The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-06-20
A Panic Seizes the PROVISION
Market
In Consequence of the Failure vf Nc.
Czech, EveriDgham d Co., Of
Chicago.
A Tumble OF sI7o In a Few Minutes
AR zndianspoiis Firm Caught for
s45,oOo - Other Failures.
EFFECTS OF TIE LARD SQUEEZE.
a ssDsation on the Chicago Board Of Trade
Failure OF HcGeOch, Eyer1nglsam & 90.
Other Failures Probable.

n tSneatfOn on the chicago BOARD CT Er10e
Failure OF HcGeoch, EyeringEam & 90.
Other Failures Probable.
CHICAGO, June I6.-The scene on Change to day
was one Of the raaddest excitement from the open
irz Of the doors at 30 10 the sounding of the bell
frarkiug the close of trading hours at O'Clock As
though By prec0ncerted arrangement the provision
clique had no sooner assembled in their allotted
pit that the Intelligence greeted them that Nc
GeoCh, Everinghem & Co.. of the boldest
fIms Of operators on the Board, had suecumed.
This wss verified so0n sftsrwerd BY member OF
snd notifying sll with whom they were interested
II prOTisiOn deals TO close them ous.
Fsllewirg on the heels o. this ensued the
snrsls of tne Beard. and the tension from that
time forward 10 tee finish Of the most stra3ed
character. Fed rock ia prices was touched almost
at the nTst break.
The big deal was in July lard. and the option
which had closed at 81 Ssz on Change the pre-.
vious day took tum Die TO go in such short order
that it made veteran operators lose their heads for
n while There was an immediate reb0und TO
500, $3.50, 81 81, and mp 10 $50. But
in the meantime trading had been extraordinarily
heavy, all big operators being req -esentet by
without limit; and, duriLg this brief period of
unparalleled uprOar, it is estimated that some very
throughout the entire day day marked by rapid
and bewilderiDg fluctuations of the severest char
the end; but after the first drop the Efforts
$50 still $50 under the opening,
AGENT ana oue-heif pound on q commodity Is
Bste.
primarily 10 the failure Of McffeOch accept all
ard offered him, but his losses, while they are
very large, do not in any sense represent the
gains and losses which resulted from the e0ndi-
ton Of STAIRS pTecipitated by this leader OF bulls
LAYING down. Prom the present outlook be has
spFsrsntly carried down with MN SIX or eigat
Ia &c firms who acted as MS representatives on tne
Beard, ard now many sre crippled or utterly
ruined by the collapse viii probably
not be known until after the temper OF the mar
Ret has been tested on Monday fne loss which
seerues 10 McGeCch's house which The Associated
Press in its day report estimated st k2,o0 100. Is
very closely Plsced by those concerned with MIN
in the deal at s2.5oO.O00 The ruiuOEs break il
prices is attributed purely TO speculation, and is
ascTibed By no one 10 any cause save that an
effort made 20 maintain the price to bigh
pitch by speculative methods. when the failure
of McGeoeh to meet the heavy demands made
upon him for msrsius became positively known.
The falling market brought In It's train plenty of
rumoTs of other impending failures, but up to
II 80 there othiTg definite report. Mem
hers of the broken firm declared to the Associated
Press that they would make no statement of any
the firm is a resident OF Milwaukee aud is tamil
iarly styled 1.-THE Milwaukee Miuman." he IS re-
ported to have been lesder In number OF dsr-
Ing bull movements ON both the Chicago aud
Milwaukee markets. and fsiied here two years
ago His hrm came prominently before the pub
Ire two weeks ago by thstr reiusal TO receive
large consignment Of lard from Chicago on the
ground thst il was tainted. and over which dis
puted fact investigation Oh the Board is now in
pTogTess The firm have since accepted the lard
in question under protest
with NEG 7Och the
Board Of Trade and II mis- late deal says the loss
will approximate nearly s2,C0 0000, bus that not
withsandiDg tbis broker GrIn Processes its abil-
s s 50 s tei f fie2 - OF l S ienti
with other heavy operators that they viii be able
10 pay 100 cents on the dollar from the present
Following in the wake of the failure of Nc
Czech, EveriDghsm Il Co., the firm OF HALEY &
Allen sueeumbed at 1880 o'clock and attribute
their Suspension to the failure of the other firm
and stated that their esunption depended entire
IL UPON the action of the large firm.
