Daily globe., 1883-06-18

cnanSe To-Day. OHerlngS were large De-
yond precedent, and any bid made was
readily accepted. Sellers were willing to
accept any figure in order to closeup their
transactions, and for about one hour the
market declined on all descriptions. A
nervous feeling prevailed throughout the
day, and prices rallied somewhat during
the latter part and closing figures show
portion Of the decline recovered.
Western Associated Press.
CHICAGO, June 16.-A season of extra
ordinary excitement prevailed on Change
Immediately after opening this morning
by a rumor freely handed about that the
firm, operators, McGeoch, Everingham &
Co., who have for long time been looked
upon as heavy dealers IN lard and other
provisions on the Chicago board, had fail
ed. This was verified soon afterward by
a member of the firm circulating about the
floor Of change and notifying all with
whom they were interested in provision
deals to close them out Something in the
nature of panic appeared to seize the
provision corner. For a time interest in
other trading was lost. The effect was to
be seen at once in the quotations of lard,
and July options, which yesterday ran up
to $11.5715, and closed steady at $11.50,
sold down to $10.63 as the initial drop and
then kept on the descending scale until
1920 was reched which would be equal in
point of comparison to a drop of forty
cents bushel in wheat. Other options
felt the effect in like manner, but all in a
measure somewhat recovered in tone, and
at II O'Clock July options has gone back
to 1866, but subsequently, again declined
to $3.50. An effert to ascertain the extent
to which McGeoeh, Everingham & Co, had
been operating failed, both upon applica-
tion to the firm and to the members of the
board of trade, but very careful inquiry
shows it to have been unusually heavy and
the loss under broken market proportion
ally large. The firm is also reported to
have been dealing heavily in wheat, but
this morning announced its ability to care
for all its debts in this commodity, being
on the winning side, as the market now
stands, Grain appeared to feel the effect
of the drop in lard, and on the early mar
ket all kinds were quoted as easier,
but not sensibly.
Following in the wake of the failure of
McGeoch, Everingham & Co., the firm of
Haley & Allen succembed at 1890, and
attribute the suspension to the failure of
the other firm and stated their resumption
depended entirely upon the action of the
large firm. Rumors of eight or ten other
failures prevail freely, but no definite an
nouncements were made on change. The
scenes of extraordinary excitement con-
tinued to the l .. IN. adjournment, and
while there were many free buyers, July
option, in lard could not get above $3.50
and closed at $9.7515. As near as could
be quoted fair estimate appears to place
direct losses of McGeoch, Everingham Il
Co. at $1,OO0,000 on lard.
MILWAUKEE, June 16.-The break III
lard in Chicago did not cause any failures
here, but many commission men lose
money by it. 1t is rumored that nearly
100000 tierces were carried by Milwaukee
parties, but much of il was dropped sever
al days ago. 1t is now said that Nc
Geoch's horse railroad here is now held in
the name of his wife.
CHICAGO, June 16.-An operator init
mate with McGeoch on the board of trade
and in his late dealings, declares that the
loss will approximate nearly two millions,
but that, notwithstanding this, the broken
firm processes ability to make a good
showing on settlement. They assert their
Interests are so closely identified with
other heavy operators that they will be
able to pay 100 cents on the dollar, judg
ing from the present outlook.
CHICAGO. June 16.-The scene on Change
to-day was one of the maddest excitement
from the opening of the board at 10 to the
sounding of the bell marking the close of
trading hours at l o'clock. As though by
preconcerted arrangement the provision
clique had no sooner assembled in their al
lotted pit than the intelligence greeted
them that McGeOgh, Eyeringham il Co. .,
one of the boldest firms of operators on
the board, had suceumbed. This was
verified soon afterward by a member of
the firm circulating about on the floor of
change and notifying all with whom they
say they were interested III provision deals
to close them out. Following on the heels
of this was the heaviest day of trading
known III the annals of the board, and
the tension from that time
forward to the finish was of the most
strained character. A dead lock in prices
was touched almost at the first break. The
big deal was in July lard, and the option
which had closed at $11.3212 on change
the previous day took tumble to So in
such order that it made veteran operators
loose their heads for awhile. There was
an immediate rebound to 1920, $3.50,
S9,35 and to $40, but in the meantime
trading had been extraordinarily heavy,
all the big operators being represented by
their buyers, with orders to pick up every
thing, and during this brief period of un-
paralleled uproar it is estimated that some
very large winnings naturally occurred
and so it went throughout the entire day
"a day marked by rapid and bewildering
fluctuations of the severest character to
the end, but after the first drop the best
effort of the heaviest operators among the
bulls could not force figure above $3.50,
still $3.50 under the opening. \ cent and
one half pound on a commodity looked
upon as one of the steadiest III its normal
state This extraordinary day of excite
ments, is due to the failure Of McGeogh to
accept all the lard offered him, but his
losses, while they are very large, do not in
any sense represent the lgains and losses
which result from the condition of affairs
precipitated by this leader of the bulls
laying down. From the present outlook
he has apparently carried down with him
six Or eight large firms who acted as his
representatives on the board, and how