The record-union., 1897-08-25
Fall of Eight Cents From the Top
Notch at New York.
Bull Leaders Try to Hold the Market Up,
but in Vain.
The Same State of Affairs Existed
at Chicago, Where the Holders
of Long Wheat Dumped Enor-
nous Quantities on the Market
and Forced Prices Down From
Five to Six Cents.

Five to Six Cents.
NEW YORK, Aug. 24-The disas-
trous result of opening by eleventh
hour bulls was demonstrated in the
action of the wheat market to-day.
Failing to secure the necessary assert
ment of bull news, these belated hold
ers punctured the bull bubble, and
prices fell with crash to a point over
3 cents below the top notch for the
year. At the outset, although signs
of collapse We're manifest in the I'M
certain wavering of prices and the free
dom Of offerings, the bull leaders en-
deavored TO press the threatened deiuge
by pointing out the comparative stead
mess Of Liverpool quotations and the
frosty weather conditions in the North
west. For a time these influences had
some effect, but the market was top
heavy, and soon broke through all re-
straints, reaching the lowest figures of
the afternoon when December, after
having opened at 81 001% sold at 9512c.
The feature of the trading was the
comparative heaviness of December
which widened out to 215c discount I'M
der September at one time during the
day. French cables were particularly
weak, closing at 20 centimes to 1 franc
net decline for wheat, and to 10
points lower on flour. The Liverpool
decline for the day was 315@4Ad on
futures. while spot wheat was quoted
firm at 162d advance.
To-day's break shook out a great
many of the weaker holders, without
disturbing the big lines, many of which
still remain for higher prices. The mar
ket closed unsettled at 53s@61sc net
decline
Sales for the day reached nearly H.
100000, giving some idea of the enor-
nous dumping of the long wheat. Some
of the afternoon reports made export
purchases sixty nine loads at New York
and outports, but this could not all
be confirmed.
CHICAGO MARKET
CHICAGO, Aug 24-Wheat on the
curb before the regular opening to-
day started with some show of strength
and with no signs of the excitement
which ruled later on the board. Open
ing and second cables from Liverpool
were rather encouraging to the bulls,
100 p. m. advices from that market.
which We're received before the open
ing, showing only 1611kd decline. On
this account curb prices were about &c
higher than yesterdays close.
On the regular session prices were
very irregular at the start, and it soon
became clear that numbers of people
still had long wheat which they We're
then convinced they ought to have sold
the day before September was bring
ing from 96G9515c simultaneously in
different parts Of the pit, and Deem
Der from 9615G9512c, yesterdays clos
ing prices being 96c and 96Ac, re
spectively. The relative position of the
two leading options were quickly re-
versed, for in a few minutes Septem-
Der was bringing Csc, when December
was still dragging neglectedly around
951ac. The exceptional strength of
September was due to the fact that
very few were DESTROYS of trading in
it. and it was easy to advance it by
bidding for what no one wanted to sell.
But in about half an hour all sup
port was Withdrawn, and the market
began to sink, slowly al first. but as the
liquidation grew heavier the bottom
seemed to fall out. and not until Sep
TENDER touched 941ac and December
92c was there a stop in the mad rush.
The lull was only temporary, however.
Selling soon became general again, and
stop loss orders We're reached. The
price did not reach the bottom of its
severe sinking spell until September was
down to 9114c and December 904c. The
trade bx that time had become very
narrow, and the traders, tired with their
preyious efforts. We're not disposed to
buy or sell except when tempted by an
exceptional offer or enticingly high bids.
The increasing weakness became evil
dent as the session advanced caused by
a half hours break at Liverpool, making
the DAYS decline from 4l4d to 4l2d per
Genital. and an equivalent decline at
Paris. although private advices from the
latter received early had claimed an
advance. The Paris decline was one
franc for August and 60 centimes for
November February, or Sic per bushel
for the one and sc per bushel for the
other Antwerp also sent lower quota
lions. but was not so radically weak as
the others.
The Chicago receipts were 3S4 cars
only % of them contracted, and o5,UU0
bushels were inspected out of store. The
Atlantic ports clearances were equal IN
wheat and flour to $4,000 bushels. Be
fore the close September had sold as
low as Ole and December to S9;4c. Clos
ing prices We're September 91Ac and De-
cember 901Lc.
The bull pool which has been so sue
cessfully handling enormous lines OF
wheat. corn and oats on Change, an
nomced at the close to-day that they
were practically out of the market, with
the exception of a little September
wheat, which they say they will take on
delivery. The announcement that the
pool had liquidated its holdings caused
a feeling of great relief among brokers
generally. It had been felt for several
days that the pool had been trying to DO
too much. When the campaign on wheat
was begun several months ago, it was
regarded as a very difficult undertaking
The bulls became masters of the situa-
ton. aided by the news from abroad,
and piled up enormous profits in a short
time.
When it became known that the pool
went into corn to the extent Of about
10000. 600 bushels, and oats amounting
to about 100000. nervousness was re-