e1 with dread of what might come.
PulIs with big lines of December wheat
who have been bnusy unloadins uuIils
the last few days. surrendere9 soihe NOR
to the tOtteIing market. Ihey sOiu az
prices which brought them fortunes anu
took their chances of buying back again
at q lower price. - .,o,,..
The bulls who have beencrNlnS ,,nolldI
wheat However. have not been sienceu
nv the I, mble of the last TWO days The
bankers said that the election uncertainty
made II imperative for conservative banks
10 decline leans for speculation IN large
sums. Aimour's grain department staIeu
the money market was becoming "OI
closely allied 10 the wheat MAJ NJ; IN T.,
that the election was the only rehei III
sight -. On ,,,. 70
tor comnanies because of their inability
10 get money for wheat storage opera
tions are compelled to sell the wheat
bought in the country in order to realize
money with which TO make lurther
purchases. The demands for cash wheat
is thus cut in two by the fact That Ter
minal companies find 1t difficult TO pro-
vide themselves with necessary money.
so that millers 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
week and elevator companies have widen
ed their purchase charge from cents
to cents and cents.
They cannot pay more because they
cannot sell the wheat except at wide
difference The millers have no money
10 put In wheat except when the Of
fer is sufficiently low 20 warrant the
payment OF a hgih interest rate when
they are fortunate enough TO find one
who Is willing TO let money on the best
securities in the money market.
ne MEifNDpuN iitNtlDi liIlAllfS
have been in the habit OF borrowing mil
lions OF money at l-2 and per cent.
on wheat security But now. little can
be had no matter what rate is offered
Up to within a few days there has been
a fair sunply Of money for moving
wheat. The Elevator Companies have.
however been obliged to ship wheat TO
some extent TO provide funds As III.
elevator companies must sell i'm the open
market they cannot pay more than they
can get.
Vol Cornerng Wheat.
ST. PAUL, MINI. Oct. 2l.-The attan-
ton of James Hill. president OF the
Great Northern railway. was called to a
sensational story printed In q New York
newspaper that he. Charles A. Pilisbiry,
and other men OF wealth, had entered into
a gigantic combination to corner wheat
Mr.. Hill chart cterized the story rs wholly
al surd.
He said repotte from the yarious a.a