Show Effect of Whites Failure in Chicago CHICAGO Sept 22The effect of the failure of S V White Co was discovered discov-ered 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 Sc Co finding themselves them-selves unable to meet their obligations desired de-sired those having trades with them to dose them out under the rules This an nouncemen t though not unexpected in some quarters created consternation for a moment 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 a band of brokers who have been representing repre-senting the clique in the bull deal which has been running in September and Octo ber 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 may come out as 0 result of todays failure Of course the corn pit was the center of attraction and a wilder one was enacted the moment the boll bel tapped Traders clambered over each other in their efforts eforts to be heard and all sorts of prices were asked and bid at the same moment October in which most of the unsettled trades ex isted closed yesterday at 51 and at the i start there were a few trades at and around 48 for that future but sellers quickly advanced ad-vanced their prices and it was not until 49 49 was reached that trading unt actually became active and the market aClualy tween 4949 an immense amount of grain being bought in Tho excitement then began to quiet down whether because trades were all covered or because the cooler heads decided to prevent a panic by waiting until matters quieted down a little cannot be determined By 1130 October had dropped to 49i September the other bull future which closed at 29 yesterday opened at 50 and sold down to 49 during the same time Open trades in this month were not so numerous as in October because be-cause s it is understood as about 90 percent per-cent of them had already been settled by delivery of the cash article netted this still remains in the market and is looked upon as a menace to cash prices White Company had a 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 WIS Corn was closed out December which closed yesterday at 1005 < 1o opened at 9999K sold up to 99 and down to 99 > at 1130 The firm also had some deals in provisions but they were not numerous ana were soon closed out The impression on the board seems to be the affect of the failure has spent its force unless further complications cot now tor seen follow Manager Allen of the Chicago branch of the house could not be seen and his assist assist ants saiu it was impossible to make any sort of a statement in regard to the firms affairs The comparative easiness with which this market stood and absorbed the immense im-mense offerings of corn is generally remarked re-marked with surprise and pleasure by the trade The amount of grain which the clique had bought lor September and Octo ber delivery is unknown but it must have been enormous for the actual arrivals of corn here daily for the past six weeks have approximated nearly a million bushels Nearly nil of this has been delivered on September contracts while forwarding has been nearly as large Much of this grain was bought at between 6 and 70 cents against less than 50 as the price today One estimate of the corn involved puts it at 10OOJ000 and the average loss on it 10 cents a bushel |