New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-08-23
DTSASIER SETLFTLLY AVERTED.

puovvus wuo yyp Crrp NIX. POSTS FAiLrKE TO
rr~,K rrp M,RVrr D's'rp'iN ~"
The strangers who hurried into The gallery of tho
Produce Exchange early yesterday, In ANTICIPATION
OF an excl ing scene. were disappointed Ihe reason
for this was that the friends Of stephen r. Post. the
supposed millionaire who WAS forced to susp"nh on
Tuesday had succeeded In drawing plan Of set 10
ment that appealed 10 the good Of his creditors,
although Others who had prepared Tor u Tie specu-
afior hclI accnnnI were made TO smiIer from
a financial point OF view. Mr. Post has been an
extreme bear on wheat. especially for September and
December deliveries. bui has bern modei al" bnl
on corn lie has struggled against the oplt5ons OF
Others san.une than than he and they have been
villing buy all OF his wheat and sell him all OF the
corn that he wanted
Mr. Posi- was prompt In kccIlng his contracts
well mareIned until on Tuesday he declared his
purse 10 be empty tie had then about eooOo
bushels of corn his hands and has sold about t"ca
that amount OF wheat, which II was necessary 10
Get from soncbudy. lie frankly admitted tha' he
owed his creditors than he could pay lie had
lost about 100000 But II was not his ars' loss
for no Is about 100000 poorer today than he "nS
i've years AGO Hls ht"pds then rcalz'd mat u
was necessary TO take the bulls by the horns and
iold their heads down, or else they would cause
terrific disaster In The morning: thai they wond
run prices up fctnlously. which would force others
10 succumb and the result could not be forHsecn'
SO thoy met with Mr. Post and held an aiEn'ght
conference with figures and contracts and BANK
books and lcdgcIs.
BEFORE the nrst call opened yesterday there was
nesting In the Call Room where Mr. Mcintyre on Do
half Of Mr. Post suggested that II the members "shco
IN ret Tho full amom of the bal inces due them ana
TO prevent other suspensions. 1t would be wise 10 ues
lightly to avoid excitement around the wheat p' anu
not advance prices unreasonably thar prices 81 '"o
orcning we're anywhere the closing prices Oh
! the night before, Mr. Post could setie d. ioo ocn's
on the dollar otherwise, be would have to lay down
his hand the creditors would nW get The iui ah'o"n
due them and there would be greater losses through
| other failures that must follow. This was an lhno'%
ton for the Produce EXchangr to waive me RUE 'hd
settlements must be made on the prices al the hTst
call bu It met with general approval, and the mem
hers acted accordingly The result was that All e4-
citemeu was then removed other failures we're avert
! ed and a basis OF settlement was arrived ~ on INC
prices at the call at about 81 cents for september
wheai and so for December
Before the meeting In the Call Room and In anticpa
ton OF an cAtcd market there vas considerable trad
eng about the pit and half dozen quotations preVaed
nj he sau,r Instant member bOueHt
sen cnhcr wheat from one on his tighi al W ~ a'te
sold II AT the same moment 10 one on his ell al W 90
rome # the sIccusltOis bought december Whea' AZ
81 but were exceedingly Disappointed and dsgusteo
when thu price below that ana closeu 81 10 -
Mr. pos, came on the fOO about no n ana was con
graduated on all sides for his diplomacy which saved
the market 49,, l. -ro,,a
Mr Post announced last evening that he wonio
meet al his Obligations and pay hundred cehts In
, The do lar this morning. " You can say SAID ne
cheerfuly, that my creditors and the neniueIs OF
the Exchange have been very Kind to me ID Inc mat