Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-05-27
A CHICAGO CRASH.
BreadstuRs and Provisions TiimbIIns
Day.

Chicago Times, May 25.
The prominent markets on 'ChanFa
were unusually excited Yesterday. The
weakness that has characterized nro.
visions and all the leading cereals for
the past week or more eliminated in a
grand bear movement. All the infiu-
e;ice affecting the different trades, in
Guiding the excessive stocks Of allkinds
OF produce on hand, the restricted ship
ping andcensumpti5e demand, the dis
conrsging eastern and foreign adviees
about trade, and the improved crop re-
ports from many sections of the coun-
try being favorable for a break in
prices, the bears lost no time in turn
ing the peculiar state Of affairs to good
advantage. Hence, on the opening Of
business the interest in favor of lower
values promptly assumed control oft
entire situation, and from that time
forward the exchange room was the
scene Of unusal animation, The bears
having taken possession Of the manage
ment of the several markets, the bills
seemed powerless to offer any ma
terial resistance, and prices steadily
dropped from point to point until the
decline Suffered all around was sufii-
Gent to create almost a general panic,
Holders, IN fact, appeared to lose all
confidence Ia the markets; margins
were called with more freedom than for
months past, and on all sides an uL.s
healthy and weak feeling was exhibited.
The trading, however, was liberal,
though the business transacted was
mainly on local speculative account,
good share Of the property sold belong
ing to interior parties who were unable
TO meet the demand for increased mar
gins. As compared with last Satur-
days closing quotations, prices fell off
&c on wheat, Sc on corn, &c on oats,
lie on barley, 30CG35c per Dbl. on mess
pork, 20G25c per 100 lbs. on lard, and
SC per ID. on meats. Wheat, corn and
mess pork we're the principal articles
traded in, though oats, barley and lard
attracted a liberal degree Of attention.
Considering the depression in the
markets, the number of failures was
quite limited. Indeed, aside from the
suspension of Messrs. G. P. COmstock &
Co, who were apparently unprepared
for the bear raid, the failures reported
We're really 'Inimportant. In the case
Of Messrs. COmstock & Co., arrange
ments, it is understood, were promptly
made by Mr.. COmstock to allow the
firm to commence payment this MORN
ing. The firm has more than abundant
means, we are assured, to meet its OBJ
legations, but as its funds are tied up
largely IN grain in transit, the un.
looked for decline in prices forced a
temporary suspension to allow con-
version Of some Of its available prop
erty.
Chicago Tribune, May d.
The popularity Of the present situa-
ton is that city operators ION their own
ACCOUNT are generally long, while the
shorts are IN the country. Hence q
sudden call for very large margins may
slightly OvertOp the money on deposit
here, and 1t cannot be augmented in.
side Of a few hours time. That is
practically the case in this instance.
The short interest is unusually strong
now, in a financial sense. Many of
those who usually export have been on
the short side of the deal, as they were
unable to operate IN the other direction,
and a good deal of other capital has
been ''shOrt tempered"
The decline Of yesterday did some
thing towards placing the markets on
a shipping basis; but 1t is only natural
that the markets at other points should
weaken IN sympathy, making it neces-
sary for ours to recede still farther.
This IS only natural, when we have so
much wheat, corn and pork here wait
ing for an outlet. The great trouble
with our markets is that stocks have
been allowed to accumulate too much, |
and they must be reduced before we
can hope for strength IN quotations. I