The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-06-19
FIGURING UP
The ,osses and Gains Consequent on
McGeoch's Failure to
Come to Time.
Total loss, S3.OO0,GsO. of Which
"Uncle Peter" Shoulders Half"
The Outlook.


In vain yesterday for men connected with the
board of trade. At an early hour provision
dealers aud commission men went to their
places Of business and began the work of cal
sniating profits and losses of the day before.
III many offices the work had been undertaken
the previous evening, and carried far into
the night. The vicinity of the chamber of
commerce was active. Many ..'of the offices
had open doors, but most of them We're
closed, although the calculations went on.
At O'Clock the work had been so nearly fin
ishc1 that the condition of the local firms was
reckoned to he known. The word went
around that no other failures were expected.
"To-days work has made good news for
u.s." an old speculator whose hair had been
whitpned by the experiences of ''the pitt said.
81 did not know when | came down town
what we were to expect in the morning, but
now feel better. If the boys keep cool we
will get along all right If they become ex-
cited they are sure to lose confidence Every
body is uneasy. 1t would not require much
Of a tumble to create panic. The big men
Of the board who got under the markets the
day before, and held them up, have all they
can carry. They would not be able to do to-
morrow what they did ON Saturday.
care any precautions being taken for Sc
curity:n
Yes. Everything possible is being done.
None of the members want panic. 1t kills
trade and hurts the board. A number of
strong combinations have been tacitly made
looking to the protection of the board The
commission men have been telegraphng to
their out-of-tOwn correspondents to send in
their margins. Responses are coming in well
The commission houses viii be ready to meet
4 heavy fluctuation either way. But their
first effort will be to keep the market steady,
and prevent fluctuations When. business be
gins the dealers viii be backed by all of the
interested wealth of their correspondents 1t
viii make them strong, and failures will be
less liable to happen
"Will any of the firms come out of Satur-
lays disaster better than was expectedF'
81 think every one will, Some of the firms
Very few of the margins paid on Saturday
were correct. They were all too large. There
was no time to compute them accurately
They were only estimated, and the estimates
were made large to cover accidents. know
one firm that paid at least $4,000 more mar
gins than it owed Many claims were paid
10y Lue WTOllS lHe1 coulu HOT uNOlu
paying them. If they had disputed the claims,
the delay caused by an investigation would
have created the impression that they were
weak and they would then have been fought
to the wall The only thing they could do
was to promptly pay all claims made against
them. They will now compute the margins,
and, of course, get back without any trouble
the money they paid in excess of what was
DUE
AT MILWAUKEE,.
MILWAUKEE, Wis June 1S-The total loss
in this gigantic deal is about IS, O00, 00O" said
an intimate friend of McGeoch last evening.
Nearly one-half of this will fall on the great
| SPECTATORS shoulders; about Sl,0OO,0O0 on
Daniel Wells, Jr., and the balance on other
parties. These are the cold, hard facts The
money of Wells is not lost through any asso-
citation with Mc1eoch Everingham a. Co,
but was lent to McGeoch personally, so it let's
Wells ont of all responsibility for company
| Indebtedness"
"Will McCieoch's loss lay him flat'n
Il think it will, temporarily, for he has
parted with all his fortune TO the last dollar,
| and he owes the board of trade an additional
| 81 900, 900, which he has no means of meeting
Wells loss is heavy, but it will not affect him
| seriously. He advanced the money believing
the deal a perfectly safe one"
| ''What will McCieochs course beGn
| Il suppose a compromise will he effected"
| Mr.. McGeoch says he has no statement to
make that will add anything to the informa-
ton now possessed by the public; in fact, he
said: 1.-THE least said ABBOTT the matter the
better" He has been resting at his home in
| Wauwatosa, and expects to return to Chi
cag0.
| Daniel Wells, Jr., who is known to be in
| volved in the crash, refuses to make any
| statement. 1t is known that he raised 81 000-
| 600 a few days ago to assist in carrying out
| the deal, but it is impossible to learn the ex-
| tent of his loss. He put up all the collateral
necessary in borrowing the money, so that
| those who lent to him will not be losers. In
one place where he borrowed $200,00 he put
| up quarter of q million in collateral Sc
| curities.
| Alexander Mitchell says he refused to loan
anything beyond what was amply secured.
He is q countryman of Mr. McGeoch, and
has been understood to be his hacker in pre-
vious heavy deals, but he is conservatism
perSonified, and he allows not even himself
nor the great bank of which he is president
to lose anything by unsafe transactions. In
speaking of those interested with Mr. Nc
Geoch in the lard deal Mr. Mitchell says:
Il would gladly have advanced them $3.50
| 600 could it have averted the trouble In
fact, if it could have been prevented, | would
have given a liberal amount outright But
| when it came to shOuldering the monster load
that was necessary to prevent the crash, and
without security, it is what | or any other
business man could not do. l am exceedingly
sorry that this trouble has come upon the
gentlemen, much as detest the cause which
brought it about l have said that | would
not assist any man who got himself into such
troubles, yet in the present case, could / have
prevented the embarrassment by advancing
in the neighborhood of $250,000, l would
gladly have done so without security"
"Do you think that any of Milwaukee,,
banking institutions will be losers by tht
| failureM
Mr. Mitchell replied: Il think not. In fact
l know they will not, as they are all well pro
tected. do not believe that any milwaukee,
man is loser, to any extent at least"
EXPECTS TO PAY IT ALL.
Peter Mcieoch, whose failure foots up 81,
O0O, 600, could not be seen, being too busy t.
talk His manager said: "There is nothing
we can say now, nor will there be for three
or four days, perhaps longer. We camo
figure up the exact amount we owe, nor cal
we tell to-day how much will be paid w
expect Of course, to pay everything. Their
is really nothing to say"
Belmont VS.. Dewey.
NEW YORK, June 1S-In the libel suit o
Iph1 oHi tp
of The Irish Nation, who charged Belmon
with Incorporating the funds of the Irisl
society, verdict of guilty was returned b.
the jury, with a recommendation to extrem
clemency Belmont seconded the recommen
D. Iut5 J.l tS