Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-03
CHICAGO FAILURES.
A Number OF FIRMS Give UP-Hsavy
Losses Sustained by AAny.


CHICAGO, August I'm the first
transactions on the Board Of Trade this
morning wheat touched as high as Gle
September, a bulge Of exc. Notwith-
standing the show of confidence, tue
trade was expecting further failures to-
day and the expectation was soon full
filed. One very prominent carrier was
widely known TO be behind In his mar
gins, virtually broken, last night. This
was the firm of d. Eggleston, Son 81 Co.
They were carrying lard and pork
for the bankrupt Cudahy- Wright
CLIQUE. The Egglestons were
not the first to go under to-day, how
ever. Messrs. G. Parker & Co., we'll
known commission firm, started the
procession by ordering all trades closed.
Parker & Co.'S announcement added
that tie firm, while forced to the wall,
Is even on the market. Following
Parker came news OF the suspension OF
Thomas Gregg, a fairly prominent
trader, and after him was the celebrated
Eggleston.
An three failures had been more or
less talked OF beforehand and occa-
stoned little surprise though causing
the drop that occurred after the three
firms.
1t was wild market at the opening
and sales for few minutes covered
range of ~ for September wheat,
prices varying widely in different parts
OF the crowd, though all sales were at
least &c above yesterdays final figures.
The announcement Of the failure OF
Parker & Co. and Gregg was
almost unnoticeable so far as
an effect on the market was
concerned. There was decidedly dif-
ferent aspect to affairs when the trades
OF Egglestone were publicly ordered
closed, as they were known to be carry
ing large quantity Of cash wheat.
Their suspension created panlcky
feeling for few minutes, during which
the price dropped to 5s%. At this point
il was discovered that there was no
wheat to be sold out for the sus-
pended firm, p. D. Armour Il Co. having
il was said, assumed their holdings OF
spot wheat. That left no trades 10 De
closed for them except the wheat they
had sold short against the cash stan
That being the case the market quicKlV
recovered to 81 cents, ard when IL De-
came apparent that no more failures
were imminent, the boom commenced
In earnest. With port clearances ag-
gregating one million bushels snd gold
being imported in large amounts the IT,
midity of buyers quickly disappeared,
and In the final half hour the demand
was fast and furious.
C. Z. Eggleston, or "Sandy," as he Is
almost universally known, was on OF
the leading figures in the Kershaw fall
ure that resulted from the collapse oi
the Harper corner six years ago. On
that occasion he lost 1864, 600 In cash
trying to save a SOS, 900 special partner
shin interest in the Kershaw concern
He had some money left, however,
wife worth 81, 500, 900 and a $3.50, 0OC
son. He went into that line ol
business on very extensive scale, and
Is supposed to have made back nearly
all he lost through Kershaw and Har'
uer. Eggleston himself refuses TO make
any statement OF his affairs for pubica'
ton. but it is generally believed by
those I'm touch with him that he has puI
about $500, 900 back into the game and
that D. Eggleston & Co. may be In the
gap for $500, 600 spread out all over the
floor.
Parker e. Co. had nearly s500,O00 in
cash in the business, aud the house was
regarded as one of the soundest on the
Board OF Trade.
Thomas Gregg is Scotchman and
well thought Of, but has never had any
great trade. He was long OF pork al
high figures.
The liabilities OF the Cudahy-Fair'
bank-Wright combination, as repre-
sented by closed out trades on change
to-day, is estimated at 81, 900, 600 or 81
500. 600 over and above their margin de-
posits.
A feature OF the day was the open
buying OF everything on the list by Ar
mour's brokers' His purchases were on
prodlgious scale. Trading In the
other pits, however, was dwarfed along
side OF wheat