The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-02
DROP OF Nine DOLLARS
Mess Pork at Chicago Falls
From $40 to $40 in Forty
Minutes.
Jack Cudahy and Other Big
Provision Bulls Forced to
the Wall.

tory of the board of trade in this city.
Wealthy and individual firms were
bowled over like nine pins, and the
prices of hog products went tumbling
like an avalanche. Just after the open
ing Secretary Stone appeared on the
baloncy of the trading room and notified
all concerned that those having
trades with the well known provision
brokerage firms of j. G.. Steever & Co.,
E. w. Bailey 3 Co., and A. Helmholz
& Co. should proceed to close them out
The silence lasted for second after
the close of the announcement, and
then mighty roar went up from the
provision pit.
The first offer heard by the quota ton
official after the announcement of the
failure was $1S75 per barrel, against
SO at the close Monday; the next bid
was $18, then $17.5O-seeing that the
SIS man was with custom
ers anxious to supply his wants-and
SO it went IS cents to 81 time, with
very little hesitation at any point until
The Price Touched $1,000.
loss of s.. 81 per barrel in 40 minutes.
These are the official figures. But it is
reliably vouched for that a sale was
made at $40. and several as low as $40,
a drop of 81, or nearly so per cent, or
$45O,OOO on visible supply of $4,000
barrels. Then the market became
quieter, and good buying at the
enormous decline carried the price
back to $12, and subsequent events had
only temporary effect on it. Things
were moving along with ominous
smoothness when another and heavier
shock came in the announ cement by
the secretary in quick succession of the
failures of the North American Pro-
vision company, a packing concern
with a capital of $3.50, 900, in which
"Jack" Cudahy was largely interested;
of Wright & Haughey, a respectable
firm, chiefly engaged in the receiving
and shipping of wheat, but who were
understood to be interested with
Cudahy in his deals in the provision
pit, and, finally, on Cudahy himself,
the great packer and daring operator
in provisions; man interested in the
packing trade
In Half Dozen States,
including plants at Chicago, Milwau-
kee, Omaha, Louisville and Nashville;
q man whose wealth had been recently
estimated at no less than $18, 00O, 900, of
which about 1900, 900 was made in a
deal in ribs last fall.
The announcement of his failure had
scarcely died on the sccretary's lips be-
fore the storm broke loose again. this
time in the lard crowd. The price for
September was 1915 per tierce in the
early trading; it was $6 within six min
utes after Cudahy's failure was an
nounced, and Septembe short ribs,
which sold early at $7.25,
broke to $5.87 1-2. Before the
close, however, both rallied, the
former to S.. 81 10, the latter to So. 30.
It was said by one close to Mr.. Cudahy
that his private affairs were entirely
separate from his partnership matter,
and that the various companies which
he controls and in which he is inter-
ested with his two brothers are not
directly affected by the failure. It is es-
timated that the losses on the pork
alleged to have been bought for Wright
are between $500, 900 and $500, O0O No
one pretends to estimate Cudahy's
losses.