The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-22
Trade.
GREAT LARD CORNER
Death of Daniel Wells, Jr., Recalls
the Disastrous Deal.
WELLS LOSS WAS $3.50, 900
Then Followed the Famous Me-
OBSERVATION-DISCLOSURES Legal
Battle. .r
Correspondence of The Journal

Correspondence Of The Journal.
Milwaukee, March 2l.--The death of Daniel
Wells, Jr., takes from Milwaukee her most
picturesque character, and her wealthiest
citizen. Mr.. Wells was SO years OF age and
up to within few days Of his death was
actively engaged in the direction of his multi
ferrous business affairs. Although this city
boasts some very wealthy citizens, and the
fortunes OF Captain Pabst, the Vehlein
brothers, the Pfster, Merrill, Mariner and
other families are large, II is probable that
Mr.. Wells was the richest man here, or in
Wisconsin. A conservative estimate Of his
wealth Is SIG, 100000, while many believe
$50 900, 600 nearer the true figure. ..'
Columns have been written of Mr.. Wells
career in congress in antebellum days, when
he sat in the house of representatives with
Israel Washburn, of Maine, Russell Sage OF
New York and Thomas H. Benton. Much has
been written Of his railroad development bills
of 1853, and Of his service commissioner
to the worlds fair at London in 1874, but
little has been known of another side Of his
life. -
Years ago when Milwaukee held the COM
handing position as primary wheat market
that has since passed to Minneapolis, Mr..
Wells was power in the speculative grain
trade. Many mighty deal was run by the
big: three Daniel Wells, Jr., Alexander
Mitchell and Angus Smith. There are many
old-time grain men yet living here and
some in Minneapolis, who well remember the
magic of these three names. But although
Uncle Daniel was as shrewd a Spectator
as ever the west produced he was not always
successful. In one deal be once dropped
$3.50, 900. This was the famous ells-McGeoch
lard corner of 1883.
In connection with the late Peter McGeogh
and other capitalists Mr.. Wells undertook
to corner lard. Mr. McGeoch was the leading
partner in the firm Of McGeoch, Everingham
& Co. of Chicago, at the same time being the
principal Of the broker and commission firm
of McGeoch & Co. of this city. Dealings in
various commodities and in futures were
conducted on account between himself and
Mr.. Wells jointly. ..
About that time the april lard deal was
| entered into jointly in which, besides Mr..
McGeoch, several Chicago spectators were
interested MI. Wells furnished money to
carry on the speculation. On the books of the
Milwaukee firm the wheat deal account was
kept under the title Xxx. This mode of car
rying on speculative dealings on joint ac-
count was continued through the agency OF
McGeoch, Eyeringham & Co. of Chicago, in
wheat, lard pork and other commodities, and
large profits made in the autumn OF
1882
At the time of the collapse Of the lard cor
ner the parties to the suit held about 125 900
| tierces of cash lard, which had cost some
SIS, 100000; Of this amount some 19,50O tierces
We're hypothecated for S3,9S1. 900; they had
also contracted for III, 900 tierces for delivery
in June and July, aggregating not less than
$7,000,000. A receiver took hold and a settle
ment on the basis of so cents on dollar was
accepted by the creditors.
Mr.. Wells afterward claimed that a credit
, of $139, 352. 49,. the share of the profit of a
| wheat deal, had been omitted in his account
Of that transaction. and that by the terms
! proposed for settlement of the lard deal he
would be short that amount. Judge Mann
| held that the agreement to settle was fna
and Mr.. Wells appealed to the supreme
! court. This tribunal reversed Judge Mann:
| decision.