The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-10-28
BEARS STAKE CHARGE
WHEAT MARKET at CHICAGO GOES
OFF TWO CENTS.

Market Huge Disappointment TO specu
Iators, Who Expected Higher Prices
Liverpool Leads the Break-Semi-De
moraIizatIon at Times Approximation
CudAhy's Share in the Ereak-FeeIIn:
ket Still Nervous and Weak-Loador
Authorities Predict Further Advances
Chicago. Oct 27-The bears again took
control OF TIE WHEAT pit today and thei:
Persistent hammering carried the price OF
December OF 25i cents at one time, final
figures showing a loss Of cents The
market in every respect was a huge dis
appointment 20 spectators who expected
higher prices. Liverpool led the break.
The market was expected 10 be firm, &.
least, but it was quite the contrary and
lis effect was TO start immediate liqui-
oation- This continued al day and the
market was at times in serni-dsmoraliz-
Cd condition. Various causes, outside %
The eUphaticaliy weak cables, contribut-
ed to the decline. not the least OF which
John Cudahy was believed 20 be respon-
sible for a great deal of the demo-aliza-
ton then, for he was an active and per-
! slstent seller when the market developed
! its greatest weakness and he carried with
him a large following. Toward the close
/ a slightly better feeling prevailed, but at
the close the market was still nervous and
weak.
SAN F,RANCISO BREAKS.
San Francisco. Cali, Oct. 27.-The 10
! cal wheat market had further break TO
| d. December closed easy at sl2s4 |;
| May at s1.321a per GENITAL. The sample
| wheat market was weakened by the spe-
| culative decline. No. 1 shipping s1.e711a
a1-5lA VIII cover the range today. Spot
wheat sold at $50 Barley futures were
weaker in sympathy with wheat, De-
csnber declining to 1875 cents
ON LONDON AUTHORITY.
New York. Oct IA dispatch TO the
World from London says: 4 reporter
had conversation with Mr.. Rush. the
editor OF Beerbohm's Corn Trade List,
the standard authority on the markets.
Mr.. Rush, vino had just left the corn ex-
chalge-where he had ascertained the
views Of al the leading men il the trade,
said:
This rise. almost for the first time on
record, originated here not in America
This shows that ii could have had moth
ing TO do with any manipulation OF the
American markets for political or other
purposes. Its cause is that after several
years Of abundance, the people now rec
cgniZe that this year is one OF ordinary
supply. Owing 70 the previous abund-
ance every body held aloof from buying
and the stock went down. Besides, the
Australian crop is pretty certain to be
failure and there is the exceptional fact
that India has become, for once, though
10 small extent, an importer. These
things caused the recent advance in
prices. The trade always goes 70 ex-
trenles to start with The reaction that
has occurred was 10 be expected, but
the cause OF the advance remains.
THE ARGENTINE CROP.
Argentine does not count in TIE cal
culation, because her crop cannot be rec
koned on until the end OF November. II
Is now promising but a week OF bad
weather might spoil II altogether. If the
Argentine crop fails there viii be excite
nIent in the trade. If it is fairly album
dant crop 1t will prevent much excite
ulent. 1t cannot at best supply with
-
difference in gold premiums means loss
OF from 5 20 10 shillings a quarter against /
the Argentine farmer.
The continental markets follow US /
here and, until the present occasion, We
have followed America.
For the first time in years America I
now holds the key 10 the situation. /
Every bushel OF wheat America can 1
spare viii be wanted in Europe. At least 4
twenty million quarters VIII De wanted 4
before the season is over.
IF America could hold back the wheat !
for a month It would go Up ten shillings [
a quarter. But I suppose the American |
banks do not consider wheat a commo- /
dity on which Il IS safe 70 give large
accommodations; 50 that the American
trade Is obliged TO send wheat on as fast
as il can
RUSSIA'S SHORTAGE
''The Russian shortage is uncertain
but it is now assumed here that il will
De 1900. 600 quarters. We look forward.
on the whole. 10 an active time. with
fluctuations, fo- the mo-
nent trade becomes brisk and specula-
tors viii rush in and influence tie mar
aet"
Al the Baltic this morning busienss N
wheat was very dull and the tendency
vas toward easier prices.
The Evening Standard this evening
says that the tendency in wheat is for
higher prices.
The failure in india says that paper
viii divert California and Australian
wheat from Europe there. Only the ire
nendous effort n the United States 10
hurry wheat across the Atlantic in ex-
= a~7r- -0- =, Z, \
= il crease in prices. and when the in
-ush is past there viii be a further rise"
Business at the Baltic today closed
iul al mostly pence lower than yas-
erdsy. A cargo OF WaIla WaIls wheat
odd at SIS and q cargo OF Oregon AZ SIS
d.
BRADSTREET' VISIBLE
New York, Oct 27-SpecisI cable and
'overing the principal points % accu-
mutations indicated the following chan
,es in available supplies last Saturday
IS compared with the preceding Satur-
lay:
Wheat-Cnited States and Canada east
Z the Rockies, increase 4.9lI. 900; aioat
Or and in Europe. inc-eas= J. 800 00o To-
al increase worlds available supply 81
81 200 bushels
Corn-Uai,ed States ard Canada east
Z the Rockies. Increase !. 40 600.
Stocks q available wheat increased ,
10000 bushels n Chicago private eie- :
ators last week 80. 90 n northwestern
Interior elevators. 5a.oo1 in Minnsa pots
rivste elevators. and 575.oo az various
ianitooa storage points ard =, Fort
Hams and AZ Keexaii1-
The more conspicuous Increase az
o.ats not covered By The oficiaI We
l.e supply statement were g, 90 bush