Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-02-17
CHICAGO.
Great Excitement on Change.
A Field Day Between the Bulls
and Bears,
Which Proves Disastrous to the
Bulls.
Heavy Decline in Wheat and Corn
Futures,

CHICAGO, Ill, February 15.-To-
day was one of the most exciting
days ever experienced on change.
Prices were excited and unsettled
throughout, and heavy depression
began early and with slight fuctua-
tions, continued throug hout the day,
although the closing prices were con-
siderably frmer than the lowest.
The failure of Kuyone & Co., an old
and we'll known firm, involved very
large interests, and caught most of
the heavy operators for greater or
less amounts Gentlemen who until
recently has been the r.. R. confidence
and employ, stated that he believed
they were '1ong" from 40,OOO,OO0 to
5O,OOO,O00 bushels of wheat. In
his opinion, the greater portion of it
was owned for the recent successful
Cincinnati clique. The rapid decline
prevented them from closing cut
when the margins were exhausted,
or securing remittances to meet the
great drain upon them. Their fail
ure was more disastrous and had
greater effect on 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 were, but in oats and pros
visions. Although the heavy-selling
movements in all these markets was
influenced largely by spring-like
weather, wheat was demoralized by
the unfavorable foreign as
well as local Influences
The market opened irregular,
with some sales ] higher than yes
terday, the call advanced another
aaa. 1t then ruled steady, but after
a few sales began to weaken and de,
clined 81 from outside prices, buy
ers having things their own way, and
prices sometimes dropping da3, with
very few transactions. The final
close was Al lower for March and
April, and a for May, than yester-
days closing prices. On the call
there was scene of great excitement;
blocks of a quarter of million
were sold at one time, and there
few sales in less than 10000 bushel
lots. The recorders were unable to
take down the sales as fast as made,
and the fines imposed for an inn
proper display of anxiety on the part
of bidders amounted to fair days
commission. The prices held up
under steady hammering, and
towards the close, advanced smartly.
The sales were reported at 22,800,
900 bushels. Corn was unsettled
and weak throughout, prices
advancing only at the opening Gag,
and then immed ately dropping, with
few fluctuations, 24a2a. The in
quiry was moderate, but feeling of
caution prevailed, although foreign
advices were stronger. Prices closed
13a2 below those of yesterday. On
call, sales reached 1,270,000
bushels, aud prices were gen.
orally little higher. Oats
shared the general depression,
but the sales and offerings were
small, the decline amounting to La
II. Pork was unsettled and irregu
lar, finally closing 81 25a1.40 lower,
with enormous sales, wide fuctua
tions and generally panicky and
unsettled market. Lard followed
pork, the decline being 30a40 without
any particular features OF in crest.
On call there was fair recovery of
prices, the advance being about 80 on
pork and Is on lard. Sales were large.
There is good deal of excitement
as to the amount involved in Kenyon
Il Cos failure, even among members
of the firm. One of the firm says
the country customers who were
slow in responding to the call for
margins are expected to come 10
shortly. Also, that the firm will pay
dollar for dollar and resume. An-
other member is quoted as saying
that the failure will probably involve
quarter of a million dollars, and
that they cannot continue business.
Their deals were chiefly in
wheat, but there were some in corn,
and few in provisions. Kenyon,
himself, is absent from the city.
The uncertainty as to the amount
invested. arises from the lack of in
formation about the price at which
deals were closed out. Kenyon &
Co., and their friends have been
persistent Bulls" on the market;
they failed once before, some years
since.
THE MIDLOTHIAN EXPLOSION.