The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-08-03
FALL OF THE PLUNCERS.
Three More Chicago Firms Go Down
In the Wreck.

Chicago, H., Aug. 2-Prices doomed
to-day on the board of trade in the face
of three fresh failures. The excitement
for time was at fever heat. One col
lapse was that of the most prominent
grain carrier in Chicago, if not in the en-
tire country-C. +. Eggleston & Co Two
other firms suspended, George w. Parker
~ Co. and Thomas Creig. The new fail
ures, however, including that of Eggles-
ton grew out of the collapse in the pork
and lard corners yesterday. When
these were out of the way and
other houses passed the clearing house
good feeling sprung up in all the mar
kets Wheat took the lead with
a bound of 1Ao in Septem-
ber, prices went up to 6234c, with
the close at 624c. Foreign closed NC
higher, after selling nearly 2 cents over
last night Oats gained cent. In pro-
visions the packers were covering their
short sales, and quotations rose 81 10 for
pork, 90 cents for lard and S212c for ribs.
AwILD MARKET.
1t was a wild market at the opening
and sales the first few minutes covered
range of 19Ic. for September, prices vary
although all sales were at least u above
Yesterdays final figures. The announce
ment of the failure of Parker a. Co, and
Creig was almost unnoticed so far as eff
feet on prices was concerned, being re-
garded as the logical sequel of yesterdays
downfall Of the provision clique. There
was decidedly different aspect to affairs
when the trades of Eggleston were public
ally Orerded closed, as they
are known to carry large
amount of cash wheat. Their supension
created panicky feeling for few min
utes, during which the price dropped to
58&. At this point it was discovered
thatthere was no wheat to be sold for the
suspended firm. p. d. Armour & Co, it
was said, assumed their holdings of spot
wheat That left no trade 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
81 cents and for some time it fucJuated
between 60 and 59A cents in a nervous
way.
When it became apparent that no more
failures were imminent the boom COM
menced in earnest. With export clear
ings aggregating 10000 bushels, and
gold being imported in large amounts, the
timidity of traders rapidly disappeared.
Commission houses began to get buying
orders from outside as the session ad-
vanced, and in the final half hour the de-
mand was fast and furious.
SANDY EGGLEsToN's COLLAPSE.
G. E. Eggleston, or "Sandy," as he is
known, was one of the leading figures in
the Kershaw failure that resulted from
the collapse of the Harperner corner, six
years ago. On that occasion he lost S364,-
900 in cash trying to save a $4,000 special
partnership In the ID. Kershaw concern
He had some money left, however, wife
worth 81, 100000. Being the best posted
man in the trade in the intrica-
cies of grain and provisions carrying
business and having the confidence of the
banks, he went into that line of business
on a very extensive scale and is supposed
to have made back nearly all he lost
through Kershaw and Harperner. Eggles-
ton himself refuses TO make any state
ment Of his affairs for publication,
but it is generally believed by those
in touch with him that he
has put about $500, 900 back
into the gameand that Eggleston g. Co.
may be in the wreck for 5000 coo spread
out all over the floor. How much of that
is protected by margins cannot be ascer-
tanned TO a certainty for several days.
d. Eggleston & Co. acted as clearing
house for dozen or more active, hustling
brokers who did not have the means to
swing their trades The failures set
them high and dry and may embarrass
them considerably.
PARKER LOSES $500, 900
Parker & Co. had nearly s500,000 in
cash in the business, and the house was
regarded as one of the soundest of the |
board. II do not know how stand" |
said George Parker. 81 only know l |
was caught in the gap for more money |
than could raise, and had to lie down.
I considered myself as sound as the Bank |
of England on yesterday. To-day am !
broke. / had big line of provisions on |
my books, and my principals were unable |
to respond to my margin calls. That left |
me to stand the racket alone, and | was |
not strong enough for 1t.
Were your principals Cudahy, Fair !
bank, or Wright3"
'All of them"
Thomas Creig is O Scotchman and well |
thought Of, but has never had any great |
trade. He was long of pork at high fig /
ures.
The liabilities Of the Cudahy, Fairbank |
and Wright combination, as represented, /
closed out trades on change to-day and !
made 81 600, 900 to $l,500,0O0 on margin |
depositors.
CUDAHY's FALL.
The Cudahy Packing Company, It |
seems, is not involed in the firm Of John |
Cudahy and IL is gwen out as one or the |
trades half secrets that he sacrificed his |
interests in the concern, and also in the |
Cudahy Packing Company, of Milwaukee, |
to raise money to carry on his specula- |
tiou, his brothers puying him out.
A feature of the day was the open buy |
ing OF everything in the list by Armour |
brokers His purchases were on very |
large scale.
The trading in the other pits, however, |
was dwarfed alongside of wheat. Corn
opened excited, with sales a fraction
above and below the final quotations of |
and, under good demand, one |
concern buying freely, and sold up IA |
afterward working back &C. changed
some, ruled steady and at the close had
gained 1Sc
Oats were at an advance of &c. Out
side figures were not maintained at the
close, but a net gain of q 20 l15c was es-
tablished. The strength came from corn
and also from wheat There was also a
liberal demand from the shorts and less
pressure to sell except on the bulge.
THE PROVISION MARKET.
The provision market, after the severe
of the day before, opened quite
Besides Armour & Co. and
Nelson Morris a. Co., Swift q Co. and
other big packing concerns who had been
absentees during the Cudahy regime, all
took hand once again in the transac-
tions in the pit. They came as buyers
for the most part. There was large