Life, 1883-06-28 · page 10 of 17
Life — June 28, 1883 — page 10: what you’re looking at
What you’re looking at
# McGeogh: A Speculative Trading Disaster This satirical poem mocks a failed grain speculation scheme, likely from the 1880s Chicago commodities market. "Uncle Pete" McGeogh is a Scottish trader who invested his entire fortune (100,000 "tierce"—large casks of grain) betting on wheat and pork prices, apparently influenced by optimistic "golden dreams." The poem names actual Chicago market figures: Armour (the meatpacking magnate who warned McGeogh), Aleck Mitchell, and various traders. McGeogh's confidence crumbles as the market "whirls like a top"—prices collapse unpredictably. The refrain "McGeogh!" becomes increasingly desperate as previously confident traders ("the bears," speculators betting on price declines) celebrate while McGeogh and others face ruin. The final image of desperate drinking suggests financial devastation. This reflects Life's satirical take on reckless speculation and the volatile, destructive nature of commodity trading.
📄 Transcribed text from this page (OCR, searchable)
Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.
> LIFE: A Sticut, Sap Sonc or GREASE, HORTS and ribs were rising fast As through the Gambler's Alley passed The stalwart form of Uncle Pete, Who bore this motto, trite and neat, “McGeogh !” His shirt was cleaner than its wont ; A noble brow, determined front ; Pride in his Scotch and frugal eye When all the longs took up the cry— “McGeogh !” “Ovlard, deliver us!” the young bulls cried, Sarcastic, swimming with the tide ; “ Ask Aleck Mitch!” the bears replied ; “ We'll bust this market open wide !" “McGeogh !” For 100,000 tierce Mac paid Out every dollar he had made In wheat and pork and other schemes, For what were they to his golden dreams, “ McGeogh ?” “ Beware the Fowler’s deadly wrath ! Old Aleck's weaker than a lath !”” This Armour cried in accents wild, But Pete looked on him as a child. “ McGeogh.” Alas for porcine hopes and oily schemes, Alas for Peter’s golden dreams ! The Alley’s whirling like a top. He ¢hinks he has heard something drop. “McGeogh !" Ellis, Tabor, Holly, Bell And more besides, caught merry Halifax, And Monroe wept, and well he might, While all the bears got glorious tight. “McGeogh !” P, The night came on, gloomy and blank, Poor Lightner sipping toddy with Frank, And, as he drained the fiery dram, In stentor voice he cried, “ Goddam “ McGeogh !" : / comicbooks.com