Crawford avalanche. (Grayling, Mich.) 1879-19??, 1892-02-18
went Down with a Thud.

went Down Witu "A
Wheat took big tumble the other
day in the Chicago Board of Trade. 1t
began sliding downward as soon as
trade opened, and before the leak was
stopped it had fallen cents-enough TO
cause tremendous excitement among
the operators. 1t was all started by
little rumor. which came on the top of
the uneasy feeling that has pervaded
the board ever since Hatch introduced
his anti-option bill in Congress. This
rumor was nothing more or less than
that somebody had got q sure "tip" that
the Hatch bill would be reported upon
favorably by the Committee on Agri-
culture, and that the bill was pretty
certain of becoming a law. This was
enough to throw the room into fever
of excitement, says Chicago dispatch,
and in a little while everybody was try
ing TO get rid of his wheat. The situ-
alton was aggravated by an announce
ment from several big firms that they
would discontinue dealing in privileges.
The smash in the markets took place
in less than fifteen minutes. Business
during the entire morning had been
marked by an underlying tone OF ner-
vousness, due to dispatches from Wash
ington predicting the passage of the bill.
Prices had fallen sharply once, and af-
terward recovered part of the lost ground,
with look of closing higher. Suddenly
another flood of dispatches came from
Washington. In two minutes the new
found strength had given way to weak
ness, had spread into a genuine panic,
and the entire throng OF brokers were
screaming their offers TO sell at any price.
The market had dropped to S9g cents
when the bell tapped. But as the crowd
poured downstairs il continued traC ing
at still lower figures, and long after the
session had closed wheat was quoted at
81 in the corridors and offices.
The excitement increased even after
the trading was over and members
gathered in little knots and discussed
the situation. The board of directors
met and decided to send another COM
mittee at once 10 Washington to use it's
influence against the threatened legisla-
tion. The naming of the committee was
left with President Hamill, who will be
its chairman. A similar committee
which was appointed to visit Washing
ton for the same purpose two weeks ago
was dismissed. 1t is understood that
it's work was unsatisfactory, and it is
thought a new committee may be more
effective among the nations Legislators.
Members of the Board OF Trade are
thoroughly alarmed at the outlook at
Washington. The bill, which, il passed
and enforced, would literally drive the
Board Of Trade out of existence, is re-
ported to be looked upon very favorably
in both branches OF Congress, and specu-
latqfr5Se latqf r5Se btgABde shat their BUSINESS Wit
be taken away from them. Aside from
its effect upon the market the bill was
,ry much in evidence all day. 1t was
the sole topic of discussion and, as is
usual with Board of Trade men, there
was a wide divergence of opinion as to
its effects. By many it was viewed as a
menace to great invested capital.
There were undoubtedly many anxious
consultations in commission houses.
Several firms, it was said, who had ar
ranged to enlarge their facilities, had
decided to await events.
Wheat was not the only product
affected by the alarm. Corn was lower;
so were oats; so were provisions. Cot
ton at New York, very weak at the best,
dropped to $50 for May, the lowest
price heard of in fifty years; lower than
anybody ever knew cotton to sell since
future delivery sales were established.