The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-22
AN EMPHATIC AND VICTORIOUS
WHEAT TUMBLE IN THE CHI
CAGO PIT
CAME DOWN WITH A SLAM.
TWO CENT Loss ON THE curb BE-
FORE THE MARKET
OPENED.
TIGHT MONEY LARGELY TO BLAME.
Weakness Augmented by the Large
Increase in Worlds Stocks as
Shown by Bradstreet's.

CHICAGO, Oct. 21.-Wheat took an
emphatic and inglorious tumble today.
the December option closing at 75Ac,
a decline Of 31s cents from yesterdays
close and that too after selling at 1910
on the curb. The principal depressing
features were the tight money market
and the fact that No. hard winter Is
now selling at discount Of from to
10 cents under December. On the curb.
before the opening of the regular
wheat market this morning, the feel
ing verged on the hysterical for a
while. December was first quoted at
791zc. 1t jumped to 79Ac in a few
minutes. and then came down with a
slam to 771ac. On the regular board
the traders commenced practically
where the irresponsibles on the curb
had left off. The range in the price
of December at the moment when the
tap Of the starting signal was heard
was from 777sc to 771sc, as compared
with yesterdays closing price of 1890.
with sales as low as 76s4c in the next
moment.
The shaky condition Of affairs was a
surplus because public cables showed
Liverpool I'd up and Berlin IL and
F4AAA 1lAG, lAC1. h1O VIII WAS II0 Opening
in the pit that prices in different quar-
ters were almost a cent apart at the
same moment. Cable reports, after
ward denied that corner had broken
in South Russia did much toward un-
settling the crowd. But the tightness
Of the money market with the conse-
quent depressing influence that cir
cumstance had on the price of cash
xrr11n Zoo ~--s+l 49,
dition of the speculative mind was
mainly responsible for the decline and
in fact were the overshadowing in
fluences all day.
The cabled reports Of the advance at
Liverpool were accompanied by a state
ment that it was due entirely to the
advance here yesterday. The advance
here near the close yesterday was very
generally attributed to a shrewd specu-
lattveomove Of John Cudahy. For Liv-
erpool to have no better reason there
fore, for its over night bulge was
cause of weakness instead of strength.
The scarcity Of loanable funds in the.
Northwest, which was corroborated by
the increasing discount for cash wheat
at Minneapolis, was not confined to
that section alone, as was seen in the
widening of the breach here between
the price of cash wheat and December
About ten days ago regular No 2
wheat, seller October, was only &c
lower than the active future-Decenl-
Der; whereas today, 100000 bushels, sell
Ter October, was sold in the pit at 21s
cents under, by firm that had the
grain to deliver.
Bradstreet's visible supply statement.
which was received at IL o'clock, and
which showed an increase of 5000, 900
In the worlds stocks Of wheat, since a
week ago, caused an augmentation of
the heavy feeling with which business
commenced and the heaviest decline
occurred after it's receipt After the
first slump to 76Ac, there was a recov-
cry to TIC. That was followed by a
dip to 761Ac, and a recovery to 77Ac
Then December sold gradually down to
761sc, recovered again to 76Bc, and then
followed s. decline which did not stop
short of 751sc, with 75Ac the bid price
at the close.