The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-10-28
Wheat Takes
Another Tumble.
Fall of Ten Cents IN Four
Days---Market Panic
Stricken and De-
moraliZed.
cudahy SAID to Have Sold His
Holdings.

CHICAGO, Oct. 24.-The wheat mark
ct was panic stricken on the board of
trade day. December went to pieces
at disastrously rapid rate. The worst
break 10 the price occurred since the
80-cent high water mark was reached
on Monday aud traders were left doun-
deriug in a state of bewilderment> and
cenfusiop. A fall Of four cents made a
dark, hopeless picture for the bulls to
contemplate during the day of rest
The weeks tumble 10 the prices Of the
speculative future has been over 10
cents. The low point reached to-day
was So cents aud the closing prices vas
only : cent above that. Yesterdays
final quotation vas 731 cents. The
bears we're kings of the wheat pit.
They forced the price dowp 3 ceo's at
the opening. The Liverpool market
was fat for futures, decl;niog 2}}a
The Chicago market followed iu the
footsteps of the foreigners. There vas
brief rally of ! cent or more and
then came tie cent break at IL
o'clock, to Eli the holdings of long
lipes With fear that the market might
break them next week. The big bnlls
are reported to be tottering on the verge
Of losing price as the market DOW
stands to- night.
Cudahv sold some of his wheat on
the last break but the trade could only
conjecture as to the amount be got rid
Of. The general belief is that be could
pot have sold large lot in the fact of
such demoralized market, ready to
drop the price at the least provocaticn.
There was story going the rounds oo
change to-day which revives the long
standing and bitter fight between the
Armour and other elevator interests aud
the majority of board represented by
the directors. Armour has not forgiven
the prosecution of his firm by the di-
rectors on the charge that his elevators
we're irregular, which ended in the sus-
pension of his elevator manager, Mr..
Valetiue, for 20 years. It is said that
among the big bulls who are long on
December wheat are several members
who we're active in the Gght against the
elevator interests and that the latter, OF
whom Armour is the leader, are in a
position to squeeze these particular
bulls to the breaking point. There
vas an undercurrent of 'fear that next
week would bring failures Of some con-
sequence if there should be another big
fall in the price Of wheat.
The material advance 10 the local
market yesterday was expected to affect
similar turn 10 the Liverpool market,
but when toe reverse was flashed across
sea and land to the Chicago wheat pis,
the news struck the bulls like light
ming. They were speecbless with sur
prise. They were unable to make
show of resistance aud pIces were
hammered down in the first transactions
to 70 cents. 10 the course of the ueSt
half hours business there was slow
but steady advance to 70S cents. The
outside trade has suffered seriously BY
the present break, although trade is not
as great as during former big wheat
furries.
Stop loss orders were the feature of
the market ou the decline to 69 cents
Most Of the country buying orders we're
only at 6gures above 70 cen s. The
cash wheat situation is still disturb
ing factor in the market aud difficulty
in obtaining money to carry grain is
given as ore of the chief reasons fer
the arxiety to unload. Small holders
were obliged TO let 20 at loss aud
there was some tumbliug Of pyra
mlds.