, 1881-10-02
BROKEN BROKERS.
Preston & McHenry Yield to the
Inevitable.
But Still Hope the Cincinnatians Will
Come to Time.
The October Corn Deal Why the Grim Does Not
60 Forward.

On tie Board Of Trade yesterday the sus-
pension of the brokers for the Cincinnati
aftful dodgers was. the leading subject Of
conversation. Tie tirm did not receive their
lulg-eXpected rellittatsccs from Cincinnati,
but appeared 10 be quite confident that they
would i'll 4 short time The delay caused a
good deal Of anxiety. The trades with the
suspended honse were closed uD in accord
alice with their instructions. No one seemed
to know how big sum Of money is
Involved i'll the losses, which are
ln0bably not 50 large rs SOME estimates, but
quite enougll-probably Sl250 The grain
markets advanced. and wheat subsequently
weakened. Tile torn deal Is looming up Oil
the horizon as the coming event.
TIL. FIRM OF PRESTON 4 M'IIENKY
gave notice yesterday 10 members Uf the
board to close trades with them. AIr. Preston
said ltst evening they fully expected 10 re-
ceiye tie mElley from Cincinnati, and to pay
the creditors in full, and resume business.
He thought the publicity Of the trouble in
Cincinnati had caused some delay in reallZ-
ing on securities, but expressed himself as
quite confident that the firms customers
there did not intend to replldiale their trade,
and had not contemplated doing such a
thing. He was not prepared to state the
magnitude OF The trade nor the losses, but
the transactions and the August profits Ut the
tailers" had been vastly exaggerated from
the frs:, as would BE- shown i'll the end.
The late trouble started the other day
when the wheat market jumped up five. Or
siXcenIs Oil the Call Board. Up to that time
tue brokers were 'Elply secured; Mr res
TON said lie felt very grateful to the Board Of
Trade peupc for the sympathy expressed
tor his tirill. and for the way prominent firms
had worked TO steady the market and pre-
vent a sharp rise while the wheat was
bought in.
Mr.: Preston has been in business oil the
board fur nearly twenty years, aud has never
before met with disaster. A1r. Ncllenry s'lS-
Pended about two years ago, anu pa1u up
dollar for dollar. The last payments were
1Aaie, 1t is said. only a short tine ago. Both
We're credited with having made fandsonie
sums as brokers i'll the August whtat deal.
and it was generally admitted that they
earned their money Ihey were popular
nlen- The action ot the Cincinnati gang who
deserted their brokers i'll the hour OF neeu Is
severely condemned.
THE CORNER IN OCTOBER CORN
SEEMS tu be the next thing OIL the tapis., 1t
was reported last evening that parcel Of
New ! urE merchants. dcslrous OF cninlatlng
the1r Cincinnati brethren, had gone into the
merchants aud stune dealers Of Gotham. The
only one mentioned is II. 5. Dunn.
Mr. Hobbs is charged with the landling OF
te deal, and if the way receipts TOR corn
were delivered i'll his Office YESTERDAY =; Was Us
Could conaf"Et "Etabiy handle. Some called the
o'fice;i regular grain elevator. \ iitt'e III,
vesligatit,ll usually showed that the bulk Ut
the corn delivered ultimately found its way
Into this ''l,ole'' The quantity taken a1d
Checked fnr is said To have reached a million
bushels. Their corn is supposed t. haze
cost :lem i'll the ncigilborhood vi ~ GENTS
PR busltI. Some uenp}e think the New
1torkers will only squeeze tie shorts !ilt!e
1h's month, tllcn ship the corn, anu laE thelr
Ss!ctlell!c for c"rnering November, 1t Is De-
October. =.
!. II appears that wrong impression has got-
ten abroad in regard to The position VI
NE>>Es. SEYMOUR, Hunt d CO.
IN the unsettled trades in August wheat Mr.
aunt Stated yesterday that the tir1n were en-
lo'1ea ny their customer, Mr.. j. IL. Eahef, oi
.Sew York, from settling these trades, and
they Ind no alternative unless they paid out
ule money and closed the deal oll their OWL
paying $4,000, which is all the real
Claim amounts to, though the Injunction
margins then np. Naturally enough tte
house itself lid not feel like assuming the
l9sh OF paying out SO large i SUM. -lessls:
SEYMOUR, Hunt Il Co. say they merely acteo
q q 9lokerS, agents, Or commission men ~
=, eiE 4. customers and had no further lntcresd;
meyer KICKED OH any trade, and paid as n1gn
s $ Sl3s III settlement Of August wheat. At.
1oahef wants, 1t Is understood. to test ule
!eeallty OF the Boaru Of Trade rule ak;alnst /
corners, and to learn if the committee nave
Ions Ions under it. 1t is claimed that he has not
WI dPh tha ~ hV ort u and will nay WAL