The sun. [volume] (New York [N.Y.]) 1833-1916, 1883-06-17
GREAT PANIC IN CHICAGO.
FAILURE OF MGEOCH, BvERIv0HAH
& CO FOR Sf,OOO,OQO.
A Scene OF vyIA Excitement ~ the Beard
OF Trade-Heavy Drop In Lard aaa Other
Hog Prsaucts-Eig Other Ftrns aasnsnA.

A Scene or vyilA Excitement ~ the Beard
OF Trade-Heavy Drop In Lard aaa Other
Hog Preaucts-Eis Other Firns Suspend.
CHICAGO. June 16.-This day Is likely to be
remembered as Black Saturday by traders IN
tho provision pit on the floor OF the Board OF
Trade. The failure Of Mc0eoch. Everinghsm
4 Co.. who have controlled tho corner In lard
almost since the close Of tho winter packing
season. caused panic which not only extend.
ed TO lard. but to the entire line OF hog prod
ucts. The suspension was the signal for Q
general calling OF margins. As n matter OF
course the provision pit was soon crowded to
suffocation by sellers who. with tho creditors
OF tie broken Arm. found It necessary to realize
on their property to protect their rights under
tho rules OF tho Board. Lard was offerod right
and left in any quantity. and prices dropped In
n manner to cause complete Generalization.
July lard VIII; ,h was tho pivotal deal in the
days trading. closed on Friday at Gilt. It
opeIn.s,d this morning at 1905 and declined
$3.50. August delivery fell from $40 TO 1910.
cTk Vas as1 pssnaIeaEy md declined from
history Of the Board It was found to Be I'M In
deposits made in the marginal banks Of the
Board were larger that on any day for many
suspend most Of them being brokers. Tor. Nc
Seoch; IT., They are W, J. M B9ll c.; Holley A Al.
kMs&st ar,a 4 No 2 Henderson w. s. Warren and
o sser hs Ss oasd him sTSxds .
him 70 answer the flood Of questions put to
him. lilo said to reporter:
The rumor you haye hoard 10 correct. I am
unable to meet my obligatons at present and
stock exceeds 10000 Heroes q nH lsrd SesiSss
liabilities exceed sioGoo6o. Il is sG great IN.
S Sy hs S sus shes m %s sSsssa
upon Fowler Brothers lard. Since we made
sharges hos been
deliberations were alleged here cast suspicion
upon every fierce which went out Of Chlsago.
buy This cut of our business to point where
we felt thai unless fayorabIe change resulted
end Of this litigation in hope that we could
keep up but we hive zone e the wall We hope
viii have no effect upon tho litigation with
| Fowler Bros We have so far demonstrated
al Me w Pus are the suit To-
the end; We did not attempt to make q corner
Sny Rrd w Pit were d3nG ieSbmas a bus
teTiered with the conservative demand"
s sion were tho Fowlers; They had about s70.
Anderson Fowler said that no was not at all
said hs + fiat McGfqsh Was i isaalns ga! . ssliqSe
SY qn so started ens Sq Win ss
gIit or tie money. ma he failed some Tine
ss rs sR hm ns
deal. We refused to do 1t. and subsequently
We did not care to have anything to do With
the CLINE he represented" q,
%d tSGs and 1% ss's.
Tor the las, sixty days. f5lip j.. Armour g
%erShants places " IN tho "'e eaSe %Rich. It
r vel SsH.G what do you think Of tO:dayf' he
yeons ss, .vs oss Of
re 36 y1h t sn Mcdooch Will come out right"
On what do you, base your opinion9"
Da9e Wo Isi "%s o, hs 6f "n an" 'na'
.W Il claimed that YOU are behind him: too
II TINT HELPS him any"
Does his failure affect your
| 1t does to 4 certain extent. suppose. There
isn't. q dealer in Chicago who does not fool tho
to Of aag lima "t t hfss sa
%fSff ' re s II s Vii
is only Temporary one. nnd that 1t viii ali be-
over by Tuesday When the atmosphere IL
clear confidence Sill DO restored in the market
and business win go on in tho hands of egiti-
do you mean to insinuate that McGeoch 10
| not q legitimate merchants"
w., Well. not exactly that: but everybody knows
srsi $s Z ss $S Ss
puted to have been the leader in n number
| OF daring bull movements on both the MIL.
| two years ago. His firm came prominently
| before the public two weeks ago. by its refusal
| to receive n large quantity Of lard from Chi
cnGo on the ground that It was tainted. over
which disputed fact an Investigation on the
| Board Ia now in progress. The firm has since
accepted the lard in question under protest.