The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-06-17
HEAVY FAILURE IN CHICAGO.
Extraordinary Excitement on 'Change-rhe
Effect on Lard and Other Proyisions-An.
other House Gees Under. and Rumors Of
Other Failures.
Try telegraph 70 the DIsnafchl

CHICAGO, June f6.-Extraordinary OK.
element prevailed on Change Immediately
after the opening this morning on account
Of the rumor that a firm OF operators. Me.
Geoch. E~veringham q Co., who for A long
time have been looked upon as the heaviest
dealers in lard and other provisions on the
Chicago Board, had failed. This was veri-
fed in a measure soon aiterward by mem.
Der OF the firm circulating about on the
floor Of the Exchange notifying all with
whom they were interested in provision
deals TO close ont. Something i'm the na-
ture OF a panic appeared to seize the pro-
vision corner, and for a time all interest In
other trading was lost.
THE EFFECT on LARD.
The effect was TO he seen at once in the
quotations Of lard, and July option, which
yesterday ran up to S11.j75. ana closed
steady at Sll.j0, sold down 10 S10.6j a an
initial drop. and then kept on descending
the scale until $500 was reached, which
would be equal in point Of comparison to
a drop OF 80 cents per busbel on wheat.
Other options felt the effectin like manner.
but all in a measure somewhat recovered
in tone, and at IL O'Clock the July option
had gone back 10 1886. but subsequently
again declined 20 $3.50. An effort 10 ascertain
the extent 10 whichlMcGeoch, Eyeringham
& Co.. had been operating failed both upon
application TO the firm and 10 the members
OF the Board Of Trade, but careful inquiry
shows il TO have been unusually heavy, and
the loss under the broken market proper
tiOnatcly large. The firm i also reported
10 have been dealing heavily i'm wheat, but
this morning it announced its ability to
care for all It's deals i'm this commodity.
being on the winning side A. the market
now stands. Grain appeared 10 feel ihe
effect OF the drop in lard on the early mar
ket, and ali kinds were quoted Is easier but
not sensibly lower.
RUMOEs OF OTHER IMPENDING FAILURES.
The filling market brought in IT'S train
plenty Of rumors OF other impending fail
ures. but up TO 1880 O'Clock there was no.
thing definite 10 report. and the members
Of the broken firm declared to an Assoc
cialed Press representative that they would
make no statement Of any kind before to-
morrow.
Peter McGeoch, the head Of the firm, is
q resident OF Milwaukee, and Is Familiarity
STYLED the "Milwaukee milkmm." He is
reported to have been the leader in a num-
Der OF daring bull movements IN both the
Milwaukee and Chicago markets. and failed
here two years ago. His firm came promi-
nently before the public two weeks ago by
their refusal 10 receive a large amount Of
lard ffOm a Chicago firm on the ground
that II was tainted. and over which dis
puted fact an investigation in the Board i
now i'm progress. The firm has since ac-
cepted the lard in question under protest.
ANOTHER FIRM SUCCUNBs.
Following in the wake Il the failure OF
McGeoch, Eyeringham Y Co.. the firm Of
Holly & Allen Succumbcd at 1890 O'Clock.
They attribute their suspension TO the fail
ure OF McGeoch. and say their resumption
depends entirely upon the action Of the
larger firm. RumOrs Of eight or ten other
failures prevail freely. but no definite an
nOuncementS were made.
On Change the scenes 81 extraordinary
excitement continued 10 the ] p. VI. adj
journment, and while there were many
free buyers. July option lard could not get
above $3.50. and closed at 80. ~, as near
rs could be quoted.
M'GEOCU, E~yERINGHAN & CO.'S Loss.
4 fair estimate appears 10 place the di-
rect losses OF McGeOch. E%veringham q Co.
at i. 900, 900 on lard. An operator init
mate with McGeoch declares the loss will
approximate nearly $4,000. 900, but that.
Notwithstanding this, the broken firm pro-
feSscs It's ability TO make a good showing
on settlement. They assert that their in
terests are so closely identified with other
heavy operators that they will be able to
nav one hundred cents on the dollar.
o-rrrp urp,,. On rNprp
In addition, to the failure Of Holly y
Allen. already reported, j. VI. Ball X Co.
gave notice to close out their deals. and
have zone under. Ellis Il Lightner and
Tabor & Wilson frankly announce that
they are struggling against odds. but both
express belief that they will be able 10
weather the storm. and will know definitely
Monday. VI. Il. Crafts ~ Co. and William
Martin & Co. are among those reported as
having failed.
COney Island Races.
ny telegraph 10 the Dispatch.l
NEW YORK. June 1G.-Concy Island