Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-07-03
A VERY Sick DAY
In the Chicago Grain and Produce
Markets.
WHEAT, CORN AND PROVISIONS
Suffer the Greatest Decline, Producing
Very Panicky Feeling.
STATEMENT OF McGEOGH FAILURE
Proposition Of Settlement at Fifty Cents
on Dollar FaVOrably Received.
A DULL DAY IN STOCK MARKET.
With Prices Generally Tending Down
ward.
.TATEMENT OF McGEOgH FAILURE
Proposition Of Settlement at Fifty Cents
on Dollar FaVOrably Received.
DULL DAY IN STOCK MARKET,
CHICAGO.
Especial Telegram to the Globe. I


CHICAGO, July AT time less unset
tied than the present a break like that
which occurred in all markets to-day would
have caused some excitement, but nothing
which occurs surprises anybody nowadays.
On Saturday clique began bulling prices
and, with the assistance of the shorts, who
took alarm, and the scalpers, who thought
the bottom had been reached, everything
closed strong. This morning a further
moAe in the same direction was begun
August wheat opened on the open board at
$1.O3B and sold up to $1.05T, opening
on the board of trade later at 81 O4M but
when the bulls discreetly retired and the
shorts had covered, the bottom fell out of
the movement and there was frantic rush
to sell everything. Grain and provisions
suffered alike. 1t was very sick day all
round, and the feeling was weakest il the
closing hours.
A meeting of the creditors of McGeoch,
Everingham Il Co. was held this afternoon
in the rooms of the call board. Mr.. j. r.
Bensley. the receiver appointed by Judge
Gardner. submitted a statement n which
he said that under the direction of the
court he took charge of the affairs of the
firm on the 18th of June. He found them
in great confusion and after much labor
found the amount due the trade at the
time of the firms failure was $1,SO3, 384.58,
deducting margins surrendered, $685.
1887, leaving due and unsecured 10 the
members of the board $1,194,911.21. The
lard held by the banks was of the value Of
$3,0OO,OOO, leaving a net deficit due the
banks of about $4,000. This would leave
the unsecured liabilities of the firm at
Sl.344, 911.21. Against this he has in hand
cash and cash assets amounting toS20O,00O.
The report stated that Mr. McGeoch had
not been in the city since the failure. but
Mr.. Bensley went to Milwaukee and had an
interview with him and with a number
of his friends, and after much negotiation
Mr.. McGeoch offered to raise $450,00O,
sum which, with the 100000 mentioned
above, would make $65O,OOO, sum which
would come near paying fifty cents on the
dollar. The report went on to state that
the firm would pay fifty cents on the dollar,
cash, if all the creditors would sign an
agreement to accept this as full discharge
of all their claims. This acceptance would
involve dismissal of all suits now pending
in the court. The report further states
that Mr.. Wells does not appear as a part
ner of the firm. He is seventy-fve years
of age, and though reported to be wealthy
he has very heavy Liabilities due or about
to become due, to secure which he has Sc
cured nearly all his property. No other
parties were interested with McGeocb, or
with the firm in any of their transactions
Mr.. Bensley was of the opinion that
If the creditors did not accept the offer
they would not realize anything like fifty
ents on the dollar out of the real estate and
If the offer was not accepted the offer of
$45O,OOO would not be good. The above
statement does not include the country &C.
counts of the firm but the receiver calcu-
lates these would about balance each other
The proposition was an agreeable surprise,
few expecting to realize anything on their
claims except possibly by process of law.
Most of the creditors have expressed their
willingness to accept the settlement and
it will probably be agreed to by all of
those who have attached property.
Wheat opened strong this forenoon and
the tendency seemed upward owing par
TALLY to the anticipated closing Of the
Suez canal, which would shut off supplies
from India from European
markets. 1t was also thought
that a number of capitalists working
through Linblom and others were disposed
to invest in wheat on all weak spots from
now on. However, it soon became mani
fest that the bulls were to receive but
slight assistance from outside, and this, in
connection with the fine growing weather
crop reports decline of Sd aud Is per
quarter at Liverpool and dispatch stat
ing that there is nine million bushels of
wheat and its equivalent in -four in Liver
pool warehouses, besides the large stocks
in vessels in the harbor, caused weak
feeling and an almost universal DISPOSE