Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-08-02


The Product Takes Il Tumble of Nearly 80
Per Cent. IA Price ami Falls Very Heav-
lily on the Vict;m-Five other Firms
Feel Its Weigh; Also. and the Roars
Il Frenziei-Ray 81 Light at Gotham
Business Notes.
CHICAGO. Aug 2-John Cudahy. the
great packer and famous Spectator. has
failed He had been hard pressed for sew.
era days. but his resources were s. i'm
meEse that it was thought he might pull
throug. When the suspension Of j. G.
Steever * Co. was announced aarlieriu the
day the whispered comment was that K
"Jack' CUdahy had not been at the end
of his string he would not have let his old
partner and confidential advisor 20 20 the
wall. heir business relations have been
as close a. those 81 two brothers could
have been. 1t was feared then that before
the end Of the session a greater sensation
was IN store. and the !ear proved well
grounded
His Resources Were in the Millions
The failure OF John or Jack" Cudahy,
as be is better known is the direct result
of unfortunate speculation on colossal
scale. Cudahy made 81 800, 900 in provisions
last fall, and lost two or three times qs
much in wheat last spring He is inter
ested in packing houses in Chicago. Wis
ccnsin, Iowa Nebraska. and Kansas and
had 70 use vast sums OF money in the ie-
Ultimate branches of business packing
and distribution His great resources were
drained TO support his speculative ventures.
Less than mo-tE ago J. c. Steever es' !.
mated "Jach' Cudahy's fortune a. SIS.
600 600
Frustrated the Big SpecuIator.
Attorney Levi Never, being known to
represent some OF the parties in interest,
was unable TO say when seen at his resi-
dence exactly what steps would be taken
toward liquidation in the case Of Johr
Cudahy. He said that different plans COR
liquidation were being considered, but
thought that nothing would or could We
done until the board of trade accounts had
been checked up and the actual status
and condition of affairs had been ascer-
tanned. Mr. Meyer did say that from?
what he knew and could understand Mr.
Cudahy had assets 70 cover twice his in.
debtedness. MIR. CUdahy was rated at 81
100000 one year ago. Mr. Meyer said that
Mr.. Cudahy was PROSTATE at his home
from the effects of the crash.
Six Firms Go to the Wall
The failures reported on change involved
six firms, as follows: John Cudahy, I. G.
Steever s. Co., F. W. Bailey 6, Co A
Helmholz & Co., Wright & Haughev.
Northwestern Packing company The re-
suit of the Cudahy failure seems to be al
most as disastrous TO the board OF trade
interests as the collapse Of the HARPER con.
Germ six years ago
a Heavy slump in Pork.
The cause of the failure was that SEN
TENDER pork dropped from sl925, Monday
nights closing price, to Sl0.5O per barrel
within forty-five minutes on change yes
terday, and the crowds in the galleries
were treatea to scene Of excitement that
reminded one Of old days Even B. p.
Hutchinson, who has figured as a central
operator in many a corner, walked about
on the floor excitedly discussing the
abnormal slump in the staple.
Provision Company Hopes to Paw
The North American Provision COM
pany. with offices in the Wheeler building.
was forced to suspend shortly before noon,
carried down by the previous failures on
the board. The firm was reorganized only
last year with Dan Brown, Norris
Schwabacher and Cassard as the PRINCIPAL
stockholders Mr. Schwabacher said that
he could not make the least estimate as to
the standing of the finances but hoped TO
be able to liquidate in full.
The total liabilities of all the firms ia CO.
timated at 100000.