Daily globe., 1883-06-18
PETERS PEDIGREE.
THE RECORD OF THE COLLAPSED
MILLIONAIRE.
Plenty of Pluck, Scotch Persistency and
Good Backing Realize a FOrtune-His Re-
cent Exploits in the Grain and Provision
Trades.
Especial Telegram to the Globe. |

Special Telegram to the Globe.
CHICAGO, June 17.-In 1855, Peter Nc
Geoch entered the employ of Nelson Van
Kirk, a gentleman att present a partner in
Robert Lindblom & Co.'s, as a grain buyer
at Madison, Wis. He was young Scotch
man without money, but possessed of a
good education and an abundance of en-
ergy. Mr.. Vankirk was large shipper of
grain, and controlled number of ware
houses in Wisconsin and Minnesota. Nc
Czech was before long given an interest,
and after a while removed to Milwaukee,
where the commission firm of VanKirk d
McGeoch was formed. The firm afterwa ard
obtained packing house, but still carried
on the commission business. In 1867 the
firm failed, after having unsuccessfully
tried to run a spring wheat corner, but
settlement was effected and the concern
went on. In 1876 another wheat deal was
begun upon. The Milwaukee railroads
were at this time owners of all the grain
elevators, and these roads issued receipts
to McGeoch and his partner ad Hbitum.
and even for wheat that was not in
the city but was simply en- route.
The engineers of the corner had no
way of stopping the practice. When they
protested the railroad officials said: If
you don't think we have the wheat send to
our houses and ask for it." This they
could not do. There was not enough yes
sells to carry it away. The result was the
railroad overwhelmed the firm of VanKirk
q McGeoch. They failed, owing Alexan-
ander Mitchell, their banker, q very large
sum of money. All their property was
turned oyer to him. McGeoch's relations,
with the rich banker after this became
pretty close. Both were Scotehman, and
the elder admired the pluck and honesty of
the younger man. Mitchell placed his
creditor in charge of a packing house
which had been turned over as part of the
assets. The house was not proftably
operated, and so was sold. In 1878 Nc
Geoch got Mitchell to advance a little
money to him for a wheat speculation. 1t
turned out extraordinarily we'll. Other
very much richer men were at the same
time interested in advancing prices and,
better than all, the crop which had prom
ised we'll at the outset, became almost an
utter failure. Out of the deal McGeoch, it
is said, made enough to pay Mitchell in
full and still have $25O,OOO left for himself.
From this on he operated continually and
successfully in Milwaukee until 1880, when
he founded at Chicago the firm of Nc
Geoch, Everingham & Co. This was the
year of the terrible yellow fever panic
caused by the appearance Of few cases
al Memphis. The year before the fever
had proved terrible scourge, and the sale
of provisions in the south had been great
ly affected. When in 1880 a few cases
were reported to have made their appear
ance in the south, provisions broke. Pork
dropped S3 a barrel in one day, and lard
and short ribs were also greatly depressed.
McGeoch at this juncture, when. the pork
was in panic, bought largely and cOntin-
ued until ne had some hundred
Thousand barrels bought. Armour
was at first seller, intending to depress
the market and buy the pork himself. Be
fore he knew it, however, he found himself
short to McGeoch with Mitchell for a
hacker. The great packer paid 100000
to McGeoch to be released. In this deal
Daniel Wells was also interested, as he has
been, indeed, if rumor is true, in every
deal he has run since he came here. This
pork corner was wonderfully successful,
and Wells and the Scotchman divided be-
tween them over $600,000 clear profits.
This successful manipulation, in which
even Armour WAS worsted, e5tab
lished the MiIwaukeean's reputation.
From that time forward he was feared
as produce manipulation. He was always
in and out of the market, but cut no great
figure until April 1881, when with Geo. G.
Walker, n. 4. Fairbank, and Sid Kent, he
was interested in a spring wheat corner
which advanced the price from $1.1715 to
1.42. McGeoch really had not so large an
Interest in this manipulation as Walker,
but his firm did large share of the bust
ness, and because Walker was Ill, McGeoch
stood as the representative of the clique.
This corner raised good deal of indigna-
tion, and defaults were made in large
amounts and a committee was called in to
fix the price. 1t found that corner had
been engineered. and fixed the price at
$132, instead of $1.42, the figure McGeoch
asked This w5s the Milwaukee rs asst
successful Corner. In September 1882 he
engineered another wheat deal, bat it lost
him money. He was strong too, it is be-
lieved all through in 1882 in the wheat
crop and was wrong until very recently in
the crop of 1888, ''bulling" grain in 1882
and bearing it in 1888.
RerdeU aud Brctcster,
The Chicago Tribune special describing
+ha saranoda I'm Col TnUersolJ after the