The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-09-23
Effect of Whites Failure In Chicago.

CHICAGO, Sept. %. The effect of the
failure of S. V. White & Co. was discoy-
cred in the lower figures which prevailed AT
the opening of the board of trade this
morning and the subsequent trading led
advances in all the pits. Before business
began the secretary of the board gave
notice that White 81 Co., finding them
selves unable to meet their obligations. de-
sired those having trades with them to
close them out under the rules. This an
nouncement, though not unexpected in some
quarters, created CONSERVATION for q mo-
ment, especially in the corn pit, where the
firm had the heaviest line of open trades.
This firm is known to be the leading one of
band of brokers who have been repre-
sentlng 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 in vain
tried to discover, but whose names NAV
come out as result of to-day's failure.
Of course the corn pit was the center of
attraction, and wilder one was enacted
the moment the bell tapped. Traders
clam bered over each other in their efforts
to be heard and all sorts Of prices were
asked and bid at the same moment, October
in which most of the unsettled trades ey-
listed, closed yesterday at SIX and at the
start there were few trades at and around
As for that future, but sellers quickly adj
vanced their prices and it was not until 40
(9491 was reached that trading actually
became active and the market strong be-
tween 49(04954, an immense amount of
grain being bought In. The excitement
then began to quiet down, whether because
trades were all covered or because the
cooler heads decided to prevent a panic bv
waiting until matters quieted down a little
cannot be determined. By II 80 October
had dropped to 494; September. the other
bull future, which closed at 52% Yesterday
opened at so and sold down to 40 during
the same time. Open trades in this month
were not SO numerous as in October he
cause, IS it is understood, about 90 per
cent. of them had already been settled hv
delivery of the cash article. Much of this
still remains in the market ana is looked
upon as a menace to cash prices.
White 81 Company had line of trades in
wheat, but not nearly SO large as that in
corn and the movement in wheat was
largely in sympathy with that in corn.
Corn was closed out December
which closed yesterday at 1OO5i
opened at 99@994, sold up to $685. and
down to 99115 at 11:30. The firm also had
some deals in provisions, but they were
nor numerous ana were soon closed out
The impression on the board seems to be
the effect of the failure has spent Its force
unless further complications, rot now tor.
seen, follow.
Manager Allen, of the Chicago branch of
the house, could not be seen and his assist
ants said it was impossible to make any
sort of statement in regard to the firms
affairs.
The comparative easiness with which
this market stood and absorbed the i'm
mense offerings of corn is generally re
marked with surprise and pleasure by the
trade. The amount of grain which the
clique had bought for September and Octo-
Der delivery is unknown, but it must have
been enormous for the actual arrivals O f
corn here daily for the past six weeks have
approximated nearly million bushels.
Nearly all of this has been delivered on
September contracts, while forwarding has
been nearly as large. Much of this grain
was bought at between 60 and 70 cents
against less than so as the price TODAY.
One estimate of the corn involved puts il
at 10, co., 900 and the average loss on il 10
cents bushel.