Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-21
VERY FEVERISH.
A Great Deal Of Excitement on the
Chicago Board Yesterday.
GREAT UNEASINESS IN PORK.
The Wheat Market Unsettled, but Re-
gains Portion Of Its Losses.
CORN A BAD MARKET ALL DAY.
RumOrS Of Heavy Failures UnfOunded,
but Two Small Ones Come
to Time.
CORN A BAD MARKET ALL DAY.
BELIEF THAT THE WORST Is OVER
A Panicky Feeling in Stocks at New
TOrk--Large Sales by Shorts.
CHICAGO.
Especial Telegram to the Globe. 7

CHICAGO, June 20.-Another day of the
kind that try mems souls has been passed
through on 'change, and the feeling to-
night is that the worst is over. If there
are no more failures or frantic rumors.
prices will be higher. Before business
opened on the board the rumor few from
mouth to mouth that Lindblom had failed
for $1,0O0,000. The knowing operators
gave the story no credence, but the little
fellows worked themselves into a panic
and sold July wheat at $1.054 and corn at
524c. 1t seems some unreliable scribbler
sent the New York Herald such dispatch
last night. and the news speedily came
back here in the morning accompanied by
large orders to sell. Lindblom was called
for margins on all hands, putting up
$275,000 before noon. When the food
and sent checks around margin
ing down below the lowest point.
Tonight he does not owe a dollar and
stands firm on his feet. So much for the
scare. Two heavy failures, however, did
occur during the closing hour, the most
important being that of Geo. Stewart &
Co., who have since 1856 been in the COM
mission business, dealing principally in
provisions. The firm was one of the most
conservative in the city and took no deals
on its own account. Hence the failure was
surprise. Liabilities are estimated at
over 100000. They had been stuck for
$4,000 by McGeoch's collapse, and to-day
received large consignments of lard from
their country customers which the firm had
previously sold to them, but which they
now refuse, owing to the depreciation in
prices. This must now be sold at immense
loss. Others of their customers did not
respond to their call for margins, St.Louis
parties alone causing them a loss of $780,
600. It is expected the firm will resume
Dolly & Co. likewise engaged in legiti-
mate commission, were wrecked by the
failure of customers to margin up and the
heavy call on them for margins. Their
liabilities are about $4,000. These sus-
pensions and the decline that followed
caused an indiscriminate and reckless call
for margins. One broker held $50 tierces
of lard on which the difference against
him was $62. He was called for $1,000,
but before the clerk could reach the brother
brokers' Office with the check, the market
had veered trife and the deal was even
again. Margins were even called where no
trade existed, and it looked as if the board
would have to adjourn for day, as it did
two years ago, to enable commission houses
to straighten out books from the trough
into which the excitement of the past few
days has thrown them. To refuse a call,
even where it is wholly unnecessary, is
destruction. Hence every victim has to
put up or go to the wall.
During the morning the wheat market
was more nervous and unsettled than at
any time since the depression, but in the
afternoon much better feeling set in. On
the board trading was active and prices
again touched lower point-1n fact
the lowest point reached since the
recent decline set in. At the opening the
market was weak, and early trading show
ed decline of 1@14c as compared
with the closing figures on call yesterday
afternoon, but later commenced to show
signs of frmness and prices rallied quite
rapidly under a good demand from
''shorts" 11a@155c, then commenced to
weaken, Influenced by the decline in pro-
visions and prices declined 1c, but again
commenced to rally, selling up 115@134c
and closed quite strong with July closing
same as on change yesterday, August sc
higher and September 15c higher The
shorts bought freely, furnishing the prin-
cipal demand. On call July sold up SIC.
closing at $1,000 bid and other futures
about S1.064. The sales at the advance
were $500 bushels. On the curb later
July eased off to $1.O65s but frmed up again
and at o'clock SLOT was asked. There
we're two cargoes of No. 2 spring taken
for shipment to-day, and it looks as if
prices are getting down to legitimate
basis. There were 83 cars inspected in,
of which "a cars were billed through. Yes
sci room was engaged for $4,000 bushels.
Kent; while not prepared to believe in any
permanent advance just at present, thinks
some further reaction probable. Lindblom
still clings to the bullish idea, but the past
postpones their consummation to some
time within sixty days. He says we need
failures every day to keep prices down.
The recovery of 2 4c from the lowest price
reached to-day, certainly looks healthier.
| A very active business was transacted in
corn. At the opening prices were very
wild and excited, it being almost impos-
sible to sell anything. Offerings we're
enormous, with few takers. However,
after break of &c, IT. Lester & Co., j.
]. Bryant & Co., Schwartz & Dupee, Lind
blom IL Co., and other shorts were very
heavy buyers, which served to start the
market up, it rapidly advancing from
5215c to 5315c. After being recovered to
this point trade was rather lighter, but the
tone very firm. Receipts were consider
ably smaller, and if it had not been for