During the day many rumOTS OF failures were
current, and even found their way into print,
doing Il justice in some instances aud contradic
tons ana explanations followed ;neir hrst euoilea-
ton. 1t is openly known that many firms are in
deep waier, but IS z matter Of fact the known
some of these sTe insignificant. In sddite to
Holly 4 Allen. already reported. J. NJ. Ball Co.
notice to close out their deals AID have gone
under. Ellis Lightue- and Tabor d Wilson
frankly announce that they are struggling against
odds. but both express the belief that they viii
be able to weather the storms ana viii know
Merlin q Co. are among those reported as having
allied
; Thelogses of six firms out side. Of McGsoch
whose names have already been, are estimale1 IS
follows: J. n. Ball & Co, siC0,000; Els Light
ner ~ ~ Iahor q wilson Sf9gD' Hoiiy = u
40 600. 49, : 80 '''''''
An Indianapolis firm is reported to have been
caught to the extent Of $4,000 but no names
McGeoch was reputed TO have been worth
ssoOoco. and his leading partner Daniel Wells, is
member Of broken firm in conversation to-
night sscribed the fsilura II a measure %
the pending lard investie atiOn, and declsred Il
~ansed local banks 70 scale down On their al
grcee, and by this means the crash was hurried
Iprtmsiurely, and but for which fact the frD
Sntrsets.
The Market.
CHICAGO. June I6-In regular wheat tbera is
sIre speculative business and greatly unsettled
= r~ofl tells Of rn~n
loTs unusually active ans severe; opened at ~
below yesterday close Oh Change; declined l14c
closed l1sgll4e lower Jnls and August. &c lower
for september than At close OF Change yesterday.
Sales ranged IT s. o6 al co4 Juae; 81 075{ 81 O95s
Der; 81 l2@i "A October; 81 o6szSi 05I4 year.
spring 81 ~; winter. 81 10. Corn-Fsiriy active
butl0Her. Sales ~ 5415@555sc june; 5514c july;
5S05s1se October; 495z@5Cc year. Oats-Qliet ard
ssl6c July; si5kGS2o August; a9l95C1sc septem,
Der: 2e1zg2eszc year. Pork-Oferings unusually
heavy; demand active; opened soc u 1der yester
t97oe on the whole range ard closed S0a4Oc under
Yesterdays close. Sales st 81 37k@1 so cash;
s1s ss sIs g Jgy s l5S5 % n August
Der; s1591s or year. Lard : Offerings larger
than ever before known 10 the trade;
opened very weak at 40945c under yesterdays
closing. and during which followed a decline of
. 6o@1 20 for July and 60975c for more deferred
deliveries. During the latter part Of the session
acc. and prices were subject small fluctuations
thereafter. Sales at - 75@9 % nominal cash /;
~ o6@9 20 June: SsBl0 20 July; 80 l5@l0 O5 Al
gust; 50 k0@l0 10 September; 50 75gl0 ia 0ctO-
Der; 50 25(59 Ga yea
At Milwaukee.
MILWAUKEE, June 1.-THE break In lard did not
~cause any failures here. but Macy CON mission
men lose Money by it &c is rumOred that nearly
100 eco uerces were cOrnered by Milwaukee parties
but much OF e was dropped se7eral days ago. It
IA said that HeGeachs Horse Railroad here Is now
y he Of VIE
Alexander &ttcheil, President of the Chicago
Milwaukee and c. Paul Railway, In an Interview
toll ight says be zever promised McGeOgh one cent
was ssked al qance money and re-
used, because ne was not approached in
ebusiness Ike roaisrer He edded that he would
nngfy have advanced F250.O0o If that would have
aserted the ALLURE bat ne could rot assume tue
whole load carried By McGsogh. and the latter
at 81. Louis.
Ct LOUIS, Juze 1.-THE failure o. M0Geoch,
~ comment and considerable excitement on
Change today. but 80 far as can be a<eertained no
bcdy here is hurt The provision market sym-
psIhzed with that OF Chicago IN tone aud feeling.
put there we're no rcund Transactions made and
no speculative movement, nor was there shy
tfnoing IL lard. Wheat was good deal excited
Ter while AID deciired sharply. bat partially re-
7esereo and closed frmer and more steady.