Savannah morning news. [volume] (Savannah) 1868-1887, 1882-02-16

CHICAGO, February 15.-1o-day was one
Of the most exciting days ever experienced
on Change. Prices were excited and I'M
settled throughout, and heavy depression
began early and, with slight fluctuations,
continued throughout the day, although the
closing prices were considerably frmer than
the lowest. The failure OF Kenyon & Co.,
an old and we'll known firm, involved very
large interests, and caught most of the
heavy operators for greater or less amounts.
A gentleman who until recently has been
in their confidence and employ, stated
that he believed they were '1oDg'' from
1900, 600 to 5, ,0C0 0C0 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 out when their margins were
exhausted, or securing remittances to meet
the great drain upon them. Their failure
was the more disastrous and had a 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 provisions Although
there was heavy selling movement In all
these, the markets we're Influenced largely
by tie spring-like weather. Wheat was
demoraliZed by the unfavorable foreign as
well as LEGAL influences. The market opened
iTregularly, with some sales &c. higher
than yesterdays call, advanced another u
to %, then ruled steady but after a few
sales began to weaken and declined 81
from outside prices, the bears having things
their own way, and prices sometimes Drop
u to % with very few transactions. The
final close was ~ lower for March and
April and 49s for May than yesterdays clos
ing prices.
On call there was scene of great excite
ment. Blocks of a quarter of a million
were sold at one time, and there were few
sales In less than 10000 oushel lots. The
recorders were unable to take down the
sales as fast as made, and the fines imposed
for an impI oper display of anxiety on the
part OF the bidders amounted to fair days
commission. Prices held up under steady
hammeriDg, and toward the close advanced
smartly. Sales were reported at 2,S00,000
bushels.
Corn was unsettled and weak throughout,
prices advancing only at the opening 13 to
Is, and then Immediately dropping, with
few fluctuations, 21 to 215. The inquiry
was moderate, but feeling of caution pre-
vailed. Although foreign advices were
stronger prices closed "a to 2 below those
OF Yesterday. On call the sales reached
1,27O,0OO bushels. Prices were generally a
little higher.
Oats shared the general depression, but
the sales at the offerings were small, the
decline amounting to 1 and IA
Pork was unsettled and irregular, finally
closing 81 254l 40 per Dbl. lower, with enor-
nous sales, wide fluctuations and gener-
ally panicky, unsettled market.
Lard followed pork, the decline being goa
40c. per cwt, without any particular
features of interest. On call there was a
fair recovery Of prices, the advance being
about 30c. per bbl. on pork and 15c. per
cwt. on lard. The sales were large
There is good deal of uncertainty as to
the amount involved in Kenyon & Co.'s
failure even among members of the firm.
One Of the firm says their country custo-
mers, who were slow 10 responding to the
call for margins, are expected to come in
shortly. Also that the firm will pay dollar
for dollar and resume. Another member is
quoted as saying that the failure will
probably involved quarter of a million of
dollars, and that they cannot continue busi-
ness. Their deals were chiefly in wheat,
but there were some in corn, ami few in
provisions. Mr.. Kenyon himself is absent
from the city. The uncertainty as to the
amount involved arises from the lack of In
formation about the price at which the
deals were closed out. Kenyon 81 Co. and
their friends have been persistent "bulls"
on the market. They failed once before
some years since.