Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-06-18

A Scone OF Wild Excitoment ON the Board
OF Trado-Aeavy Drop in Lard and
Other HOG PrOduct0.

A Scene Of Wild Excitsnent ON the Board
OF Trads-hsavy prop in Lard and
Other Hog Products.
In Chicago last Saturday is likely to be
remembered as black Saturday by traders
in the provision pic on the floor of the
board of trade. The failure of McGeoch,
Everingham & Co., who have controlled
the corner in lard almost since the close Of
the winter packing season, caused panic
which not only extended to lard, but to
the entire line of hog products. The sus-
pension was the signal for a general calling
of margins. AS a matter of course the
provision pit was soon crowded to suffoca-
ton by sellers, who, with the creditors OF
the broken firm, found it necessary to
realize on their property to protect their
was offered right and left in any quantity
complete Generalization.
July lard, which was the pivotal deal in
the days trading, closed on Friday at
$11.17. 1t opened in the morning at $1O.6j
and declined rapidly to s9.05, but later in
the day rallied to $3.50. August delivery
fell from $40 to 1910. Pork was also
panicky and declined from SIT. ID
for July to $1G.95. Trading was simply
unprecedented, and for the first time in
the history of the board it was found to
be impossible to keep record of transac.
tions. The deposits made in the margina
banks of the board were larger than or
any day for many years. light small
firms were compelled to suspend, most ol
them being brokers for McGeoch. They
are J. NJ. Ball g. Co.. Holley q Allen
} Tabor g. Wilson. NJ. B. Crafts, Ellis &
Lightner, A. B. Henderson, w. S Warrel
and w. Martin & Go.
Anxious brokers gathered in crowds a
McGeock's Office. They found him wear
ing a weary look, and it required grea
effort for him to answer the flood of ques
> tions put to him. He said to q reporter
) "The rumor you have here is correct.
D am unable to meet my obligations at pre-
t sent, and we have notified our purchaser
: to close out tho stock they held for Ut
I do not think OR stock exceeds 1OO, w
tierces Of lard, besides pork and other pre-
Q visions. 1 do not think our liabilitie
exceed 81, 900, 900. 1t is great undertak
f ing to ascertain the exact amount. Ou
Q failure was caused almost entirely by th
y authorizations which we charged upon Fov
# ler Brothers lard. Since we made thos
# charges there has been no legitimat
consumptive demand for lard. The fact thu
adulteratlOnS were alleged cast SuSplclO
D upon every tierce that went out of Ch
9 cago. People became suspicious of it IN
6 refused to buy. This cut off our bushes
b to a point where We felt that unless
IS favorable change resulted We would s
is under. We looked forward to the er
j. of this litigation in hope that We cou
in keep up, but We have gone to the wal
S We hope to pay some OF onr indebtedness
,e Our failure will have no effect upon Il
d. litigation with Fowler Bros. We have
,e far demonstrated that our charges
/. adulteration are not without foundatiO
in and we will push tho suit to the end. "
b. did not attempt to make corner in Ju
0. lard. but were doing q legitimate bushes
IN Tho whole trouble was with the pan
a. which seized dealers and spectators al
,r interferred with the consumptive d
10 mand.'