Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-20
WHEAT DROPS 3 CENTS A BUSHEL.
ANOTHER HEAVY FAILURE NOTED.
CHICAGO.

Especial telegram to the Globe
CHICAGO, June 19-This has been an
other day of anxiety on change. The mark
cts are still ve-y nervous and unsettled,
general lack of confidence in almost every
BODY and everything being apparent. AL
though both grain and provisions have
now suffered a great decline, they have
not reached a point which inspires much
desire to invest, and yet the feeling is
growing that they are not far from the
bottom. Every market ended the day
love- than it began it. Prices had some
approach to frmness at the opening hour,
but another small panic was precipitated
by { pair OF new suspensions. Unexpect-
edly heavy offerings of wheat, corn and
pork By brokers who refused 10 name their
principals had induced very uneasy feel
ing, when rumor spread like wildfre
that u. s Nichols & Co., one of the prom
inent houses on the board, had refused to
put Up margins called for and had failed.
july wheat, which was selling at $1O658,
broke to $685., and other markets were
similarly affected. To check the panic at
Mr.. Nichols request, Secretary Randolph
stopped the trading, called the board to
order and announced that the firm was
perfectly solvent, but on account of its
heavg lines of long stufs held for custo-
mec5 and for which it could not get mar
gins en-, it had decided to drop its
load and pay its losses. Its brokers
had already evened up nearly
all trades. All obligations would be met
at once and business resumed. Mr.. Nichols
stated his firm has put up $250,00O mar
gins since Saturday morning. Concerning
the report that his suspension had carried
down Parks & Co. OF New York, he stated
he had an open account with them, but the
baIa>cs was slightly in his favor. Peck &
Bau71er, dealers in lard and lard oil, filed
6 voluntary assignment for the benefit of
creditors. R. W. Falkner was appointed
assignee. This failure of very old firm,
both g whose members DO a
lara business CT the board, is
brought about by the McGeoch
crash. The liabilities border closely on
%1C"ggo. The firm has large refinery,
has .eez buying l2-l. and was caught Sat
1rl4- with 81 l4rge quantity Of it on hand.
Ias fins who suspended Saturday are
all stiI a. w3.iy On the books to ascertain
their position Ellis & Iightner expect
TO stra:ght2n u matters in day or two
ana hope to resume business. Haley &
Al,e4 say that the;- loss through McGeoch
Is mt so great Us at first supposed, and
the cEnect to pay every one. j. NJ. Ball
e@.-cts to pay every body and begin bus
mess again after lie furry is entirely over
McIecch IS yet unable to appear or do
alvta.ag toward straighterilg up his af-
fair.
Fluctuations OF wheat on the board were
rar.1 and sudden, although the range Of
Ju.y Was only about &c. The feeling
was faverish and the unloading of the
Nichols wheat seemed to render panic
highly probably, but when it was announc-
ei that all claims would be promptly met
on presentation, confidence was partially
restored and prices advanced irregularly
about 1c,- fuctuated within a moderate
range, and closed toIerably steady. At !
o'clock July wheat was &c lower than II
closed yesterday, August SIC lower, and
the longer futures about &c lower. On
the call there was another
rush of offerings, and the better
feeling of the closing hour of the board
was ipretty Fmuch dissipated. July sold
dowr to $1.06c again or 35c lower than at
/ O'Clock, while August and September
lost lc, and 100000 bushels were then
sold. The shipments of wheat are begin
ming to pick up trife, $4,000 bushels
being reported to-day, but the receipt cen
tinu8 2vary fair, being JOG cars. Lake
trans poctation for $4,000 bushels was en-
gagged. Concerning the Immediate future
Sid Kent thinks il will require several
days to restore anything like set
tIe1 -5@dGence, but should there be no
further failures, moderate advance would
notb5 unreasonable after this extreme de-
preston. L Everingham & Co say they have
enGes7orad to impress customers with the
fact that the stock ii store is heavy and nc
one seems to want it, that its weight drags
prices down. There are parties tonight
who expect to buy August wheat at $10l
before many days, but this would certain.
ly seem low. The tendency at present is
pointing in that direction. Wheat does
where exporters will take it.
Corn opened with a decidedly bearish
feeling, which was checked for few min
utes by several large buying orders. These
soon getting out of the way and Nichols
u Co. offering large amounts, there was
nothing to check the decline. j. T. Lester
q Co. were again free sellers and this
coupled with report OF
another suspension, supplied the bears
with ample weapons for more pounding
their efforts being particularly directed
against the August options. However, lat the
lowest point of morning session, and while
operators were on the ragged edge" as tc
the certainty of rumors flying around, the
secretary of the board announced that the
house in question simply closed deals as g
natter of safety to give them time to settle
up, and that all differences would be paid
This announcement taking awav the
strongest argument the bears had served
to create quite q scramble to cover ebor+-