New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-06-28
rEArURrs or THE CHICAGO MARKETS.
ARmoUR's soJvENcY INQUIRED ABouT-A wEAs
FEELISG-THE NICHOLS FAILURE.
[Br TELEGRAPH TO THE Tribunal

lBY TELEGRAPH TO THE Tribunal
CHICAGO June 27.-It is likely that there
were fifty inquiries telegraphed from New.York tods,
touching Armour's financial condition; some OF them
asked whether Armour really was broken as wasre
ported Others sent BY people apparently little bet.
posted concerning the great packer, mildly limited
that there rumors concerning Armour aud asked
for denial in tone that implied that Of ths
reply would be that Mr. Armour all right The fact
that these Inquiries coming here Is set down proof
that n the New-York produce market is not In tho
MIDST OF panic IL IA certainly In the midst OF scare
Most Of the to the inquiries that Il
the effect that the New York spectators might go right
along without losing any sleep over fears OF AImours
failure that II there were any claims there were
enemies OF the butcher here who were willing
discount them cheap, and that there would probably be
in about thirty days more soicitude ing shorp
sales to Armour than there IA now over bis solyency
Here the inquiries only excite ridcue; where he
so well known they probably excite some alarm Last
Saturday night he started with George NJ Pullman.
"sidp Gent and half dozen other railroad propreors
for pleasure trip the Northern Pacific Railroad
Before he bought probably all tho cash pork lara
and meats In this and 1t thought that during the
panic COT the Black Eaturday) be bought enormously.
principally for September and August delivery These
purebases were however bought o. lower figures than
are ruling Before he stsrted too he busted himself
in strengtbenng some STEERING which had been
almost fatally hurt by the McGeoch explosion Armour
IS set down here worth not less than In
diydualy. The Continental is known ~ his bank DO
cause he subscribed and paid 100000 toward its
stock and Black. his former partner and at present
cashier OF the bank paid In another 100000.
Armour's wealth can be judged OF from this fact:
John c. Black, a young man In Armour's employ, was
taken into partnership In 1877; he was given
O one-twefth interest In 1850 he retired from
the firm with over 100000 ME
II saoSIr poftxr reAf roa
Europe and started the Continental Bank, Armour
trOuting one-fourth Of the s2oo0O0o capital The be-
lief Is here that In indeed heavily loaded with
provisions and that supporting the MARKET 90 thsf
his agents all over the world sell the prodnct hui
IL is also felt that the load, enormous
as would be to any ordinary merchant VIII be easily
handled by the millionaire packer. and that the enor
nous oyerselng which has taken place within the last
two weeks viii prices TO advance toward the Gloss
Of July
PORK declined so04oc. barrel and lard Ioa
12sc per hundred from last nights close June pors
closed at $40 l5 July at S1s 30 June lard At 20 22
and July at 80 37la Wheat was sold down again
to-day by the bears, are filed
with courage and many Of their uninterrupted success
fully wheat Oh the regular board down 81 01s and
Nh at one time to 81 03 II closed the call at 81 OF
but droppsd ON the curb to 81 OH The news was
ceived here grain panic at Marseies and as wheat
shipped from here othat pointn considerable quantities
he M
msrts Tor shipment Of wheat day either and GA.
was another bearisn influence On the curb tonight
Juy WIS So Mss .. very weak one
"" Nothing since the falure OF McGeoch has eI.
crted so much feeling as an exhibit maids
ii tSr. Of N. 8. Nichols Co On the day this firm
Suspended Nichols, the head OF the firm, Phil Armour.
and John Black the cashier Of the Continental Bank,
ell Of declared they were familiar with the nrms
rm was really solvent and hat had $4,000 at least
more than it owed. The creditors were simply asked
to transfer their trades and to sign down margins To-
than enough to pay SO cents on the dollar II ia
fact innocent people who were not creditors on the
day OF the suspension 9ut VINO made transfers upon .as
settement themselves creditors now Tor consider
able amount The feeling s very bitter one because OF
n is believed that affairs in the first place pu5
in false hight in she interest ss Of Armour nrd
esea or else the affairs being misrepresented now
for tho pupose OF getting cheap settlement Nichols
ss ooo and good asssts Of doubtful $4,000
bad $l25 O00 claims against suspended house s44Ooo
re vas snooned to look into the books oftne concern
Anderson Fowler Of Fowler Brothers. who were In
terested In the McGeoch lard trouble In Chicago arrived
in this city Tuesday and returned TO Chicago yeser.
dav after brief visit the Produce Exchange. With
regard to the failure OF MeGeoch Co.. he said: "The
| failure 10 more disastrous I'm In its effect In tho
West than was at first contemplated do not think
it win have any appreciable effect IN New York. more
than to unsete markets for time, since there was not
such speculative element engaged in 1t here as has
One Of the leading members Of the Exchange. when
Panknton Co. would be affected BY the failure sad;
Their credit VIII not be affected I'm the least and
their br DC aqS o. ia But there need Be no
| fear of any paper being offered.
~