The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1893-08-11

61xA1RANIOINC CHICAGO!
Pork Drops es.s5 Per Bbl. In Three
Hours.
With ~, John Cudahy, Worth $l6,-
600, 600 Goes TO the Wall.

CHICAGO, ILL.-Tucsday was ono OF
the most disastrous 10 the history Of the
board Of trade In this city. Wealthy
individuals and firms wero bowlsd over
line nine pins and the prices Of hogs
won't tumhling like an aval,nche Bro
kers on the Chicago board are accus-
toned to witnessing scene. ssa hsieiio.
soopic changes In prices, but the oldest
members Of the board ts-day actually
stood sgbast at the rapldity with which
the price Of roess pork went down. A
sheer drop OF tS.25 per barrel inside Of
three quarters Of an hour 10 enough to
take away tho breath Of old stentor
himself.
Therewas hush near the opening IN the
morning when Secretary Stern appeared
on the balcony Of the trading room and
notified all concerned that those having
trades with tho we'll known provision
brokerage firms of Joseph E. Stevcr &
Co.; E,W. Baily s. Co. and A. Helthotz
s. Co. should proceed to clese them out.
The silence lasted for second and then
mighty roar went up from the pro
vision pit. AS oarly as last march il
became apparent TO the trade that mes
pork was being "bulled" through these
houses, and It soon became noised about
in the provision trade that A. NJ. Wright
was behind the deal a year before he
started q corner in ribs, and with the
hrlp of john Cudahy carried it through
to success, making large amount o
monsy. Appa' emily, according to th'
general opinion of the board, he hat
started to run similar deal in mes
pork. The collapse has been looked TO
some time, and as the monetary si'ua
ton became moro and more strained
everybody not interested In meat drew
out, leaving tho market 80 dull tina
there was scarcely enough business t.
establish quotations, and the bubble
burst.
Another and heavier shock came i,
announcements by the secretary in auicl
succession of the failure Of the NoTtI
American Provision Company, q pack
ing concern with capital ofa quarter q
q million dollars in which Jack Cudah
was largely interested; Of Wright
Haughey, q respectable firm, chiefly CT
gagged in receiving and shipping c
wheat, but who arc understood to b
interested with Cudahy in his deal in tn
= provision pit, and finally of Cudahy him
self, the great packer and daring spccu
later in provisions, whose wealth VIC
recently estimated at no l,ss than SIS,
600, 900, of which about q, 600, 900 W.
made in q deal in ibis last fall.
The storm broke loose again after th
g in the lard crowd. This commodity ha
" hold extremely steady throughout til
II slump in pork, but it in turn mounte
@ the tSboggau and went down as if sci
"A fabricated. The price for Septemb'
= was $9.55 per tiercc in the carly buy I'M
r. It was Sc within six minutes after Cud
r ahy's failure was announced, and Scr
It tember short ribs, which wero sold at
.. 81 range broke to $5.s7A. Before IL
o close, however, both rallied, the form
,e to So. .624; the latter to $3.50.
10 It is said Mr.. Cudahs's private affs!
d are separate from his partners matter
20 and that the companies he controls wit
&c his brothors; Mike and Pat, are not e