Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-08-21
CHICAGO.
Great Excitement I'm Commercial CIR.


Great Excitement I'm Commercial CIR.
eAes.
CHICAGO, Aug. 20.--The entire COM
mercial community is in whin of excite
ment to-day over the breaking of the great
corner in wheat, and the consequent col
lapse of managers and their adherents.
What black 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 continued steadily
throughout the day, as before stated in
these dispatches, was only more marked
this morning, and rapidly eliminated In
a perfect panic, prices receding to
$1.10 for cash or sellers for August,
and $1.08 for September. This
crash In prices brought with it the mana
gers of the "corRer" and reports that this
one and that who had been following their
lead had faile1; that these reports are true
so far az great many are concerned is be-
yond doubt, but until the close of bank
hours when it can be ascertained whose
checks have been thrown out, it cannot be
definitely known how many are gone nor
exactly who they are; SIS matters stand at
present there is intense feeling of anxiety on
the partof almost every merchant, many rho
were not in any way connected with the
clique who have besn architects
of the corner there win be more or lees
losses, having to stand between them and
their customers, whose grain they have
sold at high figures, and the bulls who
were their purchasers and who are now
unable to put up. The general feeling is
one Of the greatest uncertainty, 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 day as to-day. No one can tell as
yet the final result.
More About the "COrner'' i'm Wheat.
BHICAGo, Aug. 20-The crush of the
wheat Corner is the absorbing topic in
commercial circles, and even among all
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 opera
tors in grain, and crippled others; that
men who were yesterday many thou
sands ahead of the deal are to-
day bankrupt, invests matter with an
interest which extends over the entire
Northwest, the more so that many of the
grain dealers in the country have invested
their money against the corner, selling
largely of wheat at the advanced price 1t
reached, and are consequently, by failures
of the Bull clique, large losers. So far as
the positive failures among merchants here
are concerned, It Is still too soon to state
with certainty who are really broken. That
the firm Of j. B. Lyon q Co.,
who were the originators and prin-
cipd managers of the corner, have fail
ed, there app as to be no doubt.
The names of some twenty other individu-
ais 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 an injustice might be done to solvent
parties by publishing the list. At least
twelve or fifteen firms have refused or
been unable to put up margins, or
so far to settle the differences is IN
questionably true, but matters are still
in such confusion that it is difficult to as
certain positively who these parties are
A prominent operator who has been dur
ing the greater part of the time since Cor
ner was established, constant seller Of
wheat, on yesterday evening called for
margins to the amount of 100000 dollars
from parties to whom he had sold thes total
amount put up on this call was only $500
dollars, the losses of this operator will ag-
gregate not less than 100000 dollars, 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 exceedingly bitter feel
ing among many of the members Of the
Board of Trade at the manner in which
the ring have conducted their business, as it
is alleged that they drew many unsuspect
ing brokers to financial ruin by inducing
them to buy grain for them, representing,
even after prices had dropped
25 cents per bushel, that they
were still able and determined to
carry the corner through the month, and
that they had allowed prices to drop pur-
posely. These brokers are now left In the
gap, and some, at least, of them will be
crushed. A leading and thoroughly reli-
able merchant asserts that one OF the lead
ing members of the ring came to him this
morning and assured him that they had
not failed, nor likely to, and wanted him to
buy 100000 bushels of wheat for them to-
day. He at first consented but Immediately
reconsidered the matter and refused, there
by saving himself $4,000. Among the
parties who are positively stated to have
failed is Hugh Maber, whose recent irregu-
larities in connection with the Coma Ele-
vator have been the subject of Iaueh com
ment. The market this Afternoon,
on open board, showed consider
able lrmness and quite number
o. buyers made their appearance.
Prices advanced two and three
cents firm closing on change, and
closed steady at $l.15 cash for sellers
for August, and Sl.14 for sellers for Sep
TENDER. The receipts were again ialga to-
day, $40 cars being Inspected At Centerville,
Iowa.
Suicide OF Minister.
Last night Rev. G. M. jerks, pastor of
the Presbyterian church, committed suicide
by shooting himself through the head. No
cause is known except depression of spirits.