The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-01-27
sArrnnAY,s WmrAr cRAsn.
Tile Speculative PnhiIc Again Taken In
And Done For.

Til" Speculative pnhllc Again Taken In
And Done For.
Nov York rimts Of Sunday.
The speculative crisis in wheat culmi.
mated yesterday, and thousands OF slnall
spectators throughout the country were
cleaned out. The case is almost parallel
one with the great December break In Il 9
stock market, except that there do not ap-
pear IN have been any Jay Goulds among
the big speculators in wheat to publish in
advance colossal bear lie, and 10 follow
ii up by hurling q huge block Of the active
commodity upon the market. The disas.
ter in the present instance seems to have
been entirely due to regular causes. Last
Autumn, after obtaining relief by the sale
oiseyeral millions OF bushels to exporters
on private terns, the big speculators in
wheat turned their attention to organic:
inga new bull movement, based onthe in.
coming new crop exclusively. They pur-
chased imneneely, and forced the price
steadily upward, both in this country and
abroad, through their agents.
Meantime, a horde OF small speculators,
attracted by the. constant rise, entered the
market and began to purchase blindly,
under the seeming supposition that there
could be no limit to the advance. The big
Specuators assisted them until at length
point was reached at which it became no
longer prottableto export wheat, and It
began to accumulate in store. Sensible
persons would have stopped before that
happened, and the most trustworthy ad-
vices are that those who organized the
movement did stop, and have since re-
tnaincd passive, except TO take advantage
or occasional opportunities 10 unload at
high rates or TO purchase at low rates, az
the market happens 10 iluctuatc. The
public, however, with tho usual lack OF
intelligence so conspicuously manifested
in the stock market last year, continued to
buy, constantly forcing prices upward, un-
Ill finally the sioreliouses throughout the
country were filled 10 overilowing, mar
gins began TO be exhausted rs well as the
means OF rcplenishipg them, prices began
to tumble, the bears assisting the decline
materially by hammering the market, and
the crash came. During the past week
there has been a fall OF from z to 81 centsa
bushel OH wheat. Yesterday alone the
decline amounted from 8 to s cents a
bushel. The days dealings ON the Pro-
dlce Exchange were attended with great
excitement, and during the afternoon
there were rumors of trouble, number OF
prominent houses being mentioned US he.
ing in difficulties. All these, however,
managed TO tide over the crisis, except
Paul Worth, agrain broker, whose office
is at No. Is William street. Mr.. Worth,
having been left in the lurch by some OF
bis principals, was compelled TO ask for
an extension until such time as he can
force those persons 10 make good their
margins. Personally, he is a man OF
responsibility, and the time asked for was
given him. Itis believed that an immense
number OF small speculators throughout
the country have been cleaned out blythe
decline, as advices from Chicago and other
grain centres are to the effect that SINH
lar condition OF things existed there as
here. These arc losses, however, that can
never be accurately known as the result OF
yesterdays tumble. They represent the
savings and surplus moneys and borrow.
ings Of thousands Of private individuals
who, II they fall into difficulties on this
account, will asctibe their troubles to some
other cause. During The entire day on the
Produce Exchange contracts were being
sold out under tho call for account Of these
persons.
The tumble was Of some slight benefit in
bringing prices within the range Of exror-
ters, aud M unusually large business was
done on this account during the after.
noon. Grain froights also became strong.
or on the prospectof employment for the
hundreds OF idle vessels which have been
lying at this port for months unable 10 OBJ.
tain Cargoes AS a result OF the specula-
tive movement, the visible supply OF
wheat in store throughout the country has
been continually increasing for many
weeks past. During the past week the in
crease las amounted to 100000 bushels.
The visible supply of grain yesterday
reached the enormous total OF 81, ,033, 600
bushels OF wheat and 1l,977000 bushels
corn, against 10. 255 900 bushels OF wheat
and 0,S60,0O0 bushels OF corn, at the
corresponding period last year when
the supply was nearly double what IL
was at the corresponding period in 1878.
At the same time, the exports have fallen
off immensely in comparison with what
they wero last fall. Last week all they
amounted to was G53 900 bushels OF wheat
and | ,567, 900 bushels Of corn from all the
Atlantic seaports. Merchants say that
hardly anybody in Town has been receiv-
ing any consignments Of grain recently.
All the storehouses have been filed to
overnowing both hero and in the West,
and letter dated Springfield, Ohio, which
was shown 10 the Times reporter, says
that within % miles OF that place large
quantity OF grain has been temporarily
stored under improvised sheds, for the rea-
son that nobody could be found to
buy it in the city, and there
was no place to store 1t II
sent there. Owing to the open winter,
the roads in Illinois and Indiana are i'm.
passable on account Of mud: This circum-
stance has prevented matters from being
much worse than they arc, but merchants
sny that the situation is still very preca.
rious because OF these facts, and because
foreign adyiCes continue adverse 10 the
bulls, The artificial values maintained here
SO long having opened sources OF supply
TO Europe which that country did not
have before. This condition OF things
must continue until the causes are got rid
OF, and to do that will involve some very
skilllul engineering or still more serious
break.
Oats, corn and provisions were all heavy
and lower, inssmpathy with wheat.
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