River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-03-13
SUASHIHG THE WHEAT MARKET
DOWN FIVE CENTS
[Chicago Times. March S. !


There was great excitement on the board
of trade on yesterday. \ break of five cents
in the price of wheat was the trouble, and the
falling market started countless rumors and
involved considerable losses. genuine
panic prevailed for a time, but the market
rallied somewhat at the very close.
There have been some rather heavy sales
of wheat, and whenever a large amount of
wheat is sold it is assumed to come out of
Jim Keenes pile. On Thursday Rumsey
Bro. d Co. and Roach were understood to
sell a large amount of wheat for Archie
Fisher, who, in the absence of his brother,
j. X. Fisher, is the recognized agent of the
Wall street ring.
On yesterday morning April wheat, which
is the present option, opened at SO a to 9638,
with some small sales at 96l2. The price
soon began to fall. This was attributed by
some to the sales made by Rumsey Bro. &
Co., but that firm denies selling over $4,000
bushels.
THE REAL CAUSE or THE BREAK
was the immense sales made by Archie
Fisher, who disposed of 100000, and it is
believed that Reeme Singer and Norton, the
two former selling for Fisher, and the last
the agent of David Bows & Co., sold between
100000 and 100000 bushels more. Fisher
would not sell any such small lots as 5000 or
10000 bushels. He sold in blocks of
25,000, $4,000 and 100000 bushels, and
offered it at a half cent under the market
rate. The price began to fall rapidly, and
there was great excitement. The bears
seized their opportunity and forced the mar
ket atill lower. As the price tumbled good
many of the dealers who were long took
time by the forelock and sold at SO and "a
cents. This only depressed the market still
further, and then there were some dealers
whose margins ran out, and VINO had to sell.
The result was that little after noon the
price had fallen to 9018, but from that point
it at once rallied to 93$8, at which it closed
at ! O'Clock. In the afternoon it fell again
slightly and closed at 9238.
THE Rapid FALL
was promoted 10y the fact that vast amounts
of wheat are on hand. The stock on hand in
this city is nearly eight million, more than
four times as much as there was this time
last year. About four million bushels are
in Milwaukee, and the total wheat in sight is
in excess of twenty-one millions, more than
was ever in sight before at this time, and
more than twice az much as there was in
sight year ago.
About O'Clock NJ. S. Nichols received |
dispatch from New York to the effect that
Keene had said that he had not sold bushel |
of grain. Half an hour later the rumor was |
general that
FISHER had SOLD on FORGED ORDERS
from New York, aud inquiries by New York |
parties were made. Their Chicago CORES
pondents, however, had no information to |
give on this point. If these orders were
forged then Mr.. Fisher is short 100000 |
bushels of wheat. If the sale was a genuine |
unloading by the Wall street ring then they |
bave got of their load at fair though |
not excessive profit. Including interest and /
insurance the wheat has cost the ring about /
SO cents. Most of the ring sales on yester-
day were made before the small dealers rushed |
in and gave the price its last tumble and |
averaged 81 cents. This would give the ring /
a profit of six cents a b7shel, or S180,0O0 on |
s., 100000. One of the reports in circuia |
lion on yesterday was that Keene was cancel !
ing his insurance, which argued that he had |
disposed of his grain. Another report was /
hat the Western Union telegraph company |
had offered reward of $25,000 for the de- |
lection Of the man who sent the forged order, |
but the officers of the company here knew
nothing of the alleged forgery or the re-
ward.
Mr.. FISHER WAS Sem
Oh Yesterday afternoon, but he declined to |
answer any questions except one: as to the
amount of wheat he sold, which he said was
two million bashels. Whether be sold for |
Keene. whether Keene had sold any preyi- I
ously, and all such matters he said were con-
tidential, and he declined positively to speak
IF them.
Several other prominent wheat operators l
we're examined, but they had little to say. /
For the most part they limited themselves /
10 the statement that the general belief was
hat
KEESE HAD SOLD HIS WHEAT.
4 rlember of the firm of j. b. Lyon & Co.
expressed the opinion that Keene had broken /
he market only to buy in again at the lower
-ate. When man would only sell on large
OTIS and below the market rate il looked as
4 he wanted to break the market for the
purpose Of taking advantage Of the lower
sates.
A large dealer. who was recognized early
n the keene deal as one of the ring brokers,
aid that Fisher made no effort to get Gil be
,ould for his wheat He offered Il in large |