Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1893-08-04
DROP or 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,

We o~~N
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 we'll known provision
brokerage4frms of j. G.. Steever & Co.,
.E. W.. Bailey& Co., and A. Helmholz
''&' Co. should proceed to close them out.
The silence lasted for a second after
the close of the announcement, and
then a mighty roar went up from tine
provision pit.
The first offer heard by the quotation
official after the announcement, of the
failure was $lS.75 per barrel, against
$40 at the close Monday; the next hid
was $l8, then $17.5U-seeing that the
! SIS man was overwhelmed with custom
ers anxious to supply his wants-and
so it went 25 cents to 81 a time, with
very little hesitation at any point until
The Price Touched $1,000,
"a loss Of $8 so per barrel in 80 minutes.
These are the official figures. But it is
reliably vouched for that q sale was
made at $l9. and several as low as $40,
drop Of 81, or nearly 50 rer cent, or
T; $45O, 900 on visible supply of 10000
barrels. Then the market became
'auieter, and good buying at the
enormous decline carried the price
back to. $l2, and subsequent events had
: only a temporary effect on it. Things
were moving along with Gminous
: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, Il packing concern
with capital of $250,O00, in (which
:" slack" Cudahy was largely interested;
of Wright & Haughey, respectable
firm, chiefly engaged III the receiving
and shipping Of wheat, but who We're
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; a man interested in the
packing trade
In Il Half Dozen States.
including plants at Chicago, Milwau.
kee, Omaha. Louisville and Nashville;
"a man whose wealth had been recently
estimated at no less than SIS. 00O, ,0OO, of
which about ", 600, 600 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 tor
September was 1915 per tierce in the
early trading; it was IS within six min
utes after Cudahy's failure was All.
nounced, and September short ribs,
which sold early at 1928,
broke to sb.a7 1-2. Before the
close, however,, both rallied. the
former to&6.62 1-2, the latter to g. 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. 1t 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.