The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-08-21
CHICAGO.
I he Breaking Of the Wheat "Cornern
..The City in a Whirl OF Excite.

The Breaking ofthe Wheat ttCorner'
.sThe City in a Rhlrl OF Excite
ment. s' ttE .n9F'
CHICAGO, August 20.-The entire com
mercial community Is ina whirl ofexclte
ment to-day over the breaking Of tn
great corner on wheat, and the consequen
collapse oi the managers and their ad
herents. What black Friday was to tn
gold and stock market In New York, to
day Is TO the Produce Exchange Of Chica
go. The decline in the price Of wheat
which commenced yesterday morning ant
continued steadily throughout the day
as before stated In these dispatches, WI!
only more marked. this morning, and
rapidly eliminated in perfect panic, the
prices receding to 81 10 for cash or sellel
August and 81 0S for September. This
crash in prices brought with 1t the mana,
gers Of the corner, and reports that this
one and that one who had been following
their lead had failed. That these reports
arc true so far as great many are con-
cerned Is beyonda doubt, but until the
close OF bank hours when II can be ascer-
tanned whose checks have been thrown
out, 1t cannot be definitely known how
many are gone, nor exactly who they are
AS matters stand at present there Is intense
feeling and anxiety on the part of almost
every merchant many OF whom were
not in any way connected with the clique
who have been the architects Of the cor.
ner, will be more or less losers, having Il
stand between their customers, whose
grain they have sold at high figures, and
the bulls who were the purchasers, and
who, are now unable to put up. The
general feeling is one of the greatest un.
certainty, and TO some extent distrust,
simply because at present it IS impossible
to tell where men stand. Men who have
been on the Board OF Trade for many
years, say they have never seen such q
day as to-day. No one can tell as yet the
final result.
The crush Of the wheat corner is the
absorbing topic of interest in commercial
circles, and even among the classes OF
citizens who have little interest in the
doings OF bulls and bears the subject Is
canvassed eagerly. The fact that the
break has carried with it greater or
less number OF commission men and spec.
ulRtors in grain and crippled others, and
that men who were yesterday many thou.
sands ahead Of the dealers are to-day
bankrupt, invests the matter with an in.
terest which extends, also, over the entire
Northwest; the more SO, that many oI
the grain dealers in the country have in.
vested their money against the corner
selling largely Of wheat at the advanced
prices it reached, and are consequently,
by the failures of the bull clique, large
losers. So far as the positive failures
among merchants here are concerned, II
is still too soon to state with certainty
who are really broken; that the firm Of
j. B. Lyon & Co., who were the origina.
tors and principalmanagers of the corner
have failed, there appears to be no
doubt. The names of some twenty
other individuals and firms are reported
unable TO meet their obligations, but
many OF these, it is asserted by parties in
position to know, will be able to meet
all their liabilities as soon as they can
get their matters in shape, hence inius.
tice might be done to solvent parties by
publishing. Fifteen firms have refused
or been unable 10 put up margins or so
far to settle differences, is unquestionably
true, but matters are still in such coniu-
sion thatit is difficult TO ascertain posi-
lively who these parties are. A promi-
nent operator who has been during the
greater part OF the time since the
corner was established, a constant
seller OF wheat on yesterday afternoon
called tor margin of 100000 from par.
ties to whom he had sold. The total
amount put up on this call was only
$4,000. Phe losses of this operator will
aggregate not less than 100000; and this
Notwithstanding the fact that he was on
the other side from the managers of the
corner, and but for their failure to meet
their obligations, would have been largely
ahead. - :.
There is an exceedingly bitter feeling
among many Of the members OF the
Board OF Trade AZ the manner in which
the ring have conducted their business,
as 1t is alleged that they drew many un.
suspecting brokers to financial ruin BY in.
ducing them to buy grain for them, repre-.
senting, even after the prices had dropped
twenty-five cents per bushel, that they
were still determined to carry the corner
through the month, and that they had
allowed the prices to drop purposely.
These brokers are now left in the gap, and
some at least OF them will be crushed. A
leading and thoroughly reliable merchant
asserts that one Of the. leading members
oil the ring came to him this morning, and
assured him that they were not foiled and
not likely to be, and wanted him to buy
one hundred thousand bushels OF wheat
for them to-day. He first consented, but
Immediately reconsidercd the matter and
refused, thereby saving himseltten thou.
sand dollars. Among the parties who
are positively stated to have fall.
ed is Hugh Maher, whose recent irreg-
ularities in connection with tho corn ele.
vatorS have been the subject oil much
comment. The market this afternoon on
the open board showed considerable firm.
ness, and quite number of buyers made
their appearance. Prices advanced two
and three cents firm, closing steady at
81 Is cash or seller August, and 81 14 sci.
Ter September. The receipts we're again
large today, $40 cars being expected.
AT Centreyille last night, Rev. G. NJ.
jerks, pastor Of the Presbyterian Church,
committed suicide by shooting himself
through the head. No cause IS known
except a depression in spirits.
LawIessncss In Southeastern Missouri