New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-06-21
TWO MORE FAILURES.
CHICAGO COMMISSION FIRMS sUCCUMB.
A FALL IN PRICEs-A RALLY LATER-THE FEELING
GROWING BETTER.

CHICAGO June 2O,-Wheat has advanced ~ and
cent bushel within the last hour, fully as
much. pork 10015 cents barrel, and lard 1000
cents hundred pounds. Tonight wheat Is nearly
cent higher than it twenty-four hours ago. corn
y cent higher, and lard trife higher, notwlth-
standing that there were two bad failures Today
rather sensational decline, especially in grain, this
forenoon and renewal for short time of the alarm
which has been prevalent ever since last Saturday
morning.
little before noon George Stewart & Co., one
of tho largest and best provision COM
mission houses on the Board. ordered its trades
closed out, announced its inability to put up more
margins and suspended. Shortly after smaller
firm, but one which had always been in excellent
repute John Daley g. Co.. suspended. Upon the
announcement of these failures there was precip-
tate drop in all sorts of produce. Pork tumbled 10
a30 cents barrel. Lard, which had opened low,
went little further, but wheat and corn suffered
the most. July wheat reached the lowest point
touched during the PANEL 04sl. August dropped
to / 067s+ July corn fell to 52Si
FEARING ANOTHER PANIC.
For moment there was a renewal of some of the
scenes of yesterday and Monday, and even of last
Saturday. There followed the wild antics of weak
kneed men, and it became almost tho conviction
that the relief which everybody had supposedly had
come was after all illusOry, and that the panic was
| TO he re-enacted. During the forenoon there were
plain efforts put forth by certain bears" promi-
inent among whom ere Lester 81 Co., to do some
wreckng. Margins were called" recklessly, not
only without consideration for the people called"
but without consideration for the necessities of
the case. Calls we're especially made, 1t
is said. by the bears" upon houses concerning
which there were rumors. and in some instances as
much as cents and even 10 cents under the mar
ket II is said, for instance. that special efforts
were made by certain of the " bear" houses 10
wreck Lndblom & Co. and one or two other houses
believed TO be LONG, of wheat, and which con-
| sequcnuy were giving tho market some support.
Fortunately these calls were without effect and the
houses upon which they were made we're not
only strong enough to protect themselves but
| were strong enough to retaliate. These vicious
| assaults for speculative purposes were at night
| common subject OF comment.
TIE SUSPENDED FIRM or GEORGE STEWART q co.
George Stewart a. Co. have been here for many
years and have always been set down as rlcb They
suffered loss of $50, 000upon nearly 10, 600 tierces
| of lard which they had sold McGeoch, Eycringham
& Co.. but which that firm after its failure was lot
able to take. Besides the firm has been "bullish"
in provisions and was long" Of pork and lard for
| customers who were not prompt III responding to
| calls for more money.
| The suspension, however. tonight ispronouncedb
F. d. Armour to bo III advised. They went to their
banks for little money" said Armour, and they
| were advised TO stop never knew of it until they
had sent out their notices to close out, or should
| have helped them out with whatever money they
needed for know that they are solvent My inter
ests and inolnations indeed such that tonight,
or AT any time until this furry is over would help
| any respectable firm which was temporarily en-
| barrassed The worst Of this is all over" said Ar
| mour. 1.-The markets tonight are all higher The
demand for this product at these
days ! have sold TO jobbers nearly
| 10000 ticrces OF lard. Now mark my word this
month will cut the stock of lard in town square
The ilrm Of John Daley & Co. is also a provision
commission house, of less proportion than George
| Stewart & Co., but Of good standing. Its failure
| was caused by the extraordinary depreciation In
provisions and by the steady calls which have been
| made on all sides for margins There Is good an-
thOrity for saying that tine failure OF Stewart Co.
| will be only temporary.
| FEELING or RENEWED CONFIDENCE.
| NJ s. Nichols * Co. began paying their
| checks this afternoon again. and are paying all
demands in full. In fact, their condition was so
sound that they did not touch the $1,000 which
| Armour placed 10 their credit at the Continental
Bank This resumption is the most cheering sign Of
the times.
The very considerable advance in all sorts of
! ton OF the renewal of confidence ana Improvement
| in the feeling condition aud courage of all the
| opcrators in this market. The market during tho
| week both for provisions and gram has been alto
gether beyond the ordinary influences NOregard has
| been had TO the supply OF property, and Just as
little 10 the demand. This 10 the condition oil things
Stil attention Is paid to receipts or shipments OF
grain or Of hogs of provisions. Those who are IN
a position To know, however, say that tho situation
Is ali the while improving Arrangements, II Is an
| nOunced have been made 10 ship this week large
auautly OF wheat for New York, and corn has all
tho while been moving out OF here ut great rate.
Provisions, according TO Mr. Armour, are being sold
10 consumers at present prices at rate hitherto I'M
| heard of.
| NGEOCH's AFFAIRS.
| McCeoch's affairs arc being settled very slowly
necessarily by the receiver Mr. Bcnsley. veteran
commission man himself. has been deyoting his
efforts and the labors of the force of the suspended
| firm TO relieving. as far possible, tho houses
| which had up margins. One hundred thousand
dollars put ND on trades which belonged to various
| houses were signed down to-day, and IN many IN
| stances undoubtedly were welcome at tins time
| " hen money Is so scarce. IL will take three
/ months so says the receiver, to close up
| the SlOOO0,0O of trade upon the hrIns DOCKS
| on McGeoch's accounts and for customers scat
| tered all over the country. The firm Is not likely
TO have much to pay with; 1t Is likely TO owe even
| q greater sum than its partners supposed
CLOSING PRICES IN THE MARKET.
June lard tonight closed at 0.05, July. at go,
| August at o. so and September at 0.02l9 July pork
stopped at 600, August at 17.02l2 September at
| i7.17la; June wheat closed on the cali ut O5+,
| July at 0G7s, August Mt O0ls' september al
| 1 Ii b. July corn at 5435 and August at 54o5.
STATEMENT BY MR. MITCHELL.