Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-08-02

no demand; fair refining. 3s1c.; csnsrfuss;s.
p9-test, SIC. reaned dun and steady: on A.
s.i9sShc;. standard A, , ltiga5hc;
ca'-loaf; mas f3-tGc grsnnisied, 3-l6s
cotton, I'D; grain, 35ti. bad.
CHICAGO
CHICAGO, August 1 --Tc-t.ay Ges ons % Tho
most DISASTROUS In the history OF tho Hoard u
Trade In THIS city. Wealthy individuals and
nrms were eo.lcd over iiko pine-psns and tho
prices Of hogs went tnmbiins like an avalanche.
Dealers on the Caicaso board are accustomed
20 witnessing Kaleidoscope changes In prscee- 60
this market ssems 10 be storm-coatro, wfefs
both the upward aud downward push In tho
price OF tho voFlfs focf prpducB h mora
severely fcl,, bu, old momesss Of the board
who have been throagh tho vhin and
clatter a. many collapstng enrnors IN
botn grain aud provisions actually stood
aghast at the rapitity with which ths prs,o u
per barrel inside OF three quarters o. an hour IL
enough 20 take away tho breath u old Stentor
biniseit. but then old stentor: 10 the yugsrism
OF ths etrcets, h not I'm 10" with some ~ the
howiers on tho Board o. Trade. HIS deepess
tones would sound IKE q oonsuutptive whinc
amidst the roar that goes upon he boafd when
there Is anything exciting on. Ahdsh. hovevcr,
came near the opening this morning when
Secretary Stone appsared on the balcony OF thu
trading-rcom ana D0sipei all vouretned that
those having trades with the sailknown pro
vision trJkegnEc DTtlf OF Jcrrb0 r.. eftfF"r
a Co, T.. ". Bailey a Co, and A. netson q
co. should proceed TO ctose them out The
silence lasted for second AFTER no Close OF tho
announcement, and then mgo'y roar vent up
nom the provision pf. As early ~ last March
u became apparent TO the trade that tness PORK
was betng buIled' through these houses, and
it soon became potsod about IN the provtason
trade that A. w. Wright was behind me deal a
year before hs bad started o corner 10 ribs and
with the help Of John Cudshy cer'fed u shrougn
90 suecess. making large smoUos OF money.
Apparently, according 10 ITO general opidon on
the board. he had started W run similar
deal in mess pork. 1he collapse has been
looked Tor some time, ana ~ the monetary
situation became more and more strained ami
the borrowing OF nlOaey TO put up IN margins
more and moro difiicuit, every body not Interest,"
oil IN the deal drew out, leaving the market 80
duh that there was scarcoly enough business 70
establish quotations. When iho bubble burst
prices were 81 small shat 10 Was noxt ~ kmpossi-
be 10 find Thorn. The eject appeared BY tho
quotation after the announcement ~ the
failure, which was $3.50, against eto at the
close Yesterday. The next bid was els, and mo
next sl7.5O, seeing that the els man was over
wnelmed with customers anxious 10 supply his
wants. and 40 u vent Soc st a time win but
htIle hesitation until the price touched $1,000,
"A loss OF 1928 per barrol In forty mnutcs
These are the Official lRurOa but IL n rehsoly
vOuched for that a salo was made high as
sac and ~ low A. elO, drop of 50. CO nearly
30 per cent or s450. 900 on visible sspply OF
10000 barrels. Then thu mdrkst became
guieters and good buying a; enormous declines
carried the price back to sl2, and suisse
quent events had only temporary
effect on Il. Things were moving along With
omiuous sni0othness, when another api heavier
shock came In the annaancemsnt BY INC
secretary IN qulck succession " the failure OF
the North American Provision Company.
packing concern with \ capital OF 3fDO,OSO, IN
which Jack Cudahy was largely Interested; of
Wright a. Hauehe, q respectable nrn, chiefly
engaged In the receiving aud shipping Of wheat,
but who were understood 70 be interested with
I a. A. a. t,
nnally Of Cudahy himself. she great packer aud
daring Spectator In provisions. q man whose
wealth was recently estimated at no less than
lS,0O0,OOO, u which about s2oOO,OOO was
made In = deal In rits last fall. " was not
doubted that he had used every means OF
raising money before Lying down. or that No
had lent helping hand 30 his friend,
Charlie Wright, oeiose no haai pinch
came But the nDanciAl noise was
drs~n tighter ana tighter. no had a big deal
on In lard an1 was Interested In ribs. ana tho
strain became too great 70 boar. The announce
ment OF Cudahy's failure had scarcely died on
the secTetary's lips before the storm had broken
loose again--this time IN tho Lard crowd That
commodity had heid extremely steady through
out the slump IN p0rh, but II IN turn mounted
the toboggan aud went down IA u selt-mbri-
per fierce IN the eariy buying lt was
Sri within Fix minutes after Cudahys
failure was announced, AMI september
snort-ribs, which were sold at 7ltc. range,
broke 20 fJ.h7lS. Before the close, however.
both ralliei, tho former TO s822t6, and the lat
ter To $3.50. 10 was said by one close 90 Mr..
Cudahy that his private anair5 were entlrey
separate from his partnership matters AMI that
the various companies which be- controls and IN
which he Is interested with his Two trUtherB,
Mike" and Pat are not Effected by tho
failure. Tho estimated losses on the pork az
legged 20 have been bought tor Wright are De-
tween 100000 and 100000. No one pre-
tends 70 estimate Cudahy's. 50 far Bs the trnde
IA concerned. Mr. Fail0ank is not known IN con-
ncctiOn with the detail 40 all.
| Cash quotations: riour quiet and weak; No.
| spriDR wheat Jjalc. No. core, 30tE'. No 2
oats 22A4c. Mess-por Slt.7bafl l.sO. Lard,
| go 33IisasG.4O. Short-rib sides llOosei, So loa
| sG.4O. Dry-satod shoulders tboxeJl, s6l11
$50. Short-ciesr sides (DOxedl, so37ass.oJ'
WhlsGey, s1.l".