Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-08-21
CHICAGO.
The Wheat "COrner" Smash-up-Fear-
full Calamity to the Bulls-Sum-
ming up the Result.
Still Further Decline in the Price Of the
COmmOdity-Exeitement Unabated
Probable Disastrous De-
nOuement.

CHiCAGo, August 20.--The break
which commeiiced in the wheat market
yesterday continues to-day, and prices
opened this morning at 81 20, and rap
idly declined to 81 II for cash or August
delivery. There is the greatest excite
ment; and there are numerous rumors of
broken bulls. The entire commercial
community is in q whirl of excitement
over the breaking of the great 'cOrner'
in wheat and the consequent collapse of
the managers and their adherents.
What "Blaek Friday" was to the gold
and stock market in New York, to-day
is to the Produce Exchange of Chicago.
The decline in the price of wheat, which
commenced yesterday morning and con-
tinued steadily throughout the day, as
before stated in this dispatch, was only
more marked this morning, and rapidly
eliminated in a perfect panic, prices re-
ceding to 81 10 for cash or seller August,
or 81 08 for September. This crash in
prices brought with it the managers
of the "cOrner,n and reports that this
one and that, who had been following
their lead, had failed. That these re-
ports are true, so far as great many are
concerned, is beyond doubt; but until
the close of bank hours, when it can be
ascertained whose checks have been
thrown, it 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 who were not in any way cOnnec-
ted with the clique, who have been the
architects Of the corner" will be more
or less losers, having to stand between
their customers, whose grain they have
sold at high figures, and the bulls who
were purchasers, and who are now una
ble toputup the prices. The general feel
ing is one of the greatest uncertainty,
and to some extect distrust, simply be-
cause, 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 a 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 COM
mercial circles, and even among classes |
of citizens who have little interest in
the doings of the bulls and bears. The
subject is canvassed eagerly. The fact
that the break has carried with it a
greater or less number of commission |
merchants and operators in grain and |
others, and that men who were
yesterday many thousands ahead of the |
deal are to-day bankrupt, invests the |
matter with an interest which extends |
also over the entire Northwest, the more |
so, that many of the grain dealers in the |
have invested their money |
against the "corner,n selling largely of |
wheat at the advanced prices it reached, |
and are consequently, by the failure of
the bull clique, large losers.
So far as the positive failures among |
are concerned, it is still too |
soon to state with certainty who are
really broken. That the firm of J. B. /
Lyon & Co., who were the originatOrs |
and principal managers of the "corner,"
have failed, there appears to be no doubt.
The names of some twenty other indi-
viduals and firms are reported unable to .
meet their obligations; but many of !
these, it is asserted by parties in a posi-
ton to know, will be able to meet all /
their liabilities as soon as they can get
sheir matters in shape. Hence an in |
by publishing the list. That at least /
twelve or fifteen firms have refused or .
been unable to pvt up margins, or so far
to settle differences, is unquestiOnably
true; but matters are still in such cOnfu-
sion that it is difficult to ascertain posi-
lively who the parties are.
A prominent operator who has been
during the greater part of the time
since the corner was established con-
slant seller of wheat, on yesterday even
ng called for margins to the amount of
)ne hundred thousand dollars, from
parties to who he had sold. The total
amount put up on this call was only
hundred dollars. The losses
)f this operator will aggregate not less
han one hundred thousand dollars, and
his, Notwithstanding the fact he was
IN the other side frem the managers of
he corner, and but for their failure to
meet their obligations, he would have
)een largely ahead.
There is an exceedingly bitter feeling
lmong many members of the Board of
Trade, at the manner IN which the ring
lave conducted their business, as it is
Illeged that they drew many unsus-
)ected brokers to financial ruin, by in
Iucing them to buy grain for them,
epresenting even after the prices had
lropped twenty-five cents per bushel,
hat they were still able and determined
o carry the corner through the month,
nd that they had allowed prices to drop
These brokers are now left
n the gap, and some of them will be
rushed.
A leading and thorouhly reliable mer-
hant asserts that one of the leading
members of the ring came to him this
morning and assured him that they had
lot failed, nor likely to, and wanted him
o bring one hundred thousand bushels
f wheat for them to-day. He at first
but Immediately reconsid-
red the matter and refused, thereby
aving himself ten thousand dollars.
Among the parties who are positively
tated to have failed is Hugh Maher,
whose recent irregularities in connection
With the Coma elevator have been the
ubject of much comment in the market.
his evening on opening the Board
howed considerable firmness, and quite
number of buyers made their appear
nee. The prices advanced two to three
er cent, closing firm. The receipts ,
7ere again large to-day. Five hundred
nd seventy cars were being inspected
t Centerville for Coma last night.
Rev. g. NJ. jerks, pastor of the Pres
yterian church, committed suicide by
hooting himself through the head. No
ause is known, except the depression of