Daily globe., 1883-06-17

and shared in the general unsettled feel
ing prevailing in the trade. The demand
was active, and mainly from shorts. In
lard prices opened weak at 4O@ 6Oc decline
per 100 pounds, then gradually fill OFF 15R
SOC more. Later the demand was active
and prices rallied 6097O conts
per 100 pounds, but the
extreme figures reached were not
maintained to the close. Never in the
history of the provision trade of Chicago
was the market for hog products SO unset
tied, wild and panicky as it proved On
change to-day. Offerings were large be-
yond precedent, and any bid made was
readily accepted. Sellers were willing to
accept any figure in order to close up their
transactions, and for about one hour the
market declined on all descriptions A
nervous feeling prevailed throughout the
day, and prices rallied somewhat during
the latter part and closing fguUes show
| portion of the decline recovered.
| Western Associated Press.
! CHICAGO, June 16.-A season of extra
ordinary excitement prevailed on change
Immediately after opening this morning
by rumor freely handed about that the
firm, operators, McGeoch, Everingham 4
Co., who have for long time been looked
upon as heavy dealers IN lard and other
provisions on the Chicago board, had fail
ed. This was verified soon afterward by
member of the firm circulating about the
floor of change and notifying all with
whom they were interested in provision
| deals to close them out. Something in the
nature of panic appeared to seize the
provision corner. For a time interest IN
other trading was lost. The effect was 30
be seen at once in the quotations of Lard,
and July options, which yesterday ran up
| to $11.5712, and closed steady at $I1-50,
sold down to $10.63 as the initial drop and
then kept on the descending scale until
1920 was reched which would be equal IN
point of comparison to a drop of forty
cents bushel in wheat. Other options
felt the effect in like manner, but all In n
measure somewhat recovered IN tone, and
at IL o'clock July options has gone back
to $9.65, but subsequently again declined
to $3.50. An etfert to ascertain the exteDt
to which McGeoeh, Everingham Co, had
been operating failed, both upon aPpiica-
tion to the firm and to the members of tho
board of trade, but very careful inquiry
shows it to have been unusually heavy and
the loss under broken market proportion
ally large. The firm is also reported to
have been dealing heavily in wheat. bat
this morning announced its ability TO care
for all its debts in this commodity, being
on the winning side, as the market NOW
stands. Grain appeared TO feel the effect
of the drop in lard, and on the early naF-
ket all kinds were quoted as easier,
| but not sensibly.
Following in the wake of the failure of
McGeoch, Everingham & Co., the firm of
HALEY & Allen succembed at 1890. and
attribute the suspension to the failure Of
the other firm and stated their resumptTca
depended entirely upon the action of the
large firm. Rumors of eight or ten other
failures prevail freely, but no definite En-
nouncements were made on change, The
scenes of extraordinary excitement con-
tinued to the p. III. adj journment, and
while there were many free buyere, July
option, in lard could not get above $3.50
and closed at S9.75%. As near as eOBEd
be quoted fair estimate appears to place
direct losses of McGeoch, EveringbRm &,
| Co. at S1,0O0,000 on lard.
MILWAUKEE, June 16.-The break IN
lard in Chicago did not cause any failures
here, but many commission men lose
money by it. 1t is rumored that nearly
100000 tierces were carried by Milwaukee
parties, but much of it was dropped seVeH-
al days ago. 1t is now said that Nc
Geoch's horse railroad here is now held IN
the name of his wife,
lima CDA-.-C-
mate with McGeoch on the board of trade
and i'll his late dealings, declares that the
loss will approximate nearly tive millions,
but that, Notwithstanding this, the brOkAn
firm processes ability to make a gG0d
showing on settlement. They assert their
interests are so closely identified with
other heavy opera ,ors that they VIII he
able to pay 100 cents on the dollar, judg-
ing from the present outlook
CHICAGO, June 16.-The scene on change
to-day was one of the maddest excite1nent
from the opening of the board at 10 tg the
sounding of the bell marking the close of
trading hours at 1 o'clock. As though by
preconcerted arrangement the provision
clique had no sooner assembled in their al
lotted pit than the intelligence greeted
them that McGeogh, Everingham 4 Co.
! OhO VI GllO OOIOOoU AII1o VI u OlJSEdbCIs Vn
the board, had succumbed. This was
verified soon afterward by a member of
the firm circulating about on the floor of
change and notifying all with whom they
say they were interested in provision dsaRs
to close them out. Following on the beels
of this was the heaviest day of trading
I known in the annals of the board, and
the tension from that time
forward to the finish was of the most
strained character. A dead lock IN prices
was touched almost at the first break. The
big deal was in July lard, and the option
which had closed at $1132% on change
the previous day took a tumble to So in
such order that it made veteran operators
loose their heads for awhile. There was
an immediate rebound to $500, $3.50,
$685. and to $9.7O, but in the meantime
trading had been extraordinarily heavy,
all the big operators being represented by
their buyers, with orders to pick mp every
thing, and during. this brief period of IN
! paralleled upro@ it is estimated that some
very large winnings naturally occurred
and so it went throughout the entire day
"a day marked by rapid and bewilderirg
fluctuations of the severest character TO
| the end, but after the first drop 5h9 best