The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-08-03
MORE CHICAGO FAILURES.
THREE OTHER BOARD OF TRADE FIRMS
60 TO THE WALL.

90 TO THE WALL
The Total Failures on the Board Thus Far
Aggregate Over $4,000. ooo-t'udnhy a
| Fairbnnk Couldn't borrow s40O. 900 from
the Banks on Real Estate Worth NIL
| nona-Beiior That They Cnn Square Up
and Have Handsome Fortupes Left n =
Little Timo he Given Them-Tho Mar
kets Toward the Close Became Strong.
CHICAGO. Aug. 1.-The failures OF George c.
| Parker. ID. Egglest 4 Co. and F. NJ. Gregg
were announced on the Board Of Trade this
| morning. Tho failure Of ERRleston Co. was
| expected that OF Parker 4 Co. was complete
| surprise and GreRR's collapse was In conse-
! quence. The Cudahy failure yesterday and
the attendant collapse OF half dozen firms
| had prepared the trnde for whatever calamity
might be in store to-day: and so the formal
proclamation OF the downfall Of two more inn
portant concerns was received without ex-
cited demonstration. though 500 brokers flew
to the work Of closing trades. preparatory to
the unravelling OF the complications in ac-
counts. Greatly to the relief OF the Board no
additional failures were announced.
The failure Of d. Eggleston Il Co. Is less inns
portant than was generally anticipated. Fore
seeing the inevitable. c. B. EgRleston. the
head Of the company. closed out great many
OF his open trades yesterday. and during the
afternoon he made arrangements with Mr..
Arm our by which the latter took the Eegleston
line OF cash wheat approximating 1.oOo.OO0
bushels. and possibly also considerable line
of cash hog product which Eegleston was
carrying That left Eggeston with only his
open option trades to close. the aggregate OF
which had been greatly reduced during the
last two days. The failure. therefore. was not
the calamity that had been feared. Eggleston
himself refused to make any statement OF his
affairs for publication. but 1t is generally be-
lieved that he has put about S5O0OOO back
into the game, and that ID. Eggleston Co.
may be in the gap for 100000.
The Parkers were probably caught In the
gap for 100000 to $35O.000 after getting to
the end OF their cash resources. They are cred
itors Of the lard and pork clique for a consid-
erably larger amount
Tommy Gregg is a little provision broker.
and his failure is not important.
Nothing definite can yet be given with re-
gard to the extent OF the failures yesterday,
though closer estimates are being made. The
liabilities OF the Cudahy- Fairbank Wright
combination, as represented by closed-out
trades on Change. are estimated at 81, 100000
to 81, SOC, 900 over their margin deposits. How
that is going to be divided UP it is impossible
to ascertain. 1t is taken for granted. how
ever. that Wright put I'D every dollar he could
raise. and that he cannot contribute much. II
any more. to swell the sum total OF the assets OF
the clique
As for Cudahy and Fairbank. 1t is known that
they went to several banks on Monday and
other slow assets appraised at $l.S0O.0OO
Fair lM I Interest r being 81 100000 and md
desiaea asss1"nce. as the banks did not feel
thnt they could take any Oh lance Of having that
large sum tied up for an indefinite period OF
time in real estate collateral.
clique were en-, able to make such q Splendid
on Change to-day. and the opinion Prevailed
that il they have little time they will be able
W9 9u OF e ss and
pressed toward Cudahy and Fairbank Is far
'fG The tuiahy Packing COMPANY It seems, ia
not involved in the failure Of John Cudshy. and
it is given out, as one OF the trade haf-secrets.
and also in the Cuiahy Packing Company Of
sPSsculstions. his brothers buying him out:
Charley Wright. and Morris schTabacher.
an assignment to-day. scheduling assets worth
S50O;U00- This company was IN tho gap for
Wright 4 Haugheys failure is supposed to in
yolye 100000: J. 6. Steever y Co. $3.50. QOto
ca s5 ns 6Ud aa 1913 s9 go r sna meui
make tho aggregat to inde btsdness on the Board
from yesterdays failures somewhere between
S2.OOO.OOU and S2.oOO.OM To this add ST.
600 900 in consequence OF to day S failures and
a total Of between S3.O0O.OOO and $1,000. 900 Is
rolled up
In some ill-informed quarters there is dis
position to blame 7. d. Armour for the failure
Of the CLIQUE deal IN provisions. and to lay the
blame for the msfortunes that have bcfallen
the Cudahys into deep-laid conspiracy on
gineered by that astute packer and fnnncler.
Conditions. and not individuals or personal
conspiracies, accom- plished the downfall OF the
provision manipuiators. Just rs they forced
the liquidation OF the W heat deal three months
ago at II tremendous loss to the same men
who went broke in provisions yesterday. Those
conditions we're primarily a continually tight
enng money market and u continually in
creasinG difficulty In raising cash on collateral
usually regarded with favor by lenders
The fear Of any further disaster. beyond the
three additional failures announced this morn
ing having abated. the markets. toward the
close OF the session. became very strong.
More especially was this the case In wheat
and provisions. Wheat for September closed
al 81, cents. compared with 5S,s cents at the
with n gain Of l.. cents. and provisions rose
Sl.lO for pork. 50 cents for lard. and S2h cents
LOUISVILLE. Aug. Jack Cudahy. the Chi
cago pork packer. owns nearly all the stock OF
the Louisville Packing Company. which has
valuable real estate. To-day the company took
out an attachment on this property alleging
tachment for $50. 472.
Minor business Troubles.
Sr Jo1yys Aup 2-The National Iron Com