The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-25
pEvILTRY IN WHEAT'S DECLINE
.vU0UR SAID TO BE SETTLING AN
ON SCORE WITH THE BULLS.

E,,embers of the Board of Directors
g ChicagO's Board of Trade Who
wore Prominent in the Attack on
,rmOur's Elevators Said to BE the
u.n He Is Cunning FOr-He Is
said TO Have Them at His Mercy.
cudohy Unloading His Holdings on
the slump.
obtoago. ILL.,, OCT. 24-The wheat mar
was panic-stricken on the board of
FL - to-day. December went to pieces at
Il disastrously rapid rate. The worst
= -,ok in the price occurred since the so
Il nc high water mark was reached on
Il 1.,5av and traders were left founder
81 in q state of bewilderment and con-
n ton A fall of cents made a dark,
h .oelass picture for the bulls to contem-
ii i,te during the day of rest. The weeks
Mile in the prices of speculative flu
70 has been over 10 cents. The low
5 ,,nt reached to-day was 60 cents, and
"a 10 closing price was only three-quarters
cent above that. Yesterdays final
,potation was 731sc.
Fl 7r,a hears were the kings of the wheat
=. They forced the price down 3 cents
"A tbe opening. The Liverpool market
& ,as fat for futures, declining 214d. The
81 ,,bi,oqo market followed in the footsteps
B the foreigners There was a brief rally
+ cent or more, and then came the 4
a,- break at II o'clock to fill the holders
long lines with fear that the market
,ciobt break next week. The big bulls
IRE reported to be lettering on the verge
IF q losing price, as the market now
Stands tonight.
Ell Cndahv sold some of his wheat on the
last break, but the trade could only con-
Il Seizure how much he got rid of. The gen.
raI belief is that he could not have sold a
4 arga LOT in the face of such a demoraliZed
I market. ready to drop the price at the
& least provocation.
i There was a story going the rounds on
h cbange to-day which revives the lone
r s+andiny and bitter fight between the Ar
,nour and other elevator interests and the
+ ,na ioritv of the board, represented by the
+ directors. Armour has. not forgiven the
B prosecution of his firm by the directors or
#rbe charge that his elevators were irreg-
Mar. which ended in the suspension of his
Elevator manager, Mr.. Valentine, for TWEEN
tv years 1t is said that among the big
bulls, who are long on December wheat
are several members who were active ir
-be fight against the elevator interests
and that the latter, of whom Armour is the
Header, are in a position to squeeze these
particular bulls to the breaking point
s 'There was an under current of fear that
next week would bring failures of some
consequence If there should be another
big fall in the price of wheat.
Tie mate ial advance in the local mar
+ Iet Yesterday was expected to effect &
8similar turn in Liverpool, but when tht
Reverse was flashed across sea and lane
ri Ito the Chicago wheat pit, the news strucl
the bulls like lightning. They were speech
Il less. They were unable to make show Of
& Resistance, and prices were hammered
. down in the first transactions to 20 cents
In the course of the next half hours bus
f mess there was a slow but steady ad
France to 707sc The outside trade has suf
fered seriously by the present break, al
Fl Though that trade is not as great as dur
"a ing former big wheat furres.
III Stop loss orders were the feature of the
a market on the decline to sc. Most of the
# cOuntry buying orders were only at fig
n ures above zoe. The cash wheat situation
Is still disturbing factor in the market
and difficulty in obtaining money to carr!
"a grain is given as one Of the chief reasons
e for the anxiety to unload. Small holder:
were obliged to let go at a loss and there
|Eas some tumbling of pyramids.