The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1893-08-08
The Corner in Pork Collapses
With Dull Thud.
Results In the Carrying Down
Of the Members of the
Combine.
With a Hop, Skip and a Jump
September Pork Goes
From SIG to $40 But
Receivers Slightly.


pork took place on exchange to-day.
September which closed at $40 yester-
day, opened at 1873 this morning.
The next price was SIS and from that
it went down by jumps of % cents,
so cents and 81 to $3.50, on a drop at
10 a. m. of 50 cents. At 1910 a
tremendous slump of $3.50 was made
and the price was S. under yesterdays
financial figures, September being
quoted at SO. Very soon thereafter.
pork sold down to $40 barrel, but al
most Immediately recovered to Sll.5O.
THE COMBINATION BUSTED.
A big deal in pork which has held
the price of that commodity at an
Unfortunately high figure tor months
has collapsed, accompanied by the an
nouncement of the failure of three
leading houses concerned in it, to wit:
j. G. Slower, E. W. Bailey and A. c.
HelmhOlz.
THE DEAL.
For the past two months the pro-
vision pit on the board of trade has
been extremely dull. especially in the
mess pork division. There was a
shadow over the market and every
one was afraid TO touch it. Last March
the trade became aware OF the fact
that some one wss 'bulling' the
market, and after a time it became
matter of general belief that the deal
was being run by single heavy Ope-
rator who did not appear in it in
person, but who worked through the
we'll known provision brokerage houses
of j. G. Steever 4 Co., E w. Bailey
& Co., aud A. {. Helmholz. As the
weeks passed it became necessary for
the operator to buy large amount of
pork at high prices. Then came the
monetary stringency and as its grip
frightened. Those who had been bulls
on pork and the list of ''tailers", who
always follow the lead of any daring
speculator began to forsee things in
evitable and to stand from under.
This added to the strain
on the manipulation of the
deal and made the outcome uncertain.
The explosion came at the opening
this morning when the secretary an
nounced that the three firms above
mentioned were unable to meet their
contracts and advising those having
trades with them to close them out
under the rules.
BEDLAM BROKE LOOSE.
The sound of the secretary's voice
had not ceased to reverberate when
Bedlam broke loose in the provision
pit. The other pits we're deserted,
the complaint of dullness in pork
vanished rs roar went up from the
wildly excited crowd. September
20 which closed at $19. 90 per barrel
yesterday first offered at slS.75. then
$500 then $17.75, 1850, 100,
$1,000, and so on down to quarters,
halves and dollars, till the price
touched $1,000, a sheer descent Of 50
within little over half an hour.
avid SCENE.
Breakers shouted themselves hoarse
and read their fate in frantic efforts to
protect themselves and fairly tumbled
over each other in a Struggle to let
the bidder have mess pork at his own
n-;oo IN cuout;f;oS A., sr;t
REACTION.
At the bottom the deals seemed to
be about all settled and the market
for the first time showed any signs of
strength. Operators began to see
that pork at $40 per barrel with hogs
at ruling prices was cheap and they
began to buy. The price began to
gradually crawl up touching 81 then
$12. and ut II o'clock the pit YVES a .an
quiet and the market steady at 1l.75.
THE LONE OPERATORS LOSS.
There is no means of knowing Just
how much is involved In the deal, but
the trade estimates the speculator re-
ferred to was ''long" ON pork to the
amount Of from fifty to sixty thou
sand barrels, which, with the loss Of
500 per barrel, would be about $780,
OoC- Much sympathy is expresson on
board for the failed firms who were
very popular in trade and who were
forced to the wall through no fault of
their own, but by the failure of their
principal, who does not openly appear
in the transactions to keep his engaga-
ments with him.
CUDAHY CAUGHT.
CHICAGO, Aug Ii p. m.-Just
as matters had settled down and be-
gan to look serene a series of thunder
claps fairly shook the board of trade
building. The failure of the North