Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-06-17
A BULLS BREAK.
Great Excitement in Chicago Over the
Failure Of Peter heGeOeb, the
Largest Spectator in
Provisions on That Market-AImOst a
Panic on 'Change-Heayy Drop
in Prices.

CHICAGO, June ia season Of extraor.
binary excitement prevailed on Change i'm
medistely after the opening this morning by
a rumor freely handed about that the hrm OF
operators, McGeoch, Averiagham Co., VINO
have for long time been looked on a. the
heaviest dealers IN lard and other provisions
on the Chicago Board, had failed. This was
verified in a measure soon afterward by
member of the firm circulating about on the
floor Of Change aud notifying all with wnom
they were interested in provision deals to
close them out. Something in the
NATURE OF A PANIC
appeared TO selzs the provision corner, and
for a time interest in other trading was lost.
The effect wac 10 be seen at once 10 the quo
tations of lard, and July options, which yes
terday ran up to Il.57!c, and closed steady
at 1l3c, sold down to l06 5c az the initial
drop, and then kept on descending the scsle
until 9.20c was reached, which would be
equal, in point Of comp arson, to drop OF
forty cents sbushel IN wheat. Other options
felt the effscgiDilike maaner, out all in ameas-
ure somewhst recovered in tone, and at II
o'clock July options had gone back 70 9s5c,
but again declined to 94c. An effort to
ascertain the extent to which McGeocb,
Averinghsm & Co. had been operating
failed, both upon application to the firm and
to members OF the Board of Trade, but care
full inquiry shows it 10 have been
UNUSUALLY HEAVY.
aud the loss under the broken market is pro-
portonalIy large. The firm is also reported
to have been dealing heavily in wheat, but
this morning announced its ability TO care
for all its deals in this commodity, being on
the winning side az the market now stands.
Grain appeared 10 feel the effects OF the drop
ia lard on the early market, and all kinds
we're quoted easier, but not sensibly lower.
The failing market brought in its train
plenty OF rumors Of other impending fail
ures, but up to l so o'clock there was moth
ing definite to report. the members of The
broken firm declared to the Associated Press
that they would make no statement Of any
kind before tomorrow. Peter McGeoch, the
head Of the firm, is a resident OF Milwaukee,
and is iamiliarly styled
"THE MILWAUKEE, MILKMAN."
He is reputed to have been leader in
number of daring bull movements on both
the Chic1go and Milwaukee markets, and
failed here two years ago. His firm came
prominently before the public Two weeks ago,
by their refusal 10 receive large consign-
meut Of lard from Chicago on the ground
that il was tainted, and over which disputed
fact an Investigation OF the Board lie now in
progress. The firm mas since accepted the
lard in question, under protest.
OTHER FAILURES.
Following in the wake of the failure Of
MtGeocb, Everingham & Co., the firm oil
Haley & Allen succ1mbed Ut 1880 o'clock,
and attribute their suspension to the failure
Of the other firn, and stated that their re-
sumption depended entirely upon the action
OF the larger firm. Rumors Of eight or ten
other failures prevail freely, but no definite
announcements were made on Change.
Scepes of extraordinary excitement con-
tinued to l O'Clock pm. (adjoqrnment), and
while there were many free buyers, the July
option on lard could not get above $500 and
closed at 9.773o, as near as could be quoted.
A fair estimate appears to place the direct
losses of McGeoch, Everingham & Co. at
81, OOOO 900 on lard.
A BROKERS' STATEMENT.
An operator, intimate with MoGeoch on
the Board of Trade and in his late deals,
says the loss will approximate nearly 81
100000, but that Notwithstanding this
the firn processes its ability to make a
good showing ON settlement. He asserts
their interess are 20 closely identified with
other heavy operators, that they will be able
to pay 100 cents on the dollar from the pres
ent outlook.
FIRMS EMBARRASSED.
During the day many rumors OF failures
were current, and even found their way into
print, doing Injustice in some instances, and
contradictions and explanations followed
their first publication. 1t is openly, known
that many firms are in deep, but matter
OF fact the failures do not exceed Six TO
eight 10 number, and some Of these are In.
significant ones. Ia addition 10 Halliday
Allen, already reported, j. NJ. Ball & Co.
gave notice 20 close out their deals, aud have
gone under; Allie & Lightner and Tabor &
Wilson frankly announced that they are
struggling against ODDS, but both express the
belief that they will he able to weather the
storm, and will know definitely Monday.
NJ. 3. Gratis & Co. and VIM. Martin & Co.
are among those reported as having failed.
The Cause Of CON, Iderable Comment at