St. Paul daily globe., 1888-02-10
THE COMMERCIAL WORLD.
The Decline in Corn and Oats Causes the
Failure of the Old Firm of
Eensley Bros.
Announcement of the Failure Causes
Great Excitement Among
Bulls and Bears.
Transactions in the Financial Circles
of Wall Street.-The General
Quotations.
Special to the Globe.

8
hour after the opening on change, that Ben
sley Bros. had suspended. This firm has
ranked as one of the substantial houses, aud
the failure was complete surprise to the
trade. The immediate cause of the failure
was the decline in corn and oats the firms
customers being quite largely long on the
market. The primary cause was the collapse
of the June wheat corner, but they are said
TO have received staggering blows as far back
as the McGeoch lard corner four years and a
half ago. They are said 10 have been carry
ing a heavy load ever since. The amount is
NariouSly stated and is probably in excess of
100000 and the interest payments con-
;ributed TO pull them down. The Corn Ex-
change bank is the largest individual credi-
tor, its claim being probably being Sl5 600
the larger and older claim is understood to
be held by the elder Hutchinson, who is
therefore in position to know what he is
talking about when discussing the
financial condition of the bankrupt firm,
Nobody was badly hurt on the floor Losses
running from $1,000 down. the average
being apparently about $500 Aggregates
are not obtainable, neither of the partners
being inclined 10 talk. That more damage
was not done was a surprise. The effect of
the announcement was to break wheat from
SOs4 TO SOl2c; corn from 507s TO 5Ol2c; May
oats from Bis TO Sic. The market quickly
rallied and values were steadily held AT J4c
Reaction until quiet was restored The Ben
sley failure was all there was 10 the market
early, the house was one Of the oldest on the
floor, and John Il. BenSey. The best known
OF the brokers. Is personally very popular.
He was preferred assistance this morning
from n great many of his friends and bust
ness associates. There was excellent buying
nfn IrAn D11 rlan
on the rally that followed Wheat
was bullish at the beginning. on bet
Ter cables and activity in cash market
al the Seaboard. King, Of Toledo, sent in
budget of bad crop reports from points in
Southern Indiana and Southern Illinois. and
this, too, had a stimulating tendency Ream
Kammerer and other local traders, who are
usually ranged on the bear side, are talking
bullishly and throwing their influence, which
is large, that way. Trading this forenoon
was not on large scale, but the tone after
the fl rst break was strong throughout. May
wheat went TO S1I4c and May corn TO slice.
an Improvement Of Sac. The prices settled
back lac and renal ned pegged at about that
range Till about l o'clock. Operations in corn
were on more generous scale than in wheat,
apparently. Receipts are not panning out
well as expected, and it is whispered Oh
the ID. L." among the railroad people and
receiving houses that the corn will not come
forward on the cut. This will be
surprise 10 most people who
have been banking on the theory
the lower rates would precipitate an ava
lanche of grain on the principal markets II
this theory should prove to be correct.as now
seems likely, it will be a great bull card. That
was what put prices up to-day more than
anything else Provisions were rather firmly
held, and prices improved from the outset.
but receded later. Lard advanced little and
ribs were quite strong. But the whole pro-
vision line displayed symptoms of weakness
near the close. The crowd seems to be hold
ing ff,and the market acts as though it were
getting in shape again for another plunge.
The raiders are watching things very care
fully and testing the market continually.
Closing quotations are not materially differ
ent from yesterday. At the afternoon ses-
siOns grain and provisions were dull but
steady and underwent no special change
2:3O p. m prices: Wheat-February, 75Ikc:
March, 75sSc; May, Sic; June, Size. Corn
February, 46SSc; March, 46$sc; May,5I lac;
June, 5lIsc. Oats-May, 3lss63IIac: June
314sc. Pork-February, SID 12I2: May,
Sl4.35@14.37I2. Lard-February, S7.65;
March, $40; Nav, S7.S2l2@17S5; June,
$3.50. Short Rbs-February,S 81. .47I2; March,
SI.OU; May, 1910, June, SI.I2l2
THE ROUTINE REPORT
CHICAGO, Feb 9.-After a steady decline
for three days and the heavy short selling of
yesterday, the crowd was in the humor of
buying for an upturn. The weather was very
cold throughout the West and Northwest
and local receipts were light. Both wheat
and corn, also oats opened lac higher Nav
wheat opened at S0S4c, and advanced imme-
diately to SO5sc. There was little decline
from the early prices, when the announce
ment OF the Bensley Bros failure was made.
