The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-16
Excitement in the Chicago Markets
TIE MOST EXCITING DAY EVER EXPERIENCED
on 'CHANGE-THE EFFECT or TIE FAILURE
np VrEynN l. IN

| TIE MOST EXCITING DAY EVER EXPERIENCED
on 'CHANGE-THE EFFECT or THE FAILURE
OF KENYON & 60.
CHICAGO, February 1j.-To-day was one
OF the most exciting days ever experienced
on Change. Prices were excited and UNI
settled throughout, and heavy depression
began early. and. with slight fluctuations,
continued throughout the day. although
closing prices were considerably iirmer than
the lowest. The failure OF Kenyon & Co., an
/ old and wcl-knOwn firm, involved very
/ large interests. and caught most OF the heavy
operators for greater or less amounts. A
gentleman who quite recently has been IN
| their confidence and employ stated that h.
| believed that they were "long" from
! 200, 600 to 5000, 900 bushels OF wheat. I'm
/ his opinion the greater portion Of it was
| due to operations OF a successful Cincin-
matt clique. The rapid decline prevented
/ them from closing ont when the margins
were exhausted, or securing remittanceS
| to meet the great draw upon them. Their
/ failure was more disastrous and had 4
| greater effect upon prices because OF being
so widely distributed.
Among the members OF The Board the
! effect was felt not only in wheat and corn,
where the major part OF their deals We're,
/ but in oats and provisions. Although the
/ heavy selling movements in all these mar
I kets were influenced greatly by the spring
/ like weather. wheat was demoraliZcd by
unfavorable foreign a. well rs local intlu-
cnces.
! The market opened irrcgularly, with
some sales ! higher than Yesterday. The
call advanced another 5Gl, then ruled
steady, but after few sales began to weak
en- and declined 81 from outside prices,
bears having things their own way, and
prices sometimes dropping 5G3, with very
| few transactions. The final close was IT.
/ lower for March and April and 4. for May
than Yesterdays closing prices.
On the call there was scene OF great
excitement. Blocks OF 100000 were sold
at one time, and then few sales in less than
1 10000 bushel lots. The recorders were
unable to take down the sales as fast rs
made. and the fines imposed for an i'm
proper display OF anxiety on the part OF
/ bidders amounting to fair days commits
sionS, prices held up under steady ham,
merng, and toward the close advanced
smartly. The sales were reported at $780,
/ 600 bushels.
! Corn was unsettled and weak through
out, prices advancing only at the opening
s0S, and then Immediately dropping, with
few fluctuations at 2l92!. The inquiry
was moderate, but a feeling Of caution pre-
vailed. Although foreign adyices were
stronger, prices closed 1f@2 below those
OF veStel day. On the call, the sales reach
ed 1.27O,00O bushels, and prices were gem
orally little higher.
Oats shared the general depression, but
sales and offerings were small, the decline
amounting to 1Gl3c.
There is a good deal OF uncertainty as to
the amount involved in Kenyon & Co.'s
failure even among the members OF the
firm. one of tbs firm says the country
customers, who were slow in responding
TO the call for margins, are expected to
come in shortly; also, that the firm viii
pay dollar for dollar and resume. Another
member is quoted ~ saying Che failure vii
probably involve Il quarter OF million dol
lars. and that they cannot continue bust