Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-23

at ! oclock-that is, 9sL cents for Janu-
ary, and 991k to 99I cents for February,
that being a decline of % cents from the
latest regular price of Saturday.
kSThe corn market was, of course, affect
ed by the break in wheat, but it also had
q depressing influence of its own. Jones
& Mcdonald were understood to be long
on about 100000 bushels of corn, mostly
for May delivery, and the market went
down about IA per bushel, which is not
far from 3 per cent, being, therefore,
about the same relative decline as in the
case of wheat. Of course margins were
called in corn, as in the wheat market,
and the offering of the 100000 bushels
referred to forced a great many other
holders to sell, as the margins had been in
many cases pretty nearly exhausted by the
weakness of Saturday, leaving some COM
mission-men unprotected, and the break
was so sudden that they had not time to
telegraph to their customers in the cOun-
try without danger of seeing the market 60
so far away from them as to give bigger
loss than that covered by the additional
margins. May corn declined to 1890
per bushel, making the price for Janua-
ry about 373ac. 1t reached to 43c for
May, and closed little below that figure
In the afternoon the call was proceed
ing steadily,
WHEN THUNDER-CLAP CAME,
in the shape of an announcement that
Ray & McLaury had failed. These par
ties had margined up in the morning,
but the additional calls had rendered
it impossible for them to respond. 1t was
understood that they had about $50, 900 in
hand in the morning, and the total calls
on them we're for about $4,000. Their
largest customer is understood to be a
gentleman in Buffalo, and when they
telegraphed to him that they would be
obliged to draw, they received the laconic
reply, "Don't draw" Of course they
suspended.
1t may be noted that Ray & McLaury
had not been margined very heavily pre-
viously, as, though it was known that
they were carrying a long line of corn,
1t was supposed to be for house with
which the junior member of the firm had
been for many years identified, and there
was no fear of failure in that case. 1t
will be understood by those familiar with
the practice on the board that when a
party to trade believes the other party
to be perfectly safe, he is very apt to
avoid calling for margins to protect the
deal, because, under the rule, the person
making the call can be required to put up
margin as well as the other one, so that
the effect often is to lock up the money
of both parties to the transaction Ray
s. McLaury had some wheat deals on
hand, but that market was not material
ly affected by the announcement, because
the wheat call was over at the time it
was made. There was little irregular
trading and talking on the curbstone
which was accepted by knowing ones as
an indication of further decline in
wheat to-day.
The oats market was depressed by the
fact that the parties referred to were
long in that deal also, but there were no
particular features in that market to call
for special comment. 1t closed rather
| firm.
THE PROVISION MARKET
was relatively steady. A good many calls
were made for margins on pork and lard
early in the day by the shorts, who
thought that the break in wheat and corn
would force a decline in the hog product
But pork only fell off about l2% cents
per barrel, and lard 211aa to cents per 100
pounds, after which there was a rally
The market was helped by reported ad-
vance of 10 cents per 100 pounds in hogs
at the Stock Yards, and threepenCe
per cwt. on lard in Liverpool, the market
for meats on the other side being
also stronger. There was a good deal Of
nervousness, however, in this part of the
deal, several holders hanging around the
pit during large part Of the day and
watching anXiously for symptoms of a
break, in which case they were prepared
to sell before the market got to the bot
tom. They were not anxious to put their
property on the market in such shape as
to depress it, and so, as a rule, they did
not SELL The provision market was
really steadier than the recent average
fact which is something wonderful con-
sidering the closeness of the bond which
for several weeks has united the wheat
and the pork deals, causing one to move
up aud down in symp athy with the
other
Later in the day some parties of the
pertinacious order hunted up Dornbusch
of a date near to that on which Mr. Jack
sons letter appeared, and found the
number of cargoes of wheat from South
Russian and Danubian ports to be only
forty-six cargoes, instead of 145, as report
ed by Mr.. jackson. 1t was this that
gave more steadiness in the latter part of
the day. and this fact may perhaps give
so much additional confidence to people
day as to cause an upward reaction, or
at least prevent a further drop.
At st. Louis.
ST. LOUIS, Dec. 22-The suspension of
G. Buckingham & Co. announced this