but it was tritling. May wheat declined from
S0346S07sc to S0l2, but Immediately recoy-
cred and advanced to S1Is@Sll2c. The de.
cline was caused by shorts selling by the
scalpers on the theory that big line
would come overheard. When the stuff
failed To come out the shorts began to
buy back their property, ana this il was
which caused the advance. Toward the
close prices again weakened slightly, NAV
closing at Sic. Corn was fairly active today
and the feeling Oh the whole somewhat
stronger. May opened at 5OS4c and sold al
most instantly at 5075c. The tendency was
upward from the start until the Bensley
failure was announced, when the scare
caused drop or a few points, May touching
5ol2c. AS soon as the furry was over the
demand was again felt and prices moved up-
ward until 5lAc was reached when. as In
wheat, slight reaction occurred and Nav
close0 at D lsc. Oats remained quite act
I've. For lhe May option there was
more or less realizing, aud the fact of there
having lately been liberal decline
bringing prices down to within G02ISc of
the lowest point that May oats have touched
created also d very fair speculative demand
May sold at 31@3II2c and closed at 3issG
81 l2c. Provisions were steadier but the
changes in prices were small and mainly in
favor of holders. Receipts of hogs were
falr, and prices lower, but had little effect on
values or hog products, and, although open
ing sales were at about the same figures as
yesterdays close, they soon moved inward
Pork advanced 15c and short ribs 7I2c, and
nj cod aen d.. II, a.
maintained. May pork touched Sill 40. and
closed at 131I2. May lard sold at 81 S7Ia.
and closed at S7.s2l2G7. IS. Short ribs sold
TO $40, and closed at S7.65.
THE QUOTATIONS.,
Ihe leading futures ranged as follows:
Wheat--No. February opened at 75Isc, clos
Ing at 7Is4c; March opened at 75Ac, closing
at I4ssc; May opened at S0cS4, closing at
Corn-No. February opened at 46Isc clos
mig at 46Ssc; March opened at 464c C closing at
46$sc; May opened at 5g34c, closing at 5OIsc;
June opened at 5O$4c, closing at 507ac. Oats
June opened at 3ll2c, closing at 3I6sc'
Mess Pork. per bbl-May opened at Sl4.25,
closing atSl4; 30. Lard, per 100 lbs-Feb,
tdary MarSh oPemed eeeea at s!22 ~ closing at 65
May opened at S7.S2I2, closing at s.. s21a;
June opened al $3.50, closing at 81. 80.
Short Ribs, per 100 lbs-February opened
at $40, closing at 81 .47I2; March opened
opened at S7.65, closing at S7.G5;
Cash quotations were as follows: Flour-Duli
and steady; Unchanged. Wheat-No. spring,
775ls@75a.c; No. 3 spring, G6Q67c. Corn
No. 2, 47c. oats-No. 2. 2.2s@29c Rye-No.
2, 60c. Barley-No. .. SO0S2c Flax Seed
No. l, Sl.45@I46; prime timothy seed,
$24aG248. Mess Pork-Per bbl. S14.l5@
Short ribs, sides Qoose). S7.47l2: dry salted
shoulders (boxed), SG@l6.O5: short clear
sides lboxed). S7.9og7.95. whisky-DIstil-
ars-Cut loaf, 7s4@84c: grannlated. INC.
standard "A, Csc. Receipts-Flour, i6. 900
bills; wheat $4,000 bu; corn, $4,000 bu;
oats, 81 900 bu;rye, 1000 bu: barley. 80. 600
bu. Shipments-Flour. 23, 900 bbls; wheat
10000 bu; corn, $1,000 bu; oats, lI4,OO0
bu; rye, LOCO bu; barley, "a 900 bu. On the