The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-06-18
FAILURE FPETER M'GEOCH
His Brokers Call for More Margins,
and They Are Not Paid.
4 Day of Great Excitement on the Chicago
Board-MoGeoch Loses More Than
Million-Market Partly Receivers.

CHICAGO, June 16.-The scene on Change
to-day was one of maddest excitement from
the opening of doors at 10 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 assembled in their allotted pit than
the intelligence greeted them that McGeoch
Everingham & Co., one of the boldest firm Of
operators on the board, had succumbed.
This was verified soon afterward by member
of the firm, circulating about on the floor Of
Change, and notifying all with whom
they were interested in provision
deals to close them out. Follow
ing on the heels of this ensued the
heaviest day of trading known to the annals
Of the board, and the tension from that time
forward to the finish 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 $11.32H on Change the previous day took
tumble to S. in such short order that it
made veteran operators lose their heads for a
while. There was an immediate rebound to
$4,000, 90@9.35 and up to 1910, but in the
meantime trading had been extraordinarily
heavy, all big operators being represented by
their. buyers, with orders to pick up every
thing without limit; and, during this brief Pc
Rod ofunparalleled uproar,i tits estimated that
some very large winnings naturally occurred,
and SO it went throughout the entire day-a
day marked by rapid and bewildering fuctu-
atoms 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 figure above So so, still $3.50 under
the opening-a cent and half pound on
a commodity that was looked upon as one of
the steadiest in its normal state.
The extraordinary day of excitement was
due primarily to the failure of McGeoch to
accept all the lard offered him, but his
Hoses while they are very large, do not in
any sense represent the gains and losses
which resulted from the condition of affairs
Iprecipitated by this leader of bulls laying
down. From the present outlook he has APP
parently carried down with him 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 the temper of the mar
ket has been tested on Monday. The loss
wh ich accrues to McGeoch's house is very
"
in the deal at S., $4,000 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 prices
ct high pitch by speculative methods.
Following in the wake of the failure of Nc
Geoch, Everingham q Co., the firm of HALEY
d Allen succumbed at 1890. They attributed
their suspension to the failure of the other
firm, and stated that their resumption depend
ed entirely upon The action of the larger
firm. Rumors of eight or ten other failures
prevail freely but no definite announce
4uents were made on Change.
The scenes of extraordinary excitement
continued to the afternoon adjournment and
while there were many free buyers, July op-
ton lard could not get above So 80 and closed
at $9.772, as near as could be quoted
During the dsv 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 water, but as a
matter of fact the known failures do not ex-
coed six to eight in one month, and some of
these are Insignificant ones. In addition
to Holly u Allen, already reported, ]. NJ.
Ball e. Co. gave notice to close out their
deals, and have gone under. Ellis & Light
ner and Tabor q Wilson frankly announced
that they are struggling against odds, but
both express belief that they will be able to
weather the storm, and will know definitely
on Monday. NJ. B. Crafts & Co. and VIM.
Martin & Co. arc among those reported as
having failed
The losses of the six firms, outside of Nc
Geoch, whose names have already been given
are estimated as follows:
J. NJ. Bail g. OBSERVATION-DISCLOSURES. 800, 900
Ellis & LgAtner. ACKNOWLEDGEMENTS. $4,000
IaDOr " wilson OBSERVATION-DISCLOSURES 10000
Holly q Allen ---...-.---.----..-...----- 10000
Crafts & Co, Observation-Disclosures. 10000
Martin a. Co 10000