Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-10-26
WHEAT GOES LOWER.
Trading on the Chicago Board was
at a Price Ger Less than
Yesterday.

Chicago, ILL.,, Oct 22.-Wheat took an
other downward plunge this morning,
opening trades for the December option
being made from 1875 to 74A cents,
the highest figure paid being exactly a
cent under yesterdays closing. 1t sold
Immediately down to 1879 cents and raj
lied slowly to 1875 cents, then started on
a rapid and nervous decline to 1212 cents.
Various influences contributed to the
weakness, chief among them, however,
being the tightness of the money market
and traders, seeing no immediate pros
poets of relief, sold freely. Stop loss
orders were also abundant. Gables
showed a decline and Northwest re-
ceipts were heavy, as usual, running
somewhat over last years. Second ca
bles showed a still further decline. This
caused renewed liquidation and Deem
Der, which meanwhile had recovered to
1919 cents, started down again, reaching
73 cents by 1870 o'clock. Again the
market turned sharply upward and at
11:15 December was quoted at "A cents.
Corn, while opening lower, did not
show the marked weakness displayed
by wheat, cables showing only slight
change. May opened Is cent lower at
271a cents, declined to 27% cents and
rallied to the opening price.
Oats were quiet and easier with corn.
May opened about 81 cent lower at 207s
to q cents, sold at 207s cents and rallied
to 21h cents.
Provisions exhibited considerable ac-
tivity in the first hours trading, but
showed little change in prices, strong
hog market counteracting the influence
of the decline in grain. January pork
opened unchanged at $3.50, advanced
to $3.50 and reacted to S7.S2 to - 80.
January lard opened unchanged at 40
advanced tn "a 40 and reacted to IA III
January ribs opened unchanged at
$3.871a and sold at 1886 to $3.S71a.
Almost cents a bushel was clipped off
the price of wheat today. December,
which closed yesterday at 75A cents, fin
ished today at 1912 cents. 1t is not often
sudden collapse. Stop loss orders were
in the hands of every commission man
who had customers long of wheat aid
when a decline came early today it
caught the most of these. 1t was prac-
tically impossible to follow exactly the
stop loss orders at any given figure and
the result was an almost unanimous rush
to sell.
The closing fifteen minutes on change
were marked by scenes Of almost I'M
paralleled excitement. The fact that Ar
mour was offering large lots of cash wheat
was construed as meaning that there
was no immediate prospect of an inn
1 o'clock Cudahy's wheat began to go
over 1t was the last straw. In a min
ute the wheat pit, which had been lively
enough before, was in a perfect pande-
monium. Wheat was thrown in the
market in a perfect deluge. From 70
to ~ cents, which drop occurred in al
most less time than it takes to chronicle
it. it was impossible to sell bushel.
Down the price went till IN cents had
been reached Then a short breathing
spell occurred. The market quoted
down for an instant and the price rallied
II cent, though no support was given in
the meantime. But it was the calm be-
fore the storm. Away it went again,
and in the closing minutes the market
was in a perfect panic. No one wanted
to buy, everyone wanted to sell. AS the
closing bell rang out 7O1a cents was
being quoted.
New York, Oct. 22-On the produce
exchange this afternoon a sensational
drop in prices startled the whole trade
and completely demoralized the wheat
pit Prices slid down the scale "a to 70
cent at a time, selling off nearly 4 cents
in half an hour. The close was very
nervous at 771a cents for December.
Paris. Oct. %. = Flour and wheat
opened here today with a free offering
at so centimes per 100 kilos under yes,
terday's price, but recovered % centimes
towards the close of the market.
At the Baltic.
London. Oct. 22.-At the Baltic today
the cargo wheat market was dull at the
oDening with sellers generally offering at
shilling less than yesterday and no bids
at that 1t was reported that the Berlin
wheat market opened with free offerings
at marks down and that the market
was steady at a decline.