Daily globe., 1883-05-28
The Bulls Of To-day Become the Bears
OF TO-MOrreW.
NICE WALL STREET UNCERTAINTY
Gould Predicting an Advance Of Thirty
Points Before a Decline OF Five.
CHICAGO.
Especial Telegram to the Globe ]

reached an easier feeling prevailed through
the whole range. Outside orders were not
so numerous, neither were the prominent
bulls heavy buyers Many parties who had
bought before yesterday noon were selling
to-day and before the close of the session
that cereal had reacted to about where it
closed at L o'clock Friday, the large after
noon appreciation being virtually wiped
out. At one time on the board July sold at
1.164 but afterward improved some
what. There were few shorts to cover and
none were anxious
Corn was active but although the ship
ments were large 400 900 bushels against
$4,000 bushels received, while the vessel
charters amounted to $4,000 bushels
more, the weakness In other property ex-
erted depressing influence and prices
steadily settled.
Oats were adversely affected by largely
increased receipts, the inspection showing
229 cars and under a strong realizing pres
sure values suffered, and there was a bad
look.
Provisions were unsettled and lower, al
though for time showing considerable
strength.
On the board the wheat market was very
active on speculative account, and the
feeling greatly unsettled, with prices sub
ject to frequent and unusual rapid fuctua-
tions, Speculation appears to be the con-
trolling power. This morning the market
opened we aker and very unsettled. and as
soon as it became known that there was
a he avy pressure to realize, prices COM
menced to break off, rapidly declining
with numerous fluctuations. 14@115c be-
low the opening figures, and finally
closed about Is @ &c higher than on
Change yesterday. The liberal
advance early above the closing figures
on Change yesterday induced many parties
who were long at the lower prices to sell
and take advantage of these profits and
these offerings tended to depress values.
1t was understood that members of the
local combination recently active in bull
ing wheat succeeded in disposing of an
other large amount to-day before the
| break. On the curb after the board closed
still lower prices were accepted. Spring
| the advance was not sustained.
Corn was fairly active but decidedly
weak and lower, June closing 15c lower
than at o'clock yesterday, July 54c low
er, August 1c lower, and September &c
| lower. The first trading this morning was
at some advance on the closing figures at
l o'clock yesterday, but the receipts were
| heavy, over $50 cars, and with continued
warm weather and favorable indications
for the crop, there was quite rush to sell
and prices gradually weakened, June fall
ing off 1c from the opening, July 1 C, and
! August 1880. 1t afterward improved but
closedweak. Shippers bought fairly.
Oats were demoralized. Excessive arri-
walls the last few days have been too much
for the market, and the offerings so large
ly in excess of shipping orders that large
quantities are ordered into store. There
were not enough buyers for cash oats on
the regular market to take the offerings.
| On the sample market prices were 263c
lower. The pressure to sell, mora espe-
cially the manufacturers, was SO heavy that
with the break once started it was difficult
to bring about check. At the close May
was 11ac lower than yesterday, June 20
215c and July 158c lower. The deferred
futures lost 38@ 58cand were rather neglec-
| ted.
The demand for hog products was quite
active and the market followed about
the same course as noted yesterday exhi-
biting considerable strength early in the
day, and then ruling weaker again during
the latter part of the session. Spectators
traded with considerable freedom but
the shipping demand continued light.
The reports from foreign markets showed
an easier feeling, and bacon was quoted
Sd lower. Eastern markets easy and prices
favored buyers. The receipts of product
ly increasing.
The demand for mess pork was active
early and prices were advanced 10@1215c
but under the influence of more liberal Of
ferings weak feeling prevailed
and reduction of 2O@25c
was submitted to and closed steady.
The market throughout the week was
| greatly unsettled.and nervous and the I'M
preston prevaile that the greater portion
of the busine SIS was largely of the charac-
ter that results in small losses or profits.
No apparent trad ing with view to carry
ing the property for any considerable
length of time. This appeared to be con-
firmed by the slacke ming in the trade for
the more deferred deliveries. There was a
little more disposition to transact con-
tracts ahead and operators were settling
up their trades for next month as rapidly
as possible. The shipping demand was
meagre. Buyers complain that they
are favored with exceedingly few orders.
In some of the larger cities the trade is no
doubt interfered with to some extent by
the competition with undressed beef,
which parties here are furnishing at very
low prices. There are no new develop
ments in the trade. Operators appear to
be somewhat at sea regardiug the future.
Some incline to the opinion that the spec
ulative market is largely over sold, es-
pecially for July delivery land that the con-
tracts have centered in the hands of those
who are abundantly able to carry them.
On the other hand, there are those who are
| eouallv as confidant that q lower ranpe of