The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-08-02
1t Falls SO rs Barrel in Forty Min
utes in the Chicago
Market.
Veterans of Many Corners Never
Saw the Like on the Board
of Trade.
John Cudahy and Other Zig Packers and
kpccuIatory Go to the Wall With
Rush.

CHICAGO, August 1.-To-day WAS emo OF
the most disastrous In the history of the
board Of trade hero. Wealthy firms and
individuals were bowled over like nine pins
and tho prices OF hog produots tumbled
like an avalanche. Old members who had
been through the turmoil Of many col-
lapsed corner In both grain and provis-
ions, stood aRhast at the rapidity with
which the price OF mess pork went down.
A sheer drop OF 1925 per barrel inside Of
three quarters OF an hour is something not
witnessed every day. Soon after the OPEN
ing this morning SEQ etary Stone appeared
on tho balcony and announced that those
having trades with the well-known firms
of J. q. Sleever & Co.. L. w. Bailey & Co.,
and A. Helmholse IL Go. should close them
ont. Up went mighty roar from the pEo-
vision pit. As early rs last March il be-
came apparent to the trade that mess pork
was being bulled through these houses and
IL soon became noised about that A. M.
Wright, known on the board az "Charley"
Wright was behind the deal. year be-
fore he and John Cudahy carried throuah Q
deal in ribs which netted them about
81, 100000.
The condition Of the money market for
some time past, and the difficulty of obtain
ing the necessary funds TO carry on the
enormous deals have been playing havoc
with the lenders of this ono, and % the
situation became moro strained every body
not near tho head OF the deal drew out.
leaving the market 20 dull shat there was
sea cely enough business to establish quo
| tations.
When the bubble finally burst to-day the
pieces wete 80 small that IL was next to
IN And nff fnv
heard by quotation ofacisls after the an
nouncement of the failures was $l8.7b per
barrel. against $19 At the close yesterday.
The next bid was $1S. then S17.5O. and 40
price touched S1o.5O. loss Of Ss.25
per barrel in forty minutes. This was .
drop OF nearly 30 per sent. OF $450.000 ON
the visible supply Of 10000 barrels. Then
reaction carried the price back TO $12, and
things were moving along smoothly whom
suddenly came . thunder clap In the shape
of the announcement in quick succession OF
the failures OF the North American Pro-
vision Co.. packing concern. With capital
of q quarter of million. In which John
Cudahy is largely interested; of Wright d
Haughey. broker hrm chiefly engaged In
receiving and shipping wheat. but who are
understood to be interested with Cudahy in
his deals in ths provision pit. and finally Of
Cudahy himself, the great packer and dar-
ing operator in provisions; q man inters
| e6beU III tuc phVAluk '00V IA A0AA %
dozen states. including plants at Chicago
Milwaukee. Omaha, Louisville and Nash
Vile, man whose wealth has been recently
estimated at no less than S1S, 100000. II
, was not doubted that he had used every
means Of raising money before laying
down.
The announcement of his failure vas
scarcely made when a furious storm broke
loose in the lard crowd. September WAS
So. IS in early trading; it was Sc within six
minutes after the announcement of Crd-
ahy's failure. September short ribs broke
from 81. % to $58719. Before the close,
however. both rallied, lard to $6.621s and
ribs to $3.50.
II was said by one close to Cudahy that
his private affairs were entirely separate
from his partnership matters and that the
various companies which he controls, and
in which he 10 intst ested with his two
brothers. are not directly affected BY tie
failure.
1t is estimated that tho losses on pork
said to have been bought for Wright are
nearly half a million. No one y, etends to
estimate Cudahy's losses. Wright declares
that Cudahy anu N. X. Fairbank wore both
interested with him. and the trouble came
. about because they would not put mp mo Z
\ margins. Fairbsnk. in An interview tbil
Q evening, said he had lost some money but
: was all right.