The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1884-05-01
CAUGHT FOR A MILLION.
A ST. LOUIS sPEcULAToR RUINED.
Moses Fraley Attompta In Vain 10 Stem
tho Current ~ tho Chicago Board Of
Trade, but Is at last Forced
to tho Wall.
WonsrNn ON MnEAr.


Sr, LOUIS, April e9--A failure second
only to tho MeGooch suspension In point OF
immensely and which Involves nearly u
million dollars, occurred here Monday
Moses Fraley heavy operator on the Chi
eago Board OF Trade, and the most daring
speculator In ST. Louis, announced at the
close Of tho morning call In tho Merchants
Exchange hIs inability TO meet tho
enormous demands made on, him for mar
gins In the face Of rising Market Fra
Icy who iq, a pronounced bull, Invested
heavily In grain. He had Just cleared
S25O,OOO In Chicago on May wheat, aud
felt confident of his ability to do 10 on june
grain. The market went against him, and
he was called upon last Friday to SO.
cure his deals by putting up 100000
In marginA by closing out his rail-
road and other securities at o deprecated
value he managed TO arrest for time tho
impending crash, but tho Chicago manlpu.
latoB contrlVed 10 advance wheat over four
cents In one hour and further demand for
$500, 900 was made Oh l'raloy. Monday even.
Ing, unable 10 meet this obligation, no walt
ed until Change closed and then tele-
graphod his correspondent that he Was un.
able to proceed further.
In an Interview Monday night Fraley said:
"My liabilities win approximate $1,000
900, as follows: Wheat 500, 900; stocks,
5000, 900; pork, s25, 900. | closed out TO-.
900 bales Of cotton this morning, ana came
out eyen although the market afterward
declined. was member Of tho Chicago
Board Of Trade and made all my contracts
through private channels shall
hereafter con0nO myself 20 tho
commission business exclusively. | don't
feel at all discouraged didn't lose tho
money willfully and I'll shine on tho top
again some day, There was u short session
Saturday aud wheat went up four and one.
half cents In one hour. As / WIS six hun
dr0d thousand bushels short, my loss In
that time was Just about two hundred and
fifty thousand dollars June wheat was at
nnoly-twO and One-half cents, and | was
about 10 wire my Chicago agents 10 stop
buying when II reached nlnely'tlree cents,
WhllO writing out tho message some one In
torrupled me, and / forgot u telegraph,
thereby losing Just two hundred and hfly
thousand dOllarA
III closed nll my ST Louis deals some
tlmo ago, and do not owe cent In this
city, continued Fraloy. 81 have no conf
dental or bank debts, and never specuated
with 0lh0r peoples money, Tho losses are
oil my own. My losses In stock were great,
s had TO close them out al fearful sacrI-
fec In order 10 obtain cash. doAlt OK
'cusyoly In Gould securities, Texas Pacific,
Wabash aud Missouri, Kansas and TOXAa,
All my operations were transacted IN Chi
cOg0, although ! lost money on JunG wheat
" New York. sunk money In pork. My
suspension will moi affect tho Fraley. Carter
Commission Company In tho least l am
President OF that company and offered 10
resign, but was not permitted 10 do So"
FrAley came 10 tho city AfleCn years ago
and engaged In the clothing business. lie
Ia from Baltimore, where his folks are
wealthy After loaylng tho clothing busl-
ness no went into the banking business with
j, w. Donaldson, and the lllm were large
purchasers nf city and State securities aud
became power IN local financial circles.