St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-03
PRICES ARE BOOMING.
Nv THE FkcE OF THREE FAILURE S
WHEAT k.0YES UP.
EGGLEsToN & co. COLLAPSED:

tiOns of Gold and More Bank
Circulation Booms the Stock
and Bond List-The Bears Ex-
perience Small Stampede.
CHICAGO, Aug. 2.-Prices doomed to-
day on the board of trade in the face of
three fresh failures. Excitement for a
time was at fever heat. One collapse
was that of the most prominent grain
| carrier in Chicago. if not in the entire
country-C. B. Eggleston IL Co.
The other firms suspending were
George c. Parker IL Co. and
Thomas Greig. The new failures, how
ever, including that of Eggleston, grew
out of the collapse in pork and lard cor
ners yesterday. When these were out
of the way and other houses all passed
the clearing house, there began period
of good feeling and good buying in all
| markets. Wheat took the lead with a
| bound OF 414c in September price to
| 6254r. with the close at 6214c. Corn
closed 114c higher, after selling nearly
&c over last night. Oats gained 1c. In
| provisions the packers were covering
| S1.f0 for pork, SOC for lard and $3.50 for
ribs.
1t was willy market at the opening,
| and sales the first few minutes covered
range OF 1$4c for September, prices
varying widely in different parts of the
| crowd, though all sales were at least Il C
above yesterdays final figures. The
announcement Vf the failure of Parker
" Co. and Greig was almost unnoticed,
| so far as any effect on prices was con-
! cerned, being regarded as the logical
| sequel of yesterdays downfall of the
provision clique. There was a decided
| ly different aspect to affairs when the
| trades of Eggleston were publicly Or
| dered closed, as they were known to be
carrying large quantity of cash wheat.
| Their suspension created panicky
feeling for few minutes, during which
the price dropped to 5S$4.
At this poin. it was discovered that
there was no wheat to be sold out for
the suspended firm. p. D. Armour q
Go; having, it was said, assumed their
! holdings of spot wheat. That left no
trades to be closed for them except the
wheat they had sold short against the
cash stuff. That being the case the
market quickly recovered to Gle, and for
| some considerable time it tluctuated be-
| tween 60c and $500 in nervous way.
| When 1t became apparent that no more
failures were imminent, the boom COM
menced i'll earnest. With export clear
ances aggregating 1,000,000 blu, and gold
being imported in large amounts the
timidity of buyers rapidly disappeared .
| n. b. Ream led the purchasers. Com
mission houses began to get buying
orders from outside as the session ad-
vanced, and in the final half hour the
demand was fast and furious.
Z. b. Eggleston, or Sandy" as he is
almost universally known, was one of
| the leading figures in the Kershaw fail
1 ure that resulted from the collapse of
/ the Harper corner six years ago. On
that occasion he lost $780,. ZOO in cash
] trying to save q $4,000 special partner
/ ship interest III the Kershaw concern.
| He had some money left, however, a
| wife worth 81, 500,0 900 and a S250,OO0 son.
/ Being one of the beSt-poSted men in the
| trade In the intricacies of the grain and
| provision carrying business, and having
| the confidence Of the banks, he went
/ into that line of business on a very eX-
tenslve scale, and is supposed to have
/ made back nearly all he lost through
! Kershaw and Harper.
EggleSton himself refuses to make
any statement of his affairs for publica-
ton, but it is generally believed by
| those in touch with him that he has put
about s500,000 back into the game. and
that EgglestOn IL Co. may be Ill the
| gap for S500,000, spread out all over the
| floor. How much of what is protected
by margins cannot be ascertained to a
! certainty for several days.
Eggleston IL Co. acted as a clear
! ing house for dozen or more active,
hustling brokers who did not have the
means 10 swing their trades. The fail
ure leaves them nigh and dry, and may
embarrass them considerably.
Parker ~ Co. had nearly 100000 in
cash i'll the business, and the house was
| regarded as one of the soundeSt on the
board of trade. Il do not know how l
stand" said George Parker, 81 only
know l got caught in gap for more
money than l could raise and had to
lie down. considered myself as sound
as the Bank of England yesterday. To-
day | am broke. l had big line of
| provisions on my books. and my prin-
! cipalS were unable to respond to margin
| calls. That left me to stand the racket
| alone, and was not strong enough for
| it.''
"Were your principals Cudahy, Fair
bank or Wright?'
| '.All of them"
Thomas Greig is a Scotchman and
well thought off, but has never had any
| great trade. He was long of pork at
| high figures.
The liabilities of the Cudahy Fair
| bank-Wright combination as repre-
| scented by closed-out trades on Change
| today. are estimated at Sl,O00,0O0 to ST.
100000, over and above their margin de-
posits.
The Cudahy Packing company, it
| seems, is not involved in the failure of
| John Cudahy. and 1t is given out as
one of the trade half secrets that he
sacrificed his interest in the concern
| and also in the Cudahy Packing COM
pany, of Milwaukee, to raise money to
carry Oh his speculationS. his brothers
| buying him out.
buying of everything on the list by
Armour's brokers. His purchases were
OH prodigious scale. Trading in the
other pits, however, was demoraiZed
alongside of wheat.
Corn opened excited, with sales a
fraction above and below the final
quotations of yesterday and under a
good demand, one concern buying
freely, sold up 15sc. afterwards working
back &c; changed, some ruled steady,
and at the close had gained l1s@l3sc.
OdlS uIddc Ill duNdllCC Vi "a (Uic, DuG
outside figures were not obtained at the
| clos e, but a net gain of %@175c was
established. The strength came from
corn and also from wheat. There was
also liberal demand from shorts. and
less pressure to sell except on the
bulge.
The provision market after its severe
sickness of the day before, opened
quite convalescent. Besides Armour &
Co., Nelson Morris & Co.. Swift & CO..
the AnglO-American Packing company
and other big packing concerns who
have been absentees during the Cudahy
regime, all took hand once again in
the transactions in the pit. They came
In as buyers for themosJ part.
There was a large business done in
lard for export, 5000 tierces being re-
ported taken for England and 5000
tierces for Germany. Following SO
promptly on the collapse of the price, it
&c bot