The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-25
Bull Bubble Punctured.
Wheat Takes Sharp Tumble on the New
York and Chicago Markets

CHICAGO, Aug. 24-The bull pool
which has been so successfully han
ding enormous lines of wheat, corn
and oats on change announced at the
close today that they were practically
out of the market with the exception
Of a little September wheat which they
say they will take on delivery day.
The announcement that the pool had
liquidated it's holdings caused a feel
ing Of great relief among brokers gen
orally. It had been felt for several
days that the pool had been trying to
do too much. When the campaign in
wheat was begun several months ago
it was regarded as a very difficult un-
dertaking. The bulls became masters
of the situation, aided by the news
from abroad, and piled up enormous
profits in a short time. When the same
pool went into corn to the extent of
about 100000 bushels and oats
amounting to about 100000 bushels,
nervousness was renewed. So long as
everything kept moving up, however,
it was not very acute
The bull difficulties began with the
spectacular calling of wheat on Satur-
day at 81, when it could have been
bought cheaper in the pit. When prices
began to drop on Monday, margin call
ing increased, and the anxiety was re-
lieved only by the announcement to-
night that practically everything had
been sold out. Although it was be-
lieved that the line of December corn
showed a loss, George French, who has
been handling the deals for the pool,
says everything was sold at a profit.
He says that several prominent grain
merchants pooled yesterday to raid the
markets and force him to unload. The
corn pit today was the scene of enor-
nous dealings. One broker sold in one
hour 100000 bushels owned by the
pool
Wheat broke cents a bushel today.
Weakness in Liverpool and selling here
by Cudahy were largely responsible for
the slump, although the market was in
shape to break when Cudahy began the
raid. The price was given no support
and standing Stop-lesS orders were
reached for over an hour after the de-
cline was started. People with social
ed pyramid trades and others with
profits were in haste to get out. The
market, however, was not broad. More
timidity was exhibited even than en-
the recent boom. Just before the close
it was claimed that the December
wheat of the bull crowd had all been
liquidated and that they only had now
a line of the September option. The
decided change in relative price of the
two options was one of the chief fea-
lures of the days trading. September,
which early sold up to Sc cents, finally
went as low as 81 cents, and left off
at 91% cents as compared with 90 cents
at the close yesterday. December,
which quit yesterday 95% cents, or u
cent under September, finished today at
90A cents, fully 11a cents below Sep
tember.
SAN FRANCISCO, Cal, Aug. pa
Wheat in the local market was very
weak in sympathy with the Eastern
markets The bears, who have been
punished severely for ten days, but
who have played a strong game, re-
lieved their pressure materially. The
break has brought out heavy lines of
wheat held by weak and scared holders.
September opened at 961a cents, but
advanced to 9S cents and then shot
down so rapidly that few cared to buy.
The price dragged to 81 cents, at which
more orders to buy were received than
could be executed. Near the close it
advanced to- 80 cents, but it closed at
91% cents December closed at 90A
cents and May at 9194 cents.
NEW YORK, Aug. 24-The disas-
trous result of operations by eleventh
hour bulls was demonstrated in the
action of the wheat market today.
Failing to secure the necessary assort-
ment of bull news, these belated hold
ers punctured the bull bubble and
prices fell with crash to a point over
eight cents bushel below the top
notch for the year. AT the outset.