The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-06-18
THE BREAK IN LARD.
Scene of Wild Excitement on the
Chicago Change.
One Firm Lose About $4,000, 900.

CHICAGO, ILL.,, June TO- The scene on
change to-day was one OF the maddest excite
ment from the opening OF the doors TO the
sounding OF the bell marking the close OF
trading hours at o'clock. As though by pre-
concerted arrangement, the members OF the
provision clique had no sooner assembled In
their allotted pit than intelligence greeted
them that McGeoch, Eyeringham x Co., the
boldest OF the firms of operators on the board,
had succumbed. This was verified soon af-
terward by a member Of the firm circulating
about on the floor Of change, and notifying all
who were interested In provision deals 10
close them out. Following on the heels OF
this announcement ensued the heaviest day OF
trading known TO the annals OF the board, and
the tension from that time forward 10 the fetish
was OF theimost strained character. Bed rock
IN prices was touched almost at the first break.
The big deal was in July lard, and the option,
which had tclosed at Sll.32a on change the
previous day, took tumble to 10 in such
short order that it made veteran operators lose
their heads for while. There was an inn
mediate rebound to 1920, S93s, 80 50 and up
TO 1910, but in the mean time trading had
been extraordinary heavy. all big operators be-
Ing represented by their buyers with orders TO
pick up everything without limit, and during
this brief period OF unparalleled uproar it Is
estimated that some very large winnings
naturally occurred This extraordinary day OF
excitement was due primarily to the failure OF
MeGeooh TO accept all lard offered him, but
his lccses while they are very large, do not In
any sense represent the gains aud losses which
resulted from the condition of affairs precipita-
ted by this leader Of the bulls lying down.
From the present outlook, he has apparently
carried down with him six or eight large firms
who acted as his representatives ON the board,
and how many are crippled or ruined by the
collapse will probably not be known until af-
ter the temper of the market has been tested
on Monday. The loss which accrues to Nc
Gecah's house is very Gle rely placed by tho,e
concerned with him in the deal at So 100 000
The ruinous break in prices is attributed pure
any cause save that an effort was made To
maiutain the price to a high pitch by specula-
ting methods.
CHICAGO, June 17.-Clerks are busy Ia the
office OF all the firms which went to the wall
yesterday in the bursting OF the lard corner
bat none OF the proprietors however are will
ing To talk, and nothing definite can be known
until tomorrow, possibly not till Tuesday or
laiot, The statement is made on what is
oltilned TO 90 good authority that Friday night
&cGeoch went to Phil Armour aud explained
the situation saying S1,000,0C0 would carry
him successfully through the deal that Ar
moor agreed TO let him have $780, 900 and that
two other large operators here undertook to ad-
vance like amounts making ST50,000 and that
then McGeoch telegradhed to Alex Mitchell
OF Milwaukee for the remaining $3.50, 600 and
that Mitchell replied that he wonld be willing
TO advance S10C1,000 IL it would carry the deal
through successfully, but he had looked the
ground over and was sure several millions
would be required to complete 1t, so he declined
to enter the syndicate