The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1883-06-20

A Big Chicago Wheat House Goes Up
Excitement on the Market.


CHICAGO, June 19.-The severe drop in
wheat, which was quite inexplicable to most
people yesterday, was easily accounted for
this morning when it was announced that
Parks g. Co., of New York, had failed and
that NJ. 8. Nichols & Co. had also stopped
putting up margins and had closed out their
trades. While the fluctuations were not SO
exaggerated and consequently not SO disas-
trous, this failure came upon men who had
been weakened by earlier losses and who
had lost part of their courage and a good
deal of their ability to Withstand the shock.
Besides, the tension has been all the while
increased here. July wheat, which not
many days ago was going at $l.1S, dropped
to $1.05N. July corn, which was some
weeks ago at So cents, sold as low as 5315
cents Nichols q Go. were called last night
and yesterday ten per cent. upon almost all
the trades they had. There was some little
alarm owl the house, because it was known
that 1t had bet n stuck over 100000 by Nc
Geoch's failure.
Nichols g. Co., when called yesterday,
promised to respond to all the calls, but
began selling out grain and provisions at II
furious rate Those who were In the firm s
office during the day noticed especially that
the orders which came over the firm special
New York wire, which connected its office
Will TaThb NtW 10TH OIlcbs WoEt uchNJJ
the orders coming by the dozens to sell out
00,000 bushel lots of wheat and corn. This
selling continued, only on a more gigantic
scale, until noon to-day, at which hour 1t
ceased.
CALLED MARGINS NOT RESPONDED TO.
Meanwhile the firms which had called
margins last night discovered that the calls
had not been responded to. When the rea.
son was asked it was answered that the firm
had stopped, but that 1t had closed its deals
and would pay its differences as soon as it
could figure them up. The news of the
firms virtual suspension got out little be-
fore its public announcement, but not
much. The Secretary of the Board of
Trade announced publicly on Change
that NJ. s. Nichols q Co., had
closed out all its trades and was exactly
even on the market, and had secured funds
enough to pay dollar for dollar. A great
deal of excitement naturally followed and
corn cent pushel, but the panic, every
body comedies, did not reach the height
which it would had the firm ordered its
trades closed instead of closing them quietly
itself. Thare was great alarm after the an
nouneement, but there was no such slaugh-
tering to be done as followed the McGeoch
failure.
GOODNESS IN THE FACE OF DISASTER.
Admiration is expressed on every side for
the GOODNESS and judgment exhibited by the
failing house. M s. Nichols & Co. have
done the largest commission business of any
here. Men connected in one capacity or
another with the office say that for the pael
seven months there have been from 5,000,-
600 to 5000, 900 bushels of grain upon it,
books, besides provisions In like proportion
It is the only house in the trade which has
had a special wire between here and New
York, luxury which has cost $50 per day.
Parks & Co. of New York has sent all j
business to Nichols, and besides the firm he
had branches all over the country, In Bos,
ton, Philadelphia, Watertewn, n. Y, ana
in scores of towns and cities east and WIsi,
IL Ynn Mant the Esast