Savannah morning news. [volume] (Savannah) 1868-1887, 1883-06-18
A FAILURE IN CHICAGO.
THR "NIILWAUKEE MILKNIAN,,
LONG ON LARD.

ADay of Excitement in the Garden CITY
Failed for a Million--One of the
Heaviest Firms Gone Under-No Lack
of Company-The Grain Market SEN
sibly Affected.
CHICAGO June 16.-A season of eK.
traordinary excitement prevailed on the
Exchange Immediately after the opening
this morning by rumor that the firm of
| operators, McGeech, Everingham a. Co..
who for long time have been looked upon
as the heaviest dealers in lard and other
provisions on the Chicago board. had
failed. This was verified in measure
soon afterward by member of the firm
circulating about the floor sfthc Exchange
notifying all with whom they were inter-
estcd in provision deals to close out.
Something III the nature of a panic an
peared to seize the provision corner. and
Tor time all interest in other trading
was lost
The effect was to be seen at once in the
quotations of lard and July optiOns,which
yesterday ran up TO IL 5I1%c and closed
steady at IL soc, sold down to 10 65c. as
the initial drop and then kept on descend
ing the scale until 8 zoe. was reached.
lS0n to drop of 40c. per bushel i'm wheat.
Other options felt the effect in like man
ner, but all in a measure sOmewhatrecOv-
cred III tone, and at IL O'Clock July option
had gone back to 8 Soc, but subsequently,
again declined to 8 soc. An effort to as
certain the extent TO which McGeeeh, Ey-
eringham Il Co. had been operating failed
both upon application TO the firm
and to the members of the Board of
IFnhn m frr1 H. IL
to have been unusually heavy, and the loss
under a broken market proportionately
large. The firm is also reported to have
been dealing heavily in wheat, but this
morning il announced its ability to care
for all its dealings in this article, they
being on the winning side as the market
now stands. Grain appeared to feel the
effect of the drop in lard on the early mar
ket, and all kinds were quoted as easier.
but not sensibly lower. The failing mar
ket brought in its train plenty of rumors
of other impending failures, but up to
IL 30 there was nothing definite to re-
port, and the members of the broken
1rm declared to an Associated
Press reporter that they would make no
statement of any kind tomorrow.
Peter McGeech, the head of the firm, is
resident of Milwaukee, and is familiarity
styled ''The Milwaukee Milkman." lie is
Der of daring bull movements on both the
Milwaukee and Chicago markets. His
firm came prominently before the public
two weeks ago by their refusal to receive
large amount of lard from q Chicago
firm, on the ground that it was tainted,
and over which disputed act an inVestiga-
ton in the board is now in progress. The
firm has since accepted the lard in ques-
ton under protest.
EOIIoMinO tho Of tho "a sl,,,.o 8
McGeech, Everingham a. Co., the firm of
Holly ~ Allen succumbed, and at 1890
they attribute their suspension to the fail
Ilre OF McGeech, EVeringham Il Co.. and
says their resumption depends entirely ON
the action of the large firm. Rumors of
eight or ten other failures prevail freely,
but no definite announcements were made
on 'Change.
Scenes of extraordinary excitement con-
tinued to the l O'Clock p. m. adjournment,
and while there were many free buyers.
July options of lard could not get above
Soc, and closed at 8 The. as near as
could be quoted. 1t is a fair estimate to
place the direct losses of McGeech, Ever
ingham ~ Co. at one million dollars ON
lard
An operator, intimate with McGeeeh,
declares the loss will approximate nearly
$2,OOO,O0O, but that Notwithstanding this
the pIOAen ETin processes lJS aDlllUy 10
make good showing on settlement. They
assert that their interests are so closely
identified with other heavy operators that
they will be able to pay 100 cents on the
dollar.
In addition to the failure of HOlley &
Allen, already reported, j. NJ. Ball & Co.
give notice that they will close out their
deals and have gone under. Ellis &
Lightner, and Tabor & Wilson frankly
announce that they are struggling against
they will be able to weather the storm
and will know definitely on Monday. NJ.
b. Craft e. Co. and VIM. Martin & Co.
are among those reported as having
failed.