The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1897-08-28

Fall Of Nearly Six Cents a Bashel at the
Former City.
The Bears Unload an Enormous
Amount OF Holdings on the
Market, Causing Sensation
Among the Bulls, Who Quit
Heavy Losers.

CHICAGO, Aug. 27.-Wheat fur
nished another sensation to-day. This
time it was the bulls who suffered,
September closing 51sc lower and De-
cember at a decline of 31sc, after ses-
sion. remarkable for small trading and
extremely violent fluctuations.
All the enthusiasm has apparently
leaked out of the holders of wheat at
the opening. Liverpool furnished dis
agreeable surprise to them, starting
215 to 21sd lower. This was entirely
unlocked for, after yesterdays &c ad-
vance here, and it fairly took the bulls
breath away. There was practically
no demand for December wheat at the
opening The consequence was that it
started at 90A to soc, or 33s to 33sc
below yesterdays close, and dropped
almost instantly to S9a4c.
A perfect flood of wheat was poured
GA the market for a few minutes, in
Guiding many stop loss orders. Dur
ing that time there was almost total
lack of buying orders, but they made
their appearance at S934c, and five
minutes after December rallied to Ole.
September wheat was hardly heard of
for the first few minutes in the ex-
element accompanying the unloading
of December 1t was fully as weak at
the immediate opening, however, start
ing all the way from 9312 to 92c, or a
drop of exactly 1115c from the highest
point reached yesterday.
The excitement soon subsidized almost
altogether and fluctuations from the
extreme narrOwness of trading were
frequent and violent, one or two mod
crate trades being sufficient to put the
price up 1c or down 12c or more.
That some mysterious bear influence
was at work on the market before the
opening was the general opinion. 1t
was stated later on what was consid-
cred reliable authority that combina-
ton, including Charles Counselman and
John Cudahy, had been formed to
break the alleged bull pool, and that
the great eccentricity of to-day's mar
ket was due to the manipulations of
the new combine.
The market was steadied somewhat
by the midday strength of corn, but
became radically weak again on re-
ports that foreigners were reselling at
the sea board. December rose to 9115c,
but declined on that to SS15c 1t had
tember sold as high as 96c, but closed
at 93c.
BIG DROP AT NEW YORK.
NEW YORK, Aug. 27.-Wheat lost 5
cents bushel to-day, and the lowest
point was about 10 points under the
top notch of the season. There were
not enough influential bulls left in the
market to make a respectable fight
against the declining tendency They
have nearly all become interested in
corn, which everybody in the trade
has been educated to believe is on the
eve of Boom. Consequently, when
Liverpool opened away off this morn
ing, and followed it up with further
declines on later cables, the local mar
ket simply went to pieces. 1t looked
for a time as if the bottom had drop
ped out, so rapidly did prices slide down
hill in response to the rain of selling
orders with which the brokers bonn
barded the market. There was prac-
ticaly no support other than that af-
The December option settled to 90c
on first sales, which was a break of
cents 4 bushel from last night. Then
it skirmished around for a time, buff
feted up and down by conflicting or
ders, but soon settled into a steady de-
cline, which finally landed it half an
hour before the close at $3.50. Soon
it rallied to 947kc, where it left off.
Selling was general during the day.