Democratic Sentinel, Volume 18, Number 5, Rensselaer, Jasper County, 16 February 1894 — WHEAT TAKES A DROP [ARTICLE]

WHEAT TAKES A DROP

CHICAGO’S LOWEST RECORD BEATEN BY THE BEARS K*gj Dealer* Caught by th* Kuch-Adrtr-tlaed Ball Biid a* the Grain Drops Ca. der 63 Cent* for May—Strong People SeU Oat with Heavy Losses. Took a Sadden Tumble. Tuesday in the Chicago wheat pit was the stormiest tor a month past. The whole trade and about nine-tenths SiJ Ike people la. the country are watching fob v heat to take a start toward sl. They saw it take a drop Tuesday* Until the Jqw [§cord for May wheat in Chicago under jJle? ent Lading methods wa§ 63| centa. But the record was lowered, as horsemen cay. There wa3 a smash of over 1 cent in the price when it went to 62} cents and closed at 62} cents. - #*■

Wall street sold wheat all day long. But Buxbaum & Co. were among the bulls reported as dumping big blocks of wheat. There was selling out by strong people, with losses ranging from sto 15 cgnts per bushel, beeqyse they saw no sign of a turn In the tide. Liverpool was sick and lower, foreigners selling at New York, wheat piling up at the rate of nearly 400,000 bushels a day at primary markets. Contrast stocks increased to nearly 19,000,000, and no demand for it, and "Baltic porta shipping 3,400,600 for the week in midwinter. Wheat in Chicago elevators now exceeds ihe great stocks drawn there bv the Harper manipulation by over 6,000,001 bushels. Elevator people have bought the 2!),000,000 bushels of wheat there, but speculators are carrying it. Commission houses in many cases are carrying speculators. One big house gave it out that customers have wheat showing losses of 25 cents to 40 cents a bushel. The grain was taken on July contracts around 75 cents early last summer. It was changed to September at about 4 cents loss, changed to September at 5 cents to 7 cents loss, changed again to December at another loss, and changed over again to May, the present speculative month, making the wheat represent over 3*l a bushel, whereas It is now under 6! cants. Already the changing to July next has begun. It is a dark outlook so such holders, says a Chicago correspondent. These are the things which make the recently published fake about a great bull combination in wheat look worse than ridiculous.