, 1880-01-25
The SPECULATIVE Crisis in That
Commodity eliminated .
Yesterday: ... 49,
A Parallel Case with the Great
D.: :. December Break in .-.. r.: 5
"a. '1~,* :: Stocks,
The Disaster to the "Butls"
Due Entirely to Regular
Causes.
Thousands Of Small speoulatos Through
out tks Country CLEANED Out.

crisis In wheat cutMlnateQ to-uays fulo l11oo
sands of small spectators throughout Inc
country were cleaned out The case is al
most q parallel with the great December
break in the stock market except that there
does not appear to have been any Jay Goulds
among the big speculators in wheat to pub
ush In advance colossal "bear" r" lie and fol-
low it by hurting huge block Of the active
commodity upon the market. The disaster
in the. present instance seems to have been
entirely due to natural causes. Last au-
tumn, after obtaining relief by the
sale of several millions of bushels to
exporters on private terms, the big specu-
lators in wheat turned their attentions to
ORGANIZING A NEW "DuLL" MOVEMENT,
based on the incoming new crop exclusively.
They purchased immensely, and forced the
price steadily upward, both in this country
aud abroad, through their agents. Meantime
horde of small operators, attracted by the
constant rise, entered the market and began
to purchase blindly, under the seeming sup
position that there could be no limit to the
advance. The big Spectators assisted
them until at length point Swas reached
at which it became no longer profitable
to export wheat, and 1t began to accumulate
in store. Sensible persons would. have
stopped before that Happened, and the most
Trustworthy adyices are that those who Or
ganized the movement did stop, and have
since remained passive except to take adyah-
tage Of occasional opportunities to
/. UNLOAD AT HIGH RATES.
or to purchase at low rates, as the market
happened to fluctuate. The public, however,
with the usual Lack Of intelligence so con-
spicuously manifested in the stock market
last year, continued to buy, constant
ly forcing prices upward, until
finally the storehouses throughout
the country were filed to overtlowing,
margins began to be exhausted, Us well Us
the means: of rep1enishing them, prices be-
gan to tumble, the "bears " assisting the de-
cline materially by hammering the market,
and the crash came. During the past week
there has been fall of from to 8A cents
bushel on wheat. To-day alone the decline
amounted to to 5 cents bushe1. The days
dealings On the Produce Exchange were
AITEEDED WITH GREAT EXCITEMENT,
and during the afternoon there were rumors
Of trouble, number Of prominent houses
being mentioned as in difficulties.
Ali these, however, managed to
tide over the crisis except Paul Worth, grain
broker. Mr.. Worth, having been left in the
lurch by some Of his principals, was COM
PEELED to ask for an extension until such
time as he can force those persons to make.
good their margins. Personally he is a man
of responsibility, and the time asked was
given him. tits believed an immense num-
ber of small spectators throughout the
country
HAVE BEEN CLEANED OUT
by the decline. These are losses, however,
E-L L. o411xr 4r1@4x tho
result Of to-day's trouble. They represent
savings and surplus moneys and borrowings
Of thousands of private individuals, who, il
they fall into difficulties on this account, will
successfully ascribe this trouble. to some
other cause During the entire day Oh the
out under call for account of these persons.
The tumble was Of some slight benefit in
bringing prices within the range of ex-
porterS, and
AN UNUSUALLY LARGE BUSINESS
was done on this account during the after
on the. prospect Of employment for The
hundreds Of idle vessels which have been
lying at this port for months unable to OBJ
tain cargoes. Merchants say that hardly any
body In town has been receiving any CON
houses have been filed to overaowing here
as we'll as in the West, and letter dated
Springfield, O.. says within twenty-five miles
of that place large quantity of grain has
been temporarily stored under improvised
sheds, for the reason that
NOBODY COULD BE FOUND TO BUY 1r
in the city, and there was no place to store it
if sent there. Merchants say the situation is
very precarions, because foreign advices
continue adverse to the "bulls," the arti-
fetal values maintained here so long having
opened sources Of supply to Europe which
that country did not have before. Oats, corn,
and provisions were all heavy and ]nWar In
sympathy with wheat.