The sun., 1897-12-30

RIGID INsPEoTI0N CAUSES a DROP
IN TIE MARKET.


Ths letter People WIN Net Accept Asy Pur-
esssss That Are Net Up - Grade STRICTLY
-Eievator saen Coneerasa Nest IN the
nratter-seue Lively Selling In the Pit.
CHICAGO, Dec. 2g.-Nows that the Board Of
Appeals, appointed jointly by the Board OF
Trade and the State Grain and Warehouse In
spection Commission, had decided for the sec
ond time that the wheat delivered by George
seaverns. tho elevator man. to the Letter syndi'
cate gave prices hard knock. The market had
been dull and steady all day. but at the very
close II dropped to 9ek cents. 4 cents under yes
terday's top point. The bears were in great
glee. as they fanoied they had given the bulls a
hard squeeze. but the holders Of Wheat did not
appear at all shaken MP. Letter at onco ac-
oepted the boards decision. and tho work Of
loading the wheat into the steamer Iron King,
stopped two days ago, was resumed. Mr..
French of Allen.Grier said:
Private Inspector Reid 10 right. under
strict Interpretation Of tho rules, to refuse the
wheat, yet there IL 80 little white winter in It
and 1t 10 90 very much better than the stuff
rendered to us the other day that We are only
too glad to take 1t as No. 2 red winter"
Everybody agrees this case will be Of great
benefit 10 the grain-shpping trade OF Chicago.
for IL will cause elevator men to exer-
else q moro severe scrutiny. In this case
the methods Of Chicago grain inspection
and tho methods of Chicago elevators in
handling and mixing Of grain were on
trial before tho Board Of Appeals, and there
10 general cause for congratuletion that the re-
suit is satisfactory to all concerned. Tho three
members Of tho Board of Appeals-Mansheld,
Mckee, and Sheridan-went over to the river
early this morning TO examine the wheat which
was going into the Iron King. Letter had made
complaint that the grain being delivered to him
by seaverns. who was also short on the market.
was not No. 2 red winter. Letters private In
spector, Reid, had complained that there was
sSme S white winter wheat mixed with tho red.
It took the Appeals Committee only q short
was no white wheat in It at all, only q few
n ali the he cereal. The folowns 81 eSpresson 10 from
| q leading Board of Trade man on the Letter
wheat inspection fight opens up some new ques-
"The elevator people arc confronting now
IN tho booro her aSS
been supposed heretofore that the delivery Of
but the trouble Mr.. seayerns. is having in con.
yincing the representative Of the Letter party
that hundreds OF thousands Of bushels paid for
s or meoR
course the Leiter' have not seen any Of the
| wheat represented Dy the cert1ncatee Tor wntcn
| they have paid, and It stands to reason that
| they are entitled to a quality Of grain as good
| rs that specified in the certificates.
| "Should 1t fall below grade they may take the
! matter before the Appeale Committee and pos
sibly into tho courts where 1t might he deter.
| mined that the elevator people had not Allied
| their December contracts after all. In such a
| contingency there would be no end of trouble.
| and IL It should be decided that tho elevator
| people had practically defaulted on their con.
tracts tho question Of damages would then
| arise. Another question comes up: Whether
| the State 10 not under obligation to protect
| the elevator people from damages incurred on
certificates Of inspection issued by its own Off.
| cers."
The excitement ON tho Board Of Trade this
morning was subdued. There was little shout.
| ing in the wheat pit to attract and amuse spec
tators. but there were few features in the
$1oOh yesterday on the buying of q few lots
Barrett and Parker men, who are supposed to
9ecember wheat. and the price promptly
back to s7is cents. with no takers. During the
morning the May option rallied from 937s cents
to 944 and 94Ss cents. but when the break II
December came the May option went tumblinl
down to 93ia cents This was shortly after Il
| O'Clock.
II There was selling panic in wheat Just before
the close. In addition to Armour's sales o
December wheat 1t was reported that the Tailei
men, who had been holding small lines to un
load on q sharp rise in price. were dumping
wheat.