Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1883-06-21
Failure of the Great Lard Deal.

change was Occssioned this morning
by the failure of McGeech, Everine-
ham Il Co., who have been for some
weeks running q corner in lard. The
liabilities are 100000 and the assests
will be about half that amount. The
drm consist of Peter McGeoch, Samuel
Everlngham, Frank A. Crittenden and
j. Peacock. Mr.. Everingham states
they were disappointed this morning in
failure to negotiate loan OF
s5OO,OOO, and were compelled to sus-
pend. All their deals were closed ont
on change under the rules TODAY. The
house held all the cash lard in CHICAGO.
amounting to 0,G00 tierces, which cost
them about s11 so. and when the price
dropped this morning to 50 so their
margins were exhausted. The widest
excitement occurred on Change. the
July options going down from 81 So,
the closing price of yesterday, to SO O5.
but 1t rallied at noon to 50 80. II is the
greatest break ever known in this mar
ket.
The scene on change to-day was
one of maddest excitement from the
opening or the doors at 10 o'clock to
the sounding of the bell, marking the
| close of trading hours at o'clock. As
though by preconcerted arrangement,
the provision clique had no sooner as
sembled in their allotted pit, than the
intelligence greeted them that Nc
Coach, Everingham & Co., one OF
the boldest firms of operators
on the board had succumbed. This
was verified soon afterward by mem
Der of the firm, circulating abouG on
the floor of the exchange, and notify
ing all with whom they were interested
in provision deals to close them out.
Following on the heels of this ensued
the heaviest day of trading known in
the annals of the board, and the ten
sion from that time forward to the fin
ish 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 option which had closed at
1l.323 on change the previous day,
took 81 tumble to SO in such order that
it made veteran operators lose their
heads for a while. There was an i'm
mediate rebound to So 90, 80, 80, and
up to 20, but in the meantime
trading had been extraordi-
narily heavy. All big operators
were represented by their buyers
with orders to pick up everything, and
during this brief period of unparalleled
uprOar, 1t is estimated that some verv
large winnings naturally occurred. And
so 1t went throughout the entire day,
marked by rapid and bewildering fuc-
tuations of the severest character to
the end; but after the first drop the
best efforts of the heaviest operators
among the bulls could not force the fig
ure above $3.50, ST. so under the opening
cent and one-half pound on COM
modify looked upon as one of the stead
lest IN normal state. This extraOrd-
mary day of excitement was due pri-
marlly to the failure of McGeoch to ac-
cept all lard offered him, but his losses
while they are very large do not in any
sense represent gains and losses which
resulted from the condition of affairs
precipitated by this leader of bulls. liy-
ing down. From the present outlook he
has SIX or eight large firms who acted as
his representatives on the board, and
how many are crippled or utterly
ruined by the collapse will probably
not be known until after the temper of
the market has been tested in the
money. The loss WEIGH occurred to
McGeoch's house, which the associated
press, in its day report, estimated at
$4,000 600, is very closely placed by
those concerned with him in the deal
at $2,500,O00. The ruinous break
in prices is attributed purely
to speculation and is ascribed by
no one to any cause save that an effort
was made to maintain to maintain the
price to a high pitch by speculative
methods. When the failure of Nc
Geoch to meet the heavy demands
made upon him for margins became
positively known, a panic ensued.
Daring the day many rumors of failare
We're current, and even found their way
into print, doing injustice in some in
stances, and contradictions and ex-
plantations followed their first publ
cation. 1t is openly known that
many firms are in deep water, but as
matter-ot-tact, the known failures do
not exceed six to eight in number, and
some of those are insignificant ones.
In addition to HALEY & Allen, already
reported, j. NJ. Ball & Go. gave notice
to close out their dealings and have
gone under; Ellis & Lightner and
Tabor & Wilson frankly announced that
they are struggling against odds, but
both express the belief that they will
be able to weather the storm and will
know definitely on Monday; NJ. B
Crafts q Co. and William Martin &
Co., are among Those reported as
heavily failed.
The losses of six firms outside of
McGeoch, whose name has already
been given, are estimated as follows:
J. NJ. Ball & Co., 100000; Tabor & Will
son, $40 900; Holly & Allen, $4,000;
Crofts & Co, $4,000; Martin & Co.,
$4,000. One indianapolis frzn is re-