New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-03
BIG FORTUNES SHATTERED.
MILLIONS QUICKLY LOST BY The PLUNGERS
OF THE CHICAGO BOARD OF TRADE
PHILIP ARMOUR RIDES THE STORM AND Is KING
OF THE sITCATION-MOEE sMAshES RESULT
FROM THE COLLAPSED CORNER IN PRO
yIsloNs-lIGrRGNG CP TIT LOSES.

recovery
day than anybody had expected. Ihere We're adj
drional failures and important ones But these
were not unexpected IT was known on the curb
Tuesday that Eggleston. the weH-hho"h carrier
was behindhand with his margins II WIS also the
talk on the curb Tuesday that the DIG commission
firm Of George G. Parker CO. was III trouble
II was no surprise to any one when the failures
were officially announced from the gallery both
uera closely identified with the Cudahy-Fairbank
lard interest EgcestOn had been carrying pro-
visions on a large scale: Parker q CO. were used
extensively by Cudahy through July 10 peg iard
at around 50 10 The instant their TRADES were or
dered closed there lard TO sell ior theih III the
pit On this liquidation the price broke little
over 20 cents hundred. But that selling over an
s.,oo IN ,rod,ct leean which lasted until the
close From, the bottom lard moved up almost a
cent a pound. ribs 10 cents huloreu PORK =
a barrel The failure OF Thomas "rels was Il S'a''
one and did not have nluch erect "op'cnoe'
pork after touching tll on the liluina'o" i"c"eN.
TO the early failures. rallied to N3 /" ana closed
there September lard depressed To " 10 on the
selling for the account Of Parker ana hssIes,oh'
ofterward rallied 10 S7l2l-2 and closed at Nlo.
Ssn,ember ribs sold from 81 80 to 81 ana closed at
$685. These closing figures showed ra"E "o'n
the bottom prices made on the eN're"'eS' "'p'eH
sion Of Tuesday Of almost s. p"rrei On porn
81 % a hundred on lard, and over 81 hundred on
ribs.
Packers ana Shippers i'poit'' o.
business at least 10000 tierces OF lard II IL claimed
r,s meant that almost third Of the entire stock
had started into consumption on the day aiter the
collapse of the huge corner-trulY reiharNdDe
circumstance. Furthermore. 1t was reported 'la'
the lard ahoat and in England belonging I'd 'he
disrupted clique. somewhere AROUND -''Vv' ueIceS'
had been sold out That another remarkable
ACCOMPLISHMENT for day The buying OF prod
net was led bv packers Armour leading in the
buying Of pork the Anglo-Americah IN the pur-
chase Of lard. Nelson Morris in the buying OF lids
The biggest part of the advance was MADE AFTER
the clearing sheets had gone through ana AFTER IL
had become certain that no more failures were on
the tapis The improved tone in Wall Street the
evidence Of greater confidence here and the pros
pect that the New-York gold imports would soon
make New-York exchange negotiable all contrib
uted TO closing the market at the tp-top Al night
IL was felt that the liquidation resulting from the
disastrous lard and pork manipulation had expend-
ed itself The trade could hardly believe That II
had been completed quickly. The very small
stocks on hand-only 5000 terces Of lard, 5000
barrels Of pork and 100000 pounds Of ribs an al
most unheard-of condition OF affairs upon the col
lapse Of a huge manipulation made 1t possible Tor
the signs Of the trouble to be so very quickly re-
moved. The smallness Of the stock WAS undues-
tionaby the explanation OF the speedy anu re-
markable recovery.
II is estimated tonight that the total liabilities
Of the firms which have failed on the Eoard Of
Trade during the last thirtysix hours VIII agGrc-
gate fully S0ON0 John Cudahys loss alone VIII
be inward Of $sNOeQ His assets arc estimated
now At about sL0oNo y. X Farbank will. it Is
said hc a loser on lard 10 the extent Of about
q cano His assets are more than double that
amount A. W. virgins liabilities arc expected
to reach nearly SI50"n. and his assets not m"'h
more than that j. g. Steever & 60. place th'ir
failure at s~Oooo 1t is expected that they VIII h'
able TO pay dollar for dollar. a {. helnh"N
a
Haushey are roughly scheduled a owing 'Y""'.
The North American Packing Company owes
s2sccoN
OF to.dsy's failures on the Board OF TRADE -
EceIeston & Son will owe about 81 oNo"o' George
q; Parker & co. fail FOR quarter as mncn' Ihom-
as Greis's liabilities viii not exceed 700"
The failures to-day IA not cause much excite
mcnt. as III, trade generally was looking for
"tailincs' to Yesterdays crash e. y. Tor SANDY
Egcloston was understood 10 have been N" real
head Of the firm of +. Eesleston GO "" was
ono Of the leading figures I'm the k"rshaw failure
that resulted from the collapse Of the fifNhiY
Bank corner. ON that occasion hc lost nearly
tlo.0No but had considerable left. besides his
wife's fortune estimated at a million ana haf.
Forcsccing the Inevitable. Egglcston closed out
a great many Of his open trades yesterday ana
during the afternoon he made arrangements with
Mr. Armour hy which the latter took tn" Eeslcston
line Of cash wheat. experimenting l""Vp bush"iS
and POSSIBLY also "A tnnHll'ldbif llI' ~ ihHH H'h
product which Egglcston carrying. That left
Eeglcston with only his open option trades 10
close the aggregate of which had been greatly
reduced during the last two days Tho failure.
therefore, WAS not the calamity that had been
feared though about everybody the board VIII
have direct pccuniary interest I'm tho outcome, as
Eggleston had trades in everything.
The Parkcrs say they had big line 81 pro
visions on their books. and their princpals-Cud-
ahy Fairbank and Wrisht-werc unable to respond
TO the margin calls That left the Parkcrs on their
own resources and they were not strong enough to
carry the load
Thomas Greig has never done any heavy trading
and his failure cuts no special figure
The feature of the day the Board WAS the
open buying of everything the list by Phil"
Armours brokers. IIis purchases were on n ire
mendous scale and more than anything else oper-
ated to turn weak market into n strong one
Wheat advanced 3i3 to cents bushel
A local paper last night asserted that Mr.. Armour
was responsible for the wrecking Of the great pro
vision deal, and that 1t done To get even with
John Cudahy. who started in life By Armour
and had repaid his bcncfactor by doing him "
Of s2.poOo in the RIB deal last year while
at this story and said this afternoon: Il enter
tain now, and ever have. the kindlesi OF feelings
for John Cudahy, and for every member OF the
Cudahy family. There has never been Il time when
~ them through a tight place or around SHARP
corner Every one Of the brothers knows this. Yes
terday half an hour before the suspension of
John Cudahy announced. ] rendered him $50
0D0 in cash. and more II II needed. The
letter was addressed to Mike Cudahy, and was
taken to him in person by &. H. Hutchinson, presi-
dent OF the Corn Exchange Bank. Mike. be
half OF his brother John, declined the pronered
assistance because he thought that the liquidation
OF the deal would have to come, and that nothing
could be gained by postponement Of the newt
able Mixes judgment in such matters IL sound He
knew the situation better than ! did. Attempts
have been made TO create ill-feellng between us
by quoting certain remarks about me attributed to
John. Even II they had been true. and I do not
believe they were. they would not have produced
as much momcntary irritation. because ! can
readily conceive how they could have been made
without Miniature. In any event | hope I am "A
big enough man not 10 harbor up such trivial
thing against "A man who my protcge and has
been my almost lifelong friend. at "A time when he
Is struggling for his life You cannot express nv
good feeling for the Cudahys In too strong terms
As for the Cudahy Packing Company and pat