Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-02

CHICAGO. August 1.-THE big deal
pork which has held the price Of that
commodity at an abnormaliy high price
for months, has collapsed, accompanied
by tho announcement OF the failure of
the three leading houses concerned in
in it, those OF J. e. Steever, K. w.
Bailey and A. c. HelmholE.
September, which closed al $40 yes
terdsy, opened at sls.75 this morning,
with the next price SIS, aud from that
it went by jumps Of 25 eeuts, 80 cents
and 81 to $40 barrel, after which II re-
covered and is now selling at slt.
CHICAGO, August 1.-For the past
two weeks the provision pit On tha Board
OF trade mas been extremely dull, espec-
tally In the mess pork division. On
some days last week there was not a
single transaction IN that article FOR
hours. There was q shadow over tho
market aud everybody was afraid 20
touch t. Last March the trade became
aware OF the fact that some one was
"buling" the market, and after a time
II became matter oi,general belief that
the deal was being run by a single
heavy operator, who did not appear ln
IL In person, but who worked through
the we'll known provision brokerage
houses OF j. q. Steever & Co., Il. w.
Bailey & Co. and A. Q. HelmhOlz.
As the weeks passed. II became nee
essary for the operator 20 buy large
amount OF pork at high prices. Then
came the strinRency, and as It's grip
tightened, those who had been bulls on
pork and the list OF "tallers" who al.
ways follow the lead OF any daring
seeculator began 10 see the inevitable
aud to stand from under. This added
to the strain on the manipulation OF tho
deal and made the outcome more cor-
tain. The explosion came az the opon-
ing this morning when the Secretary
announced from the balcony OF tho
trading room that the three firms above
mentioned were unable % meet their
contracts and advising those having
trades with them =. close them out
under the rules.
The sound Of Secretary y't>t@r voice
had not ceased 20 reverberae Ia
lofty room. when bedlam broke
the provision pit. The other Dissaa
deserted. September pork opened 25c
lower that the close last night, aud
rapidly went down until $40 was reached.
clear descent Of 80 within little over
half an hour. Brokers shouted them
selves hoarse and red In the the face In
~ a. = nNTI.
selves. Operators began 10 SEQ that
pork at $40 per barrel with hogs a. the
ruling price was cheap and they began
10 buy. The price began 70 crawl up,
touching l2, and At IL o'clock the plt
was again quiet and the market steady
at SiL75.
CHICAGO, August 1, 1P. Must as
matters had begun 20 settle do~D and
look serene, series OF thunder claps
fairly shook the Board OF Trade build
Ing. The failures OF the North Ameri-
can Provision Company, one OF the great
packing firms OF the city; Of Jack"
Cudahy, the heavy packer and daring
operator In hog products, and OF Wright
q Hsugbey, heavy receivers and ship
pers OF grain. were announced, creating
the utmost CONSERVATION, and prices be-
gan 90 tumble all oyer the floor Of the
Exchange.
Cudahy was largely interested 10 the
orth American Provision Company.
and when lts failure was announced
that Of Cndshy was looked for, and it
was rot long 10 coming. After that the
failure OF Wright & Haughey was not
uneK pected, as they were Interested
with Cudahy IN bis deals. Cudahy bas
been carrying q large amount Of lard.
and, I'm addition, has dealt rather heav-
ily in ribs. The sudden slump 10 pork
this morning caught him unprepared 70
meet the declines 10 lard and ribs
which accompanied II. and be was forced
TO the wall. IL "a impossible 81 this
time 70 estimate the amounts Involved,
bat they are believed 70 be very larga.
The North American Provision Com
pauy alone Il capitalized AZ $500
The John Cudshy Packing Company,
which has It's main house here. With
branches al Louisville and Nashville, 10
owned By Mr. Cudahy, but lts affairs
are separate from Mr. Cudahy's private
afairs, and so far there Is 90 indication
that II il involved 10 BIS downfall.