The times. [volume] (Richmond, Va.) 1890-1903, 1896-10-25

Four Cents Drops on Prices OF Wheat
Closing Price at Chicago 90 3-4.

CHICAGO. Ill, oct 2.-The wheat
market was panic stricken on the Board
Of Trade to-day. December went 10 pieces
at d disastrously rapid rate The worst
break in the price occurred since the oO-
cent high water mark was reached on Mon
day. and traders were lett fiOundeTing in
a state Of bcwilderment and confusion. y
fan of 4 cents made Il dark, hopeless pic
turc for the bulls 10 contemplate during
the day of rest. Tho weeks tumble in
the prices OF the speculative future has
been over 10 cents. The low point reached
To-Day was % cents and the closing price
was only 5-4c above that. Yesterday s
ilhal quotation Was 13 l-S. The bears
were kings of the wheat pit. They forced
the price down 3 cents al the openin..
The Liverpool market was fat for futures.
uecliAihs lad The Chicago market
lO"OMeu ih the footsteps of the foreian-
eFe. inerc was brief rally OF one cent
or more. and then came the 4 cent hr,ai-
az il o'clock TO lll the holders of 1ono
lines with fear that il might break roo,e
next week The big bulls are reported 10
"e l"'i'flhs on the verge of a. losing nrfco
"9 '"' 4n"IAel now stands tO-nighf Cud-
r"' S'iu some or his wheat on tho l,g,
.''"h' put the trade could ONLY comic.
@ @an'v as 10 the amount lie cot iii 80
I"e general belief is that bc co,,id ~.
nave sod large lot in the face or s,,.i,
uohlo'aii~ed market ready to dro, 49,,
~ me "l the least provocation ''''
GO was story going the rounds ~,
s...,-i,,,.o ''- gay which rev.les tho Ion~
~, 'le Gnu DHter fight between the A.
80, "-" o'ner elevator interests and
the majority Of the board 49,. '' anu
10y lNe directors. Armour has MOI so,'
given the prosecution Of his tirr, ~. 'V' ~,
directors on the charge that his GLOW, -
were irregular, which ended I'm the .,,.-
pension OF his elevator MANAGER 1-al.r
tine Tor twenty years. Ii is said ,h..
among the big bulls who are lono l,-
H''eihnef wheat are several nouh..-
""o were active IN the fight against tbc
''Nuior interests and that the lattor
OF Whom Armour is tho leader. arc in
position TO squeeze these particnlor h,,ii-
10 the breaking point. There vr.s 49,,
undorcurrent Of fear that next W.
would bring failures Of some CONSEQUENCE
or there should be another biz fau In
The price Of wheat.
The material advance i'm the loca,
market yesterday was expected TO et
feet similar turn m the Liverpool. but
When the reverse was flashed across sea
ana land TO the Chicago wheat pit. the
AA' N0 'Ai "AN tlif hhAln ike lEntnlnE.
They were speechlcss with surprise
They were unable 20 make a show OF
resistance and prices were hammered
down IN the FIRST transactions 10 20 cents
in tho course Of the next half hour=
BUSINESS there was slow but steady ad-
vance 10 40 rs cents. Tho outside trade
has suffered seriously by the present
break. although that trade IS not as
great as during former hig wheat hurrios
stop loss orders were the feature OF the
market in the decline 20 % cents Most
OF the country buying orders were only
an figures above 20 cents. The cash wheat
situation Is sull a disturbing factor I'm
the market and difficulty i'm obtaining
money 10 carry grain is given as one
OF the chief reasons for the anxiety 10
unload Small holders were obliged 10
let go az loss and there was some
tumbling OF pyramids.