The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1883-06-21
HERE AND THERE.
Lard Takes the BIT In Its Teeth at
Chicago
And Runs Muck on Many Margin Of
the Operators
st. Louis, Milwaukee and Other Centres
Affected.
The Russian Government has a Pen.
chant for Poets.
Reredell's Counsel are Trying to Pull
Him Through.
The British Riilemen Fudging on Their
American Brethren.
The British Riilemen Fudging on Theil
American Brethren.
Miscellaneous Other Matter br Wire.
Almost q Panic.

Almost Panic.
| CHICAGO, June 16.-A season of extrsor.
dinary excitement prevailed on change i'm
mediately after the opening this morning
by rumor freely banded about. that the
firm of McGoech, Everingha.n & Co.,
who have for long time been looked on as
| the heaviest dealers in lard and other pro-
visions on the Chicago board had failed.
| This was verified in measure soon after.
wards, by members of the firm circulating
bout on the floor of the Exchange and
rested in provision deals to close them out.
a panic appeared to seize
the provision corner, and for time, inter-
test in other business was lost. The effect
was to be seen at once on quotation of lard
in quantities, and July option, which yes
terday ran up to $l1.75 10 and closed
initial, drop, then descending the scale un-
til 1920 was reached, which would be equal
in point of comparison to drop of four
cents per bushel on wheat. An effort to
ascertain the extent: :towhich McGt el, Eve .
| ingham & Co. had been operating, failed,
both upon application to the firm and to
members OF the board OF trade, but care
II
| ly heavy, and loss under broken mar.
| ket proportionally large. The firm is also
reported to have been dealing heavily in
VIII eat, but this morning it announced its
ability 10 care for all its debts In this CON-
modify. being on the winning side. As
the market now stands grain appeared to
feel the effect of the drop in lard on the
early market and all kinds were quoted as
| easier but not sensibly lower. The falling
market brought in its train plenty of ru-
mors of other impending failures, bat up
to 11:30 o'clock there was nothing definite
to report. The firm declared to the Asso-
ciated Press that they would make no
statement of any kind before tomorrow.
Following in the wake of failures of Nc
Geoch, Everingham & Co., the firm of Hal
ley & Allen succumbed at 1890 p. M, and
the other firm, and stated their resumption
depended ON the action of the larger firm.
Rumors that there are ten ether failures
prevail freely, but no definite announce
ment was made on change. The scenes Of
extraordinary excitement continued to
/ p. IN. adjournment and while there were
many free buyers, July option lard could
near as could be quoted. A fair estimate
appears to place the direct losses of Nc
Geoch, Everingham & Co. at 100000 on
lard.
ANOTHER ACCOUNT.
CHICAGO, June 16.-The scene on change
to-day was one of the maddest excitement
| from the opening to the closing, marking
the close of trading hours. AS though by
preconcerted arrangement, the provision
clique had no sooner assembled in their al.
loted pit than Intelligence greeted
them that McGeoch & Co., one of the bold
est of the firms operating on the board, had
succumbed. This was verified soon after
wards by member Of the firm circulating
about on the floor, notifying all with whom
they were interested in provision deals TO
close them out. Following on the heels OF
this ensued tie heaviest day of trading
known to the board and the tension from
that time forward was of the most strained
character. Bedrock in prices was touched
almost at the first break. The big deal
was in July lard, and the options, which
had closed at $l1.321-2 on change the
p5eViVsSss IS 81 IN day. sucS took short 'u%Sls o9des
that it made veteran operators lose their
heads Tor awhile. There was an immediate
rebound 10 50 20, 50 80, $935 and up TO So
20, but in the meantime trading had been
extraordinarily heavy, all big operators be-
ing represented by their buyers with or
deIs to pick up everything without limit
and during this brief period Of M, oarit is
estimated that some very long winnings oc-
Cured and so it went throughout the entire
day "A day marked by rapid and bewildering
fluctuations OF the severest characteS to the
end; but after the first drop the best efforts
of the heaviest operators could not force
the figuress about $3.50, still under the
opening cent and one half a pound on a
commodity looked upon as one Of the
steaoiest in its normal ttate. This extraor-
dinary day of excitement is due primarily
to the failure of McGeoch to accept all lard
offered him, nut his losses, while very
large, do not in any sense represent the
gains and losses which resulted from the
condition OF affairs precipitated by this
leader Of bulls laying down. From the
present outlook he has apparently carried
down with him six or eight large firms
who acted as his representatives. How
many are crippled or utterly ruined will
probably not be known until after Monday.
The loss which accrues to McGeoch's house
Is placed by those concerned with him at
S2,5O0,0O0. The ruinous break in prices is
attributed purely 10 speculation and is ac-
counted for BY no one TO any cause save
the effort to maintain the high pitch OF
speculation when the failure Of McGeoch
10 meet the heavy demands made on nim
for margins became known.
During the day many rumors Of failures
we're current and found their way into
print, doing injustice. and con-
tradictions and explanations followed
their first publications. Ii Is open
ly known that many firms a. In deep
water, but, as matter of fact, ii Is known
the failures do not exceed from SIX 70 eight,
snd these are small ones. In addition to
Holly q Allen, already reported, J. y. Ball
q 90. gave notice 10 close out deals, and
have gone under. Ellis IL Lightner and
Tabor 4 Wilson announced they were
struggling against odds, but both expect TO
be able 10 weather the storm and will know
definitely Monday.
AT MIJvAuKEE.
MILWAUKEE,, june 15-The break in lard
did not cause any failures here, but many
commission men lose money by it. IL is
rumored that nearly 10000 tierces were
carried by Milwaukee parties, but much OF
ID was dropped several DAYS ago.
Il is said that McGeochis horse railroad
here is now held IN the name Of his wife.
AT cIHcIEsATL.
CNcIErATI, June 16.-The effect Of the
Chicago panic on the market was to run
prices down correspODdingly and stsgnste
the markst. Il is not known that any
operator here IL affected.
NEW YoRK, June 16-F0vler Bros,
AGENTS this city Of hcGoach d
Co. were not ct The ofh1e
70 day. Their representative could not give
any Information on the floor Of the Pro
ducs exchange. To-day vas an active time
and the crowd IN sttendsncs vas large. es-
pecialiy for Saturday, but ct no time vas
the-s any erritemenf 70 indicate that owing
DenlinKs IN lsrd were hesvy, and there are
fssrs Of some failures In lard, but Other
uiss the market Il strong.
Al -. IorIs.
3. LoUs, guDe 19-Tbe failure Of Nc
Ger q 4 CO.. of Cnica %, O used rood oeal