Daily globe., 1883-06-18
CHICAGO.
Especial telegram TO the Globe. |

CHICAGO, June 16.-The day has been a
wild one on change, and prices, especially
of provisions, broke fearfully. The veter-
ans on the board scarce remember another
like it. Buyers as well as sellers found it
utterly impossible to fill orders with any
degree of satisfaction, so rapid were the
fluctuations. When business hours began
this morning e number of messengers were
hurriedly uisiting the offices of commission
merchants and provision dealers to leave
the following notice:
"CH1CAGo, June 16.-Please close all
trades you have with Us.
MCGEoCH. EvERINGHAM & Coz
The message was plain. McGeoch, the
lard king, and the whole structure of the
lard corner had failed. Members of the
firms hastened to the board to sell the stock
they had privately sold to McGeoch, and
which his note said he could not take.
The policy that prevailed was to sell as
quickly as possible in order to clear the
books and have funds to meet other trades.
All the firms holding McGeochs paper en-
tered the deals, preferring to suffer from
the decline in the market rather than hold
over the stock that was the subject of CON
tracts. The excitement when the wild ru-
mors that had been flying about were
found to be incontrovertible facts, was
SIMPLY TREMENDOUS.
Traders and operators rushed franticaily
hither and thither, yelling at the top of
their voices, and the two pits
were crowded to overfowing with a iostliug
struggling and frantic mass of howling
humanity. Those on the right side of the
market were bOisterously jubilant and
laughed ceaselessly in extravagant glee,
while the beaten bulls we're picture of
despair. The drop in prices was tremen-
dous, the lard which closed last night at
$1L1715 per 100 pounds for July selling
down to S9.05 this morning. 1t recovered
somewhat, however. during the forenoon,
running up again to 1915 and remaining
there. New York and other strong CON-
mercial points were notified Of the en-
barrassment, and sent orders to their Chi
cago representatives to close out on a
declining market all stock in which
McGeoch was interested, but to
hold other deals out of the
influence of the failure. After the de-
cline, Armour, Fairbank g. Hutchinson,
the great packers, began TO buy heavily.
They had taken up nearly ali the stock on
was going Oh, and then they let prices ad =
vance at slow rate.
THE LIABILITIES
of the collapsed firm are placed at a mill
ion dollars. McGeoch was seen in his
Office. He stated that his firm held 140,-
600 tierces of lard, on which the money
had been paid over, but declined to esti-
mate their option losses, which ne claimed
might yet right themselves. He appeared
to be the least excited man in the trade,
and Mr.. Everingham stated the firm
consisted of Peter McGeoch, Summer Ever
ingham, Frank 4. Crittenden and J. Pea
cock. They had been
ON THE WRONG SIDE OF WHEAT
to some extent, but had cleared up their
trades in that market, The immediate
cause of their break was the failure to OBJ
tain S500,000 which they expected to receive
this morning in margins and direct loans.
They had all the cash lard in Chicago, and
it had been poured in on them from St.
Louis and all parts of the country. 1t cost
them an average of $11.30, and when prices
touched $1,000 they had to go. The loss
falls on nearly everybody. The failure was
entirely unexpected.
1t is yet impossible to tell the num-
Der OF houses which are carried down
in the wreck. Many failures are
reported on the board. Tabor & Wilson
]. NJ. Ball & Co., Ellis & Lightner, M. B.
Crafts & Co., W. NJ. Martin g. Co., and
Holly Allen have suspended. Several
of these will undoubtedly continue busi-
ness when they find where they stand and
how they can settle. They are losers for
from 100000 to $4,000 apiece. Others
ara bound to follow. Geo. Baldwin is sale
to have lost 100000, bat is all right
M1rgins were useless, the break being 10
Zen and great.
e boar5 it Is claimed the man
much greater thar McGeoch-o fru
its statement. They can pay near
3ollar for dollar. McGeoch individual