The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-06-17
HERE AND THERE.
Lard Takes the Bit In Its Teeth at
Chicago
And Runs Muck on Many a Margin Of
the Operators
St. Louis, Milwaukee and Other Centres
Affected.
The Russian Government has a Pen.
chant for Poets.
ReredelPs Counsel are Trying to Pull
Him Through.
The British Riaemen Fudgins on Their
American Brethrer.
Miscellaneous Athn. M.sanL n.
ReredelPs Counsel are Trying to Pul
Him Through.
The British Riflemen Fudgins on TheI
American Brethres.
miscellaneous Other Matter br Wire
Almost u Panic.

UthVA MhNtVI WIN,
Almost Panic.
CHICAGO, June l6.-A season Of extraor.
binary excitement prevailed ON change i'm.
mediately after the opening this morning
by rumor freely banded about, that the
firm of McGoech, Everlngham & Co..
who have for a long time been looked ON AZ
the heaviest dealers in lard and other pro-
visions on the Chicago board had tailed.
ms was verified in n measure soon after.
wards, by members of the firm circulating
ABOUT ON the floor of the Exchange and
Notifying all with whom they were inter
rested IN provision deals to close them out
something in the nature of
a panic appeared TO seize
the provision corner, aud for time, inter.
test In other business was lost. The effect
was 10 De seen at once on a quotation of lard
IN quantities, and July option, which yes
terday ran up to Sll75 - and closed
steady at Sll 80: sold down to Sii O6 AS the
initial, drop, then descending the scale un.
I'll So was reached, which would be equal
in point OF comparison to drop of four
cents per hushel on wheat. An effort TO
ascertain the exten, :towhich MIG o, Eve .
ingham q Co. had been operating, failed
both upon application to the firm and To
mem bers OF the board OF trade, but a care
iul inquiry shows it to have been unusual
ly heavy, and loss under q broken mar.
ket proportionally large. The firm is also
reported to have been dealing heavily In
wheat. but this morning it announced its
ability 10 care TOR all its debts IN this COM
modify, being ON the winning side. As
the market now stands grain appeared to
feel the atfpCk nf tho lrn,, In lad a., AZ :.
early market and all kinds were quoted as
easier. but nc. sensibly lower. The falling
market brought In its train plenty Of ru.
mors OF other impending failures, bat up
to ll:3O O'Clock there was nothing definite
to report. The firm declared to the Asso-
ciated Press that they would make no
statement of any kiod before tomorrow.
Following in the wake of failures of No
Geoch, Everingham & Co., the firm OF Hal
ley q Allen succumbed ut 1890 p. M, and
attribute their suspension to the failure OF
The other firm, and stated their resumption
depended on the action of the larger firm.
Rumors that there are ten other 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
not get above so so and closed at $9.77 | 9, as
near AS could be quoted. A fair estimate
appears to place the direct losses of Nc.
Geoch, Everingham & Co. at $l,OO0,000 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
| M aC lad t,,t ln,r
loted pit than intelligence greeted
them that McGeoch & Co., one of the bold
est of the firms operating on the board, haC
succumbed. This was verified soon afler.
wards by a member of the firm circulating
about onthe floor, notifying all with whom
they were einterested in provision deals /,
clo.e them out, Following ON the heels o
this ensued the heaviest day of tradinl
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 fist break. The big dea
was in July lard, and the options, which
had closed at $ll.32l.2 on change tn,
previous day took a tumble
tnat II made veteran operators lose their
heads tor awhile. There was an immediat,
rebound 10 50 20, 50 80, $0.35 and up to 50.
20, but in the meantime trading had beer
extraordinarily heavy, all big operators be
ing represented by their buyers with or
ders to pick up everything without limi
and during this briet period of up, oar II II
estimated that some very long winnings oc
CURED and so it went throughout the entir,
day. A day markedb by rapid and bewiderinl
fluctuations OF the severest character to tn,
end; but after the first drop the best effort.
OF the heaviest operators could not foi cs
! ha tunraeS ahnpt at Al
opening cent and one half a pound on
commodity looked upon as one of tn,
steadiest in its normal state. This extraor
dinary day of excitement is due primarily
to ths failure of McGeoch to accept all lart
offered him, hut his losses, while very
large, do not In any sense represent thu
gains and losses which resulted from tn,
condition OF affairs precipitated by thil
leader Of bulls laying down. From the
present outlook he has apparently carried
down with him six or eight large firm.
Ywho 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 a
S2500,000. The ruinous break In prices |.
attributed purely to speculation and is &C
counted for by no one to any cause say.
the effort to maintain the high pitch o
speculation when the failure OF McGeocl
to u.eet the heavy demands made on hin
tor margins became known.
During the day many rumors of failurei
were current and found their way int
print, doing injustice, and con
tradicIions and explanations followed
their first publications. IL Is open
ly known that many firms are In deer
water, but, as matter Of fact, IL Is known
! n., fail a a trAn a. ..,.l.s A
and these are small ones. In addition /,
Holly & Allen, already reported, J. n. Bal
& Co. gave notice 10 close out deals, ant
have gone under. Ellis & Lightner ant
Tabor & Wilson announced they wer,
struggling against odds, but both expect /,
be able TO weather the storm and will know
definitely Monday.
AT MILWAUKEE.
MILWAUKEE, June l6-The break In lar,
did not cause any failures here. but man,
commission men lose money by IL. II |
rumored that nearly 10000 tierces wer
carried by VII waukee parties, but much o
IL was dropped several days ago.
II is said that McGeoch's horse railroa,
here is now held IN the name of his wife.
At CINCINNATI.
| CINCINNATI, June i6..-The effect OF tn,
Chicago panic on the market was to rui
prices down correspondingly and stagnat
the market. II Is not known that an,
operator here is affected.
AT NEw YORK.
New YoRK, June l6--Fowler Bros.
agents this city Of McGoach 4
Co., were not at the oillr
10. day. Their representative could not civ,
any information on the floor of the Pro
duce exchange. To-day was an active tim
and the crowd In attendance was large, es
pecially for Saturday, but at no time wa
there any excitement TO indicate that owin
10 the Chicago failures q panic was feared
Dealings In lard were hesvy, and there ar
fears OF some failures In lard, but othe
wise the market Is strong.