The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1883-06-21
EKcitement Oh ,chanee.

CHICAGO, June 16-A season of ex
traordinary excitement prevailed on
Change Immediately after the opening
this morning by rumor freely handled
about, that the firm of operators of Nc.
Geoch, Everingham & Co.. who haYe for
a long time been looked upon as the
heaviest dealers in lard and other pro-
visions on the Chicago board, had
failed. This was verified in measure
soon afterward by u member of the firm
circulating about ON the floor ON Change
and Notifying all with whom they were
interested in provision deals to close
them out. Something in the nature OF
a panic seemed To seize The provision
corner and tor a time the interest In
other trading was lost The effect was
10 be seen at once in the quotations 81
lard and July options, which ran mp ID
$11-571% and closed steady at 81 80 and
sold down to $l0.65 as the initial
ing the scale until 1920 was reached
which would be equal in point of COM
paFison TO droo OF 90 cents per bushel
in wheat Other options felt the effect in
like manner, but in a measure some
what recovered in tone and at IL O'Clock
July options had gone back TO 50 S5 but
subsequently again declined TO 50 so
An effort to ascertain the extent to which
McGeDch, Evefingham s. Co. had been
operating failed both upon application TO
the firm and the CO. members OF the
Board of Trade. but careful Inquiry
shows il TO have been unusually heavy and
the loss under the broken market is pro-
portiopateIy larger. The firm is also re-
ported TO have been dealing heavily IN
wheat, bat this morning announced Its
ability TO care for all its deals In this
commodity, being on the winning side
as the market now stands. Gram APP
peaEed to feel the effect of the drop 10
lard, on early market and all kinds were
quoted as easier, but not sensibly lower
The failing market brought IN It's train
plenty Of rumors Of other impending
failures, but up TO IL 80 there was moth
ing definite to report.
The members of the br0ken firm de-
claFed to the Associated Press that they
would make no statement af any kind
before tomorrow. Peter McGeoch. the
head of the firm, is resident of MIL
waukee, and is Familiarity styled "tht
Milwaukee milk man." He is reputed
to have been the leader in q numb-r OF
daring bull movements ON both the Chi
cago and Milwaukee markets, and failed
here two years aga. His firm eaIns.
prominently before the public "" ", tks
agn By ,hrir refusal tn receive fg,
c.,flsEs auieut uf lard from CnieaE !, ~,
ttIt srs,aIai that it was tait,t 4 AMI s,v.i
Ahicii disputed f,tri ~, inyt sig ZION ol,
ga h,.r,I rs new Ia I'rsigr.'sS The Hrin
as kiuee a,'cs-pf.sd the Hard ias qae-iHsl
nnser protest.
Follnwing in the wake OF the failure
0f McGe0ch, Everingham s. Co, tht
firm of Holley & Allen succumbed al
IL 30 O'Clock, and attribute their sus.
d -nsion To the failure of the other firm,
and stased that their resumption depend
ed upon the action Of the larger firm,
and i is rumoreh that eight OF
ten other failures will prevail but
no definite announcements were made
on change. The scenes Of extraoFtiia
ary excitement continued 20 the 1
O'Clock adjournment, and while there
were many free buyers, ] 11y option lard
could not get above 50 so. and closed al
80. Tx, as near as could be quoted, and
a far estimate appears n place the di-
rect losses Of McGengh, EveEingham s.
Co. nf 81 600 900 on lara.
An operator intimate with Mcl9eOct !
on The board OF trade and one OF his lale
dealers. says his loss will approximate
nearly 20Oo Goo but thai nOtwithstang
thIs, the broken fTm Pr0fesses us ability
io make q good showing on asetflement,
ana ne asserts that their interests are 81
closely identified with other heavy OPP
pratnTs that they would be able 10 pay
100 cents On The dollar from the present