Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-04-08
NOSE In A BULRUSH.
He of ST. Louis, Surnamed Fra.
ley, "lays Down"
HALF A MILLION IN CASH DROPPED.

Acting the Part of a Speculative Bruin.
the Devotees of Taurus Overwhelm
Him-His Third Failure, but His Son
Is Hopeful-An Old New York Firm OF
Brokers Made Unstable by a Partners
Raseaiity-Heavy Liabilities.
81 LOUIS, April S-The wheat spectators
here had sensation yesterday in the shape
of the failure of the celebrated Moses Fra
ley. 1t is estimated that Fraley holds |, $50.
600 bushels of cash wheat, all there is in the
market, against which he has sold over
4,OOO, 600 bushels of May, making his short
age over 3,000, 600 bushels On bulge of z
cents yesterday local brokers called him for
$40, 900, and he laid down on his contract.
Fraley refuses to speak about his failure,
but his son jesse says it win be all right to
day. Fraley has failed twice before, once
in 1898, and again in 1887
What Moses Has Been Doing.
The whereabout of Moses after the lights
went out could not be ascertained Fraley
has been carrying the stock of contract
wheat (No red) in this market for several
months past. At the time this wheat was
delivered to him Mr.. Fraley was a strong
bull on wheat and a firm believer in higher
prices. As the market did not go his way,
but, on the contrary, kept on declining, he
turned very bearish, and, unfortunately
for him, he changed in his ideas on the mar
ket at very near the lowest point touched.
Since then he has been an uncompromising
and aggressive bear, selling wheat steadily
and freely. The market of the past few days
has been going against him very badly, cul-
minating yesterday in an advance off, cents
And What lie VIII Do Now.
This appears 10 have caused him TO call a
halt, and he has takeif similar action to that
of his two previous failures. The general
expectation is that Mr.. Fraley viii offer to
settle at certain price and pay all differ
ences based on that price, whatever that
may be. 1t Is not expected that Mr.. Fra
ley's failure viii involve other concerns,
though they may lose probable profits on the
deal All the cash wheat is secured by sales
against it for May and his option deals were
closely marginei up to Saturday evening.
The houses who are carrying his cash wheat
are 5 W. Cobb & Co, d. R Francis & Co,
the Grier Commission company, and Tom
Aiken. The men who have Fraley's con-
tract for May wheat are W T. Anderson &
Co, John Thyson, Davidson s. Co, H. F.
Langenburg & Co, the D. R. Francis Com
mission company, the Grier Commission
company, and score of smaller firms.
What Happened on the Board.
On the floor OF the exchange there was no
particular excitement yesterday morni ng
and the curb opened quietly enough, but
soon bids for May wheat in large blocks
began to be made. The price advanced and
rumor commenced to circulate, and grew
rapidly that somebody was in trouble This
rumor, at first indefinite, soon took more
recognizable shape, and in few moments
it was generally known that Moses Fraley
was the victim. He was known to be the
largest short in May wheat, and when it
became known that he had refused to put up
any more margins there was a rush of all
who had sold him wheat to buy it in
Nearly "A General Panic.
Seldom has a scene of greater excitement
been witnessed on the floor MAY wheat,
which on the regular board had closed at
1874 cents, advanced at a bound to 81 cents,
and the floor was a mass of struggling men,
shrieking, pushing, and wildly gesticulating
in their efforts to make themselves heard.
What threatened to be a general panic was
checked by Frank Ryan, who came upon the
floor and began to sell May wheat freely.
This checked the advance; the price dropped
to s0l4 cents, and the excitement visibly di-
minished. Men collected in knots and groups,
discussed the situation, and speculated as to
the result OF the failure
Loses About Half a Million.
Neither father nor son would tell the
amount of wheat they were carrying in Chi
cago. Fraley failed twice before He was
caught in 1888, and forced TO lie down In
1897 he got into Chicago deal and was
squeezed for more than $50, 900 He has
about 500, 900 in his wife's name, and APP
pears to experience no financial emharrass-
ment from the many failures. His losses
this time cannot be estimated, but they are
close on to the figures on the bundle he
dropped three years ago in Chicago.