Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-06-17

Is a resident of Milwaukee. and fs IA
military styled the MiIwaukee Milk
man" He has been reported TO hav.
been the leader in a number of dariue
ball movements on both the Milxaukes
and Chicsgo markets. and failed hers
two years ago. His firm came prornin.
entity before the public two weeks acc
by their refusal to receive a large con,
signment of lard from Chicago on tbs
ground that 1t was tainted. and oyel
which disputed fact an investigation by
TIE Board Is now in progress. The firm
has since accepted the lard under pro.
| test
| CHICAGO, June 16.-An operator init.
| mate with McGeoch and in his late
dealings declares the loss will approx
mate nearly two millions. bat uotvith-
standing this the broken firm asserts
It's ability To make a good showing on
settlement. They assert their Interests
| are so closely identified with other
heavy operators that they will be able
to pay one hundred cents on the dollar
TO Judge from the present outlook.
~. LOUIS, June l6.-The failure of
AcGeoch d Co. of Chicago, caused a
good deal of comment and considerable
excitement on Change today, but. SO
Tar as we can ascertain, nobody is hurt
The provision market sympathizes with
that of Chicago in tone and feeling, but
there were no round transactions made,
no speculative movement, nor Was there
any trading in lard. Wheat was good
deal excited for while and declined
sharply. but partially recovered. and
closed firmer and more steady.
Another Account.
CHICAGO, June l6.-The scene on
change today was one of the maddest
excitement from the opening of the
doors at 10 to the sounding of the bell
marking the close of the trading hour.
As though by preconcerted arrange
ment the provision clique had no sooner
assembled in their allotted pit than tn e
intelligence greeted them that McGeoch,
EverdinQham d Co, one of the boldest
firms and operators on the board had
succumbed. This was verified soon after
by member of the firm circulating
about on the floor of change aud mott
flying all with whom they were inter
ested in provision deals to close them
out. Following this ensued the heaviest
days trading known to the board and
finish was of the most strained charac-
ter. Bed rock in prices was touched al
most at the first break. The big deal
was in July lard and option. which
closed at $l1.3213 on change the pre-
vious day, then took a tumble to 50 in
such short order that it made veteran
operators lose their heads for while.
There was an immediate rebound to
K N and m IN hint in he
time trading being extraordinarily
heavy, all big operators being repre-
ssnted by their buyers, with orders to
during this brief period of unparalleled
winnings naturally occurred. and so it
went through the eati;e day, day
marked by rapid and bewildering fuc-
tuations 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 figures
ing, or a cent and half pound on a
commodity looked on as one of the
stoadiest in its normal state. This ex.
traordinary day of excitement is due
primarily to the failure of McGeoch
his losses, while very large, do not rep
resent the gains and losses which re-
salted from the condition of affairs pre-
cipitated by this leader of the bulls lay
ing down. From the present outlook
he has apparently carried down with
him six or eight large firms who acted
rs his representatives on the board. and
how many are crippled or utterly ruined
hu fha onlla r,.a xpin nhahiu mot H..
known until the temper of the market
shall be tested on Monday. The loss
which accrues to Notebooks house,
which the Associated Press in its day
report estimated at two millions, is very
clearly placed by those concerned with
him in the deal at two and half mil.
lions. The ruinous break in prices is
attributed partly TO speculation and is
ascribed by no one to any cause save
that. An effort was made to maintain
a price to high pitch by speculative
methods when the failure of McGeoch
to meet heavy demands made on him
for margins became positively known.
The losses Of six firms outside of
McGeoch, whose names have already
been given, are estimated as follows: j.
w. Ball & Co. 100000, Ellis 4 Light
ner 100000, Tabor d Wilson $4,000,
Holly Il Allen $4,000. Crofts d. Co.
$4,000. Martin d Co $4,000. An In
dianapolis firm is reported to have been
caught to the extent of $4,000, but no
name is given. McGeoch is said to be
worth 100000. His partner, Daniel
Wells, is supposed to be worth $1,000
600. A member of brokers' firm, in
conversation tonight, ascribed the fail
ure in /: measure TO the pending lard
investigation, and declared that it
caused local banks to scale down on
advances, and by this means the crash
Was hurried on prematurely. and but
for which fact the firm might have
been able to carry out its contracts.
Chicago Spectators Excited.
CHIoAoo, June 16.--A season of ex-
traordinary excitement is prevailing on
change Immediately after the opening
this morning by rumors freely banded
about that the firm of MoGeoch, Eve
ingham 4 Co., who have for lng time
been looked on as the heaviest dealers
in lard and provisions on the Chicago
board. had failed. This was verified IN
measure soon after by member of the
firm circulating about on the floor of
the change and notifying all with whom
they were interested in provision deals
to close them. Something in the nature
of paaio appeared to seize the pro-
vision corner, and for time interest in
other trading was lest. The effect was
70 be seen at once in the quotation of
lard AMI July options, which yesterday
ran up to ll.57lS and closed STEADY at
IL. 80 sold down to 1886 as an initial
drop, and then kept ON the descending
scale until go, when bottom was reach
ell. which would be equal in point of
comparison to a drop of 10 cents per
bushel in wheat. Otuer options felt the
effect in like manner. but all in meas
ure somewhat recovered in tone, and
at IL o'clock July option has gone back
to ISL, bnt subsequently, again declined
to $50. An effort TO ascertain the ex-
tent 10 which McGeoch had been opera
| ting failed both on application to the
| firm and members of the board of trade.
Reverend scsiueer shot.
MANSFIELD. La, June i6.-Rev. Ben.
| L. jenkins, Jr., this morning killed Rev.
j. Lane Borden, President of the Mans
| field college. Borden had sedoced a
young lady friend of Jenkins. He used
/ a ~avy,lvar and trad Ava shafa npa