New-York tribune., 1890-06-12
ROBERT WARREN & co. FAIL.
THE DROP IN PRICES Too MUCH FOR THE
CHICAGO GRAIN AND PORK PLUNGER.

THE DROP IN PRICES Too MUCH FOR THE
CHICAGO GRAIN AND PORK PLUNGER.
Chicago, June IL (SpeciaD.-wheat traders came
down town feeling bearish because Of the Government
crop figures and at about Robert Warren
prominent bull plunger, failed 10 meet his contracts
These two circumstances resulted in decline In the
price Of a little over cents bushel. July opened
at 90 5s, sold between 30 7s and SO, and closed at
So 1-2 cents. June opened at 50 IT, sold as low a.
81 IA and closed at 81 IL cents August opened at
90 5-s and closed at IS 3sd IS IL cents september
opened at 90 34, sold low oS "a and closed al
80 cents. December opened at 91 "a and closed at
90 IA Year closed at 81 3s cents. There were
number OF brokers who knew before the opening that
Robert Warren Co. were in trouble hutchinson
was among these, and, while he gave little support
openly to the market he was unquestionabE heavy
seller on IL at the start. There was good deal OF
other selling unqucstionaby early information In
regard TO the coming failure The price had declined
cent before the news got on the floor. When 1t was
known publicly there sharp break OF another
cent Toward the close Hutchinson gave the market
good deal Of support. On the break Hutchinson was
by all odds the best buyer. On the curb July wheat
sold at 6S rs cents
Provisions were much affected by the failure OF
Robert Warren & Co. wheat Immediately after the
announcement pork showed a decline Of 81 barrel
lard decline OF 10 cents and ribs decline OF IL IL
cents. This drop in pork was all regained and the
decline in lard and ribs partly recovered III
was the talk on the floor that Warcn's chief losses
had been made on hog products Immediately ,oi amfr
the announcement and when prices were az xerr ,er
and brokers picked up all the pork Offering Ims
sneedy buying of pork this failure was regarded
as particularly significant. II indicated, 1t was ar
cIed that the under pork must be here as an
outside manipulation could not have acted SO promptly
Mr. Warren would give no particulars OF ms stand
ing "My money h tied up he said, but guess
IL will be an even deal" When asked for rongn
estimate of the assets and liabilities he said ne eoud
give noae as he did not yet know where he stood M
Corn at night showed little fractional decline ulc
last figures being about Ia cent under the best hgres
Of TUESDAY Oats like corn, showed at the close
about A cent loss from Tuesday nights hgure -
The failure OF Robert Warren & Co. Is a pig one;
For weeks the firm has been buying largely OF wheat
and provisions, especially ribs, ana yeseruhy sJa ,
100000 bushels In a fright, losing thereon Dig piie
81 money they began buying at SIS cents, kept
buying up 10 85 cents held past the turn ana soa
loo late or early at ss and 90 cents on iainns
market Most Of the provision business was on re,H &
London and Glasgow, contracts. -he pfovIsIon III ,
tracts were the subject Of more anxiety than Mhe.,
because Of the absolute uncertainty OF the e1te, ~
which the firm involved In European MAJ .I;
Mr.. Warren said The long and short OF ~ - G ma
6ome has been cunning for me Tor long une sH~
they finally got mA.'