The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-09-23
THE NEWS IN CHICAGO.
IL Created q Panic, But the Market StoO
the Strain Well.

| the SGrAln we'll
| CHICAGO, Sept. 22.-The effect of the
failure of S. V. White q Go. was discounted
in the lower figures which prevailed at the
opening of the board of trade this morning,
but subsequent trading led to advances in
all the pits. Before business began the
secretary of the board gave notice that
White q Co.. finding themselves unable to
meet their obligations, desired those having
trades with them to close them out under
the rule. This announcement, though not
| unexpected in some quarters, created con-
| sternation for q moment. especially in the
corn pit, where the firm had the heaviest
| line of open trades.
| This firm was known to be the leading
| one of a band of brokers who had been rep
resenting the clique in the bull deal which
has been running in September and Octo-
Der corn for several weeks. Many millions
of bushels of September corn and October
futures have been bought by this syndicate
whose identity the traders have tried in
vain to disclose, but whose names may
OF course the corn pit is the center of
attraction and a wild scene was enacted the
moment the bell was tapped.
| Traders clambered over each other in
their efforts to be head, and all sorts of
prices were asked and bet at the same mo-
settled trades existed, closed yesterday at
51se, and at the start there were few
trades at and around 48c for that future,
but sellers quickly advanced their prices,
and it was not until 49t049A was reached
that trading actually became active. The
amount of grain being bought in. THE ex-
citement then began to quiet down.
whether because traders were all covered
or because cooler heads decided to prevent
a panic by waiting until matters quieted
down little, cannot be determined. BY
September, the other bull future, which
closed at 52M yesterday, opened at 50 and
sold down to 40 during the same time.
Open trades in this month were not so nu-
merous as in October, because, as it is un-
derstood, about 80 per cent of them had
already been settled by delivery of the cash
article. Mach of this still remains in the
market, and is looked upon az menace to
cash prices.
White & Co. had line of trades in wheat,
but not nearly SO large as that in corn, and
the movement in wheat was largely in sym
pathy with that in corn. December, which
closed yesterday at 1oO5s. opened at $50
1l:30. The firm also had some deals in
provisions, but they were not numerous
and were soon closed ont. The impression
on the board seems to be that the effect OF
the failure has sp6ntlts force, unless further
complications not now foreseen follow.
The comparative ease with which this
market stood and absorbed the immense
offerings of com is generally remarked
with surprise and pleasure by the trade.
The amount of grain which the clique had
bought for September and October delivery
ia unknown, but it must have been enor-
nous, for the actual arrivals OF corn here
daily for the past six weeks approximnted
nearly million bushels, and nearly all
this had been delivered on September con-
tracts, while the forwarding has been
nearly as large. Much of this grain was
bought at between 60 and 70 cents, against
less than 80 as the price to- day. One esti-
mate of the corn involved in the deal puts
it at 10,000, 900. and the average loss on 1t
at 10 cents a bushel.
On tho application of Arthur w. Allen,
United States Circuit Judge Gresham, this
evening appointed the illinois Trust and
Savings bank receiver of the insolvent firm.
which is the Chicago branch of tho New
York concern. The members of the branch
are Arthur White. son of Deacon" White,
and Arthur w. Allen, besides the members
Of the New York concern. The bill was
very brief. reciting the organization of tho
Arm April II, 1889, and that by reason of
tho assignment Of che Now York firm the
Chicago branch WAS unable to continue
business, and had become insolvent.
Attorney Prussing said tonight the MS
sets and liabilities cannot yet be nscer-
taiaed, but tho transactions in grain
renohed in tho millions. Tho failure he
added, was duo to tho continued "hulling"
Of September and October corn. "You see,
after all" sa,d Mr. prussing, III