The herald., 1896-10-23
CHICAGO MARKET.
The Days Transactions on the Board OF
Trade.

CHICAGO, Oct. 22.-One of the heaviest
breaks in prices ever recorded in one day
on a market which was not Influenced by
the bursting of corner. was the out
come of today's trading in wheat. From
the close of the day before until the last
moments of today's session, the decline
was nearly cents per bushel Corn and
oats held steady and, compared with wheat
they might almost be called strong. De-
cember wheat, which closed yesterday af-
ternoon at 75A, opened this morning from
74A sellers, down to 1874. Very few of those
who wanted to sell succeeded in getting
above "A cents, and in a very brief space Of
time there were no buyers at over 1875
cents. Before half an hour of the session
had passed sold at 721a cents. Yesterday
morning on the curb 1914 cents-today
about 10 o'clock 721s. 1t is not often that
the price has such sensationally sudden
collapse. Tight money was the principal
factor of weakness; the bankers are said
to be inclined to refuse loans and the
carrying charges which spectators have
had to pay are said to have been in some
instances as high as 20 per cent per an
mum. 1t was felt that such conditions
effect on values and hence the smaller
operators who were suffering the most
Inconvenience as borrowers made an early
rush to sell. This brought al, immense
amount of wheat on the market Stop
loss orders We're in the hands of nearly
every commission man and the opening
for December. there was q rapid reeov-
Cry to 73ls and another decline to 70 cents.
the price advanced in more gradual way
until it reached "A cents. The activity
which had characterized the trading up to
the latter point ceased there and for a long
time thereafter there was nothing left of
two days storm but the quiet heaving of
the groundswell. Opening cables eXhib-
tied considerable wea'-ness and decline
Lverpoold dr1Ppd % for rsa m
while early Berlin cables. showed a de-
cline of AZ marks. about ,27s cents per
bushel. That the final end Of the deal
was being made, was made the most of
to force the prices down. everybody be-
leved. but that made it none the less
efectual After Il the RISE a to q cents nd the
bringing about 73 at o'clock. In the last
ten minutes of the session bedlam broke
loose The price began Sa to Tumble 6f ana
OF many of the holders of long wheat;
Stop loss orders again came into play and
some very heavy lines were pt,,s sacrificed
came buying orders earlier. We're heavy
sellers in the. last stampede. The San
Francisco market was quoted ed,s;; aS closing
m% rnmors m% Of cudahy selling, out. Armour
pounding the market, and other unauthen-
epeo '3 be eeeP up the
end. December tumbled from 70 cents to
70N in less. than ten rsir utes and closed
tons IL ,ss 81 q The day Before. Com ruled relat-
iively strong compared to tn terrific slump
q good demand existed. Near the close
tho influence Of wheat was felt and the
below the close last night. but the decline
was soon recovered. Provisions were but
little affected by the weakness in, wheat
and prices fiuctuated but little all day.
The leading futures closed as follows:
Wheat No. 2-October, 67h; December.
e; Corn INC; No. October. a2aa2A; December.
2sx; May, Nh.