New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-03
THE CHICAGO MARKETS.
A STATEMENT TO THE CREDITORS OF M0dEoon'
KvERINGHAM q co.

. srATrMENr TO THE CREDITORS OF MC0EooHs
FyERINGHAM q co.
Try TELEGRAPH THE TRrBUNE.I
CHICAGO, July 2.-At meeting OF tho creos
itors Of McGeocb, Everingham q Co., tnir ai'ornooa
which about 200 creditors were present. the receive
re.ented the following report: "On June 19 the anau
~ Mc(eoch Eyeringham Co. were in great confusoni
eno that the amount due to the trade at the time q
their failure was 81 ,s03,3S4 49, Deducting marg'h''
rendered. and to DO surrendered, and offsets allowe
ssos. 473 &c. there Is left due and unsss
cured 10 the members Of the Board @
n Q, Iea OH a. find that tho notes Of the firm -
the various banking and other institutions here
70 So 100000 secured BY the deposit ofard % cons~
eral As closely may now be estimated tne no. PRIV
ceeds OF the lard will be So 100000 leaving denci' IN
hanks which, added to the amount due inc nenlpsrs ~
the Board leaves the firms unsecured naoises SA'ot>
Oil o. There some liabilities In the country s~
also considerable due tho firm from the country thS
amount of which is not yet fully ascertainable. buS
fully assume that The amount ous
from the country will provide for the indebtedness
the country Therefore have not taken the coun'fy
accounts into consideration ct oil In TINS statepeh
have In my possession cash and cash assets
In value a trine over 100000 MI Mcdeocn mas nos
been in the city since the failure 10" oays sn.
Waited Mi vaukee and had an interview with MI MO-
c.ocb bis friends and bis attorneys find Mr.. MO-
caoch will do everything in his power 70
satsfy his creditors. After trying every plan tnat
know of to get O proposition tnat "ouiu 10 w"
bes. for the creditors and after much hesitation on 'ns
mart Of the friends OF Mr.. McGeoch have nnay re-
eved his promise that If make an entire settle
,oent NJ the Indebtedness Of the firm, he VIII ralse
$3.50 in cash. Immediately upon the acceptaton Oh
che pronos,tiou OF the compromise. This money added
20 what have in hand, 100000 will give s6oO,oo0
This will come very near paying 90 cents on the ooH
~ their entire unsecured Indebtedness ins
firm submit q proposition to pay Oh per cens
fllsftvr no ayrQe
, involve the necessity OF the dismissal OF all suss
attachments and inunctons, in order that the money
40, ha raised upon the property The attachments ON
The real estate will not necessarily have to be released
until we are ready exchange the papersior the money
do not believe that any better terms tnan
thase can be obtained. 1 am fuIiy sausnea
tha, IL this proposition is not accepted promptly
,h rators will never receive anything ike the amount
now offered No compromise win De entered INTO thas
does not involve the acceptance ~ az ' nieI wis f.
does not appear as partner In the hrm at ALL his name
does not appear upon e with Mr. McGeoh per.
soualIy in transactions In lard through the mousse Mr:
W hn Sssrhy vet have reason TO know that he has
heavy liabilities due or about 20 become que 10 securo
' end any other parties whatever interested
with Dir McGeoch or with the firm In any OF these
The statement was cheered. Alexander Geddes who
said his claim was $4,000; C. d. Hamill whose CLAIM Is
$40 600: Mr. White, OF Liverpool, whose claim SooOoo,
and others with very large claims spoke IN favor OF ac
cennp the proposition. 1t was opposed Dy only TWO
7 " Rnmsey and Mr.. Wright, whose claims were small
When the Question OF acceptance was put TO a vote
it was carried with With. T, 'hGst; exue sasrs
Sowever that few will refuse at first to sign, but tina!
The pressure from the other creditors Will pun them al
in finally committee was appointed ana very large
humber OF signatures received at once 10 tue co'
The speculative markets were al very weak to-day.
TIA moi weather appeared to suggest 10 SOMEBODY 10
Start rumor OF wheat aud after being started IL
went round aud round. The facts that there arc
Il 600 600 bushels OF wheat, very little move
ment and the prospect OF screening wea nes
seemed all at once TO present themselves 10 some
or the men CARVING wheat in an alarming light
Sam Alerton, for instance said that Ne was carry
NO 800 600 bushels for the charges out he sod All To-
dav because the hot weather scare Inere WAS geas
deal OF unloading of "long" wheat which was boughs
Friday nj the bottom prices. Lester Co.. McCormlck,
Adams q Co ana others who were buying last week
were very heavy sellers to-day. Wheat dropped 20
Ar the close much the same influence caused quito
Sot ann IL invariably pronounced here Greas
thing for growing crops. and whatever Is
set down as a good thing for the growing crop Is
recognized as bad thing for prices The weaAest Iea-
ure however that there appears 10 DE no rcn men
W. arc heieyers in much OF advance. Al any ratio
there are not any rich who buying either wAeat
or corn The former closed to-day at 90 cents
for July 10TH for August and lVZ+ for
sentember July corn stopped at 49c; for August ae
day that In one carload OF cattle which arrived at the
s,ock wards eight were found dead The receipts
of hogs we're large to-day 600 aud they were said 70
average extraordinarily heavy. Tue deliveries on July
contracts were heavy consequently Pork dropped oV0
6Oc a barrel and lard l5920c per hundred