The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-02

III the NSheFat SFAsh'
CHICAGO, August To-day was the
most disastrous in the history OF the
board of trade in this city. Wealthy
firms and individuals were bowled over.
like nine pins, aud the prices OF hog
products were tumblinG like an
avalanche.
Old members Of tho board who had
been through the whirl and clamor OF
many a collision corner in both grain
and provisions actually stood aghast at
tho rapidity with which the price OF
mess pork went down. A sheer drop
OF IS 25 per barrel inside Of throe-quar.
tors Of an hour is enough to take away
the breath OF old stentor himself, but
then Stentor, in the vulgarism OF the
street, "isn't in it" with some OF the
howlers on the board OF trade.
There was hush noar the opening
this morning when Secretary Stone APP
peared on the balcony OF tho trading
room and notified all concerned that
those having trades with the well
known provision brokerage firms OF ].
q. Steaver & Co., L. w. Bailey & Co.
and A. Helmoz & Co. should proceed to
close them out. The silence lasted for
q second after the close OF the announce.
ment and then mighty roar went up
fropo tho nro,,tpion III Az aorI,, 40
last March, 1t became apparent to tho
trade that mess pork was being
"bulled" through these houses, and it
soon became noised about in the pro-
vision trade that A. Nj. Wright was be-
hind the deal. A year before ne
started corner In ribs, and with the
help Of John Cudahy carried 1t through
to success, making a large amount Of
money. Apparently, according to the
general opinion on tho board, he had
started in TO run q similar deal in moss
pork. The collapse has been looked for
for some weeks, and as the monetary
situation became more and more
strained and the borrowing of money
to pus up in margins more and more
difficult, everybody not interested in
the deal drew out, leaving the market
so dull that there was scarcely enough
busines to establish quotations.
THE BUBBLE BURSTS
When tho bubble finally burst the
prices were so small that 1t was next to
impossible to find them. The first
offer heard by the quotation official
after the announcement OF the failure
was SIS 70 per barrel against $40 at the
close yesterday. The next bid was SIS,
then $l7 so, and so it went 80 cents to
one dollar at time, with very little
hesitation at any one time, until the
price touched $40 so, loss Of S. 20 per
barrel In forty minutes.
These are the official figures but it is
reliably vouChed for that q sale was
made as high as $40, and several as low
as $40, "a drop of 50, or nearly 80 per
cent, or S450,O00 on a visible supply Of
$4,000 barrels. Then the market be-
came quieter and good Nuying at the
enormous decline carried tho price
back to Sl2, and subsequent events had
only temporary effect on it.
CUDAHH HOES DOWN.
Things were moving along with
ominous smoothness when another
and heavier shock camo in tho an.
nouncement by tho secretary in quick
succession OF the failures OF the North
Pacific Provision Company, q packing
concern with capital Of quarter OF a
million dollars, in which "Jack"
Cudahy was largely interested; Of
Wright & Haughey, respectable firm,
chiefly engaged in the receiving and
shipping Of wheat, but who were un.
jerstood TO be interested with Cudahy
in his deals in tho provision pit; and
finally Of Cudahy himself, the great
packer and daring operator in provis-
ions;a mau interested in the packing
trade In a half dozen statos, including
plants at Chicago, Milwaukee, Omaha,
Louisville and Nashville; a man whose
wealth had recently been estimated at
no loss than SlS, 600, 900, Of which about
$4,000, 900 was made In in doal in ribs
last fall. 1t was not doubted that he had
used all means OF raising money before
"lying down" or that he had lent
helping hand to his iriond Charlie
Wright before tho fnNi pinch came.
But tho financial nooao was drawn
tighter aud tighter. He had d big deal
on In lard and was interested In ribs,
and the strain became too great to bear.
The announcement OF tho failure had
scarcely dlod on tho socrotary's lips
before tho storm broke loose again, this
timo In tho lard crowd.
The prico for September was 50 75
por tiorCo In tho early tradingi II was
SO within elk minutes alter Oudahy's
failure was announced, aud September
short ribs, which sold early at 81 20,
broke 10 S. S7i. Before tho close how.
over, both rallied, tho former TO 50 02i,
tho latter 20 So 80,
FAIRBANR 1NTRREsTED.
II was said by ono close to Mr., Cud.
ahy that his private affairs were on.
tirely separate from hlsBspartnershlp
matters, ann that tho various companies
which no controls and In which hO is
Interested with him two brothers,
mike" and "Pat," arc not directly
affected by the failure.
IL Ia estimated that tho losnos on tho
pork alleged 10 havo bNnn bought for
Wright Aro botwoon S4UO,OOO and 5000.
OOO No ono protonds TO estimate Cud.
ahy's losses. "Chatlie" Wright declares
that Cudahy aud N. X. Falrbank, the
lard king wer6 interested with him In