Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-24
The Bulls Refuse to Give it the ProDer
Support, and Prices Recede.
CORN SHOWS SOMEWHAT BETTER.
Good Trading and a Healthy Feeling
in the Provision Trade.
A PANICKY FEELING IN WALL ST.
Fears of War Of Rates Among the
Railroads Entertained.
CHICAGO.


Especial Telegram to the Globe.
CHICAGO, June 23.-The better feeling
noticed yesterday on Change was main
tanned to-day, and although prices were
still on declining scale and wheat touch
ed the lowest point yet reached in the mar
ket, there was no sign of panic or rumor of
failure. Matters have again returned to
their wonted order and decision. The an
noGncement that another OF the suspended
firms, that of J. M Ball g. Co. had settled
and resumed, had favorable tendency
and IL Is now pretty generally believed
that there will be no more failures arising
out Of the recent troubles. The basis of
Ball u Co.'S settlement is 40c cash and the
turning over to their creditors of all their
claims against the estate of McGeoch, Ev-
eringham & Co., SO that if that pays 6Oc
the creditors of this firm will receive 1OOc.
on the dollar. The export demand for
pork products noticed at the beginning OF
the week has continued till the close, and
has done much to relieve the market from
surplus offerings while the feeling is grow
ing confidence, The impression prevails
that nobody will attempt to run another
corner In any commodity during the pres
ent season. This will likely prove death
blow to corners, and if 1t does it will have
been "blessing in Disguise is a common
remark. The business atmosphere has
been cleared by the storm, and everybody
seems to think he sees clear sailing ahead.
1t will still be some DAYS
before any announcement can be made of
the actual condition of McGeoch, Evering-
ham d Co.'S affairs. The clerks are still
busy reducing the accounts to order, but
have not nearly completed their task yet,
and creditors will have to possess them
selves in patience for some time longer
before statement is received by them.
McGeoch has kept out of the city all the
week, and it is said that he is so shaken by
the complete collapse of all his schemes as
to be still unable TO leave his house. Re-
ceiver Bensley today stated that the situa-
lion mas not been exaggerated by any
means The liabilities, he found. were
enormous and might reach s.. 900 900. He
could not promise a dividend of 80 per
cent, Or that the firms affairs could be set
tied u within three months A Drorni-
nent broker believes the unprotected credit
ors will not get over 10 per cent, while
Armour pretends to believe McGeoch will
pay IN full. J. N. Crafts & Co. say thew
owe $4,000 and have $4,000 to collect
No estimate can be formed as to what por-
ton of it can be gathered in. Their re
sumption depends on collecting. NJ. S.
Nichols & Co. say they are paying differ
ences just as fast as accounts can be made
cat, and have been doing so for several
days They calculate to be all right by
Thursday next. Ellis & Lightner are
unable to tell yet where they stand,
but hope to make statement Monday.
Wheat was by all odds the weakest COM
modify dealt in to-day. Aside from Lind
blom d Roche there seems no one on the
bull" side 10 sustain the market, and
prices are gradually but surely falling to a
point where consumers must come and
take the property, thereby relieving the
market of its heavy burden. Yesterday
there were several large short lines caused
by Lester, Driver and Irwin. Ore &, Co. and
seeing no immediate prospect for advance
they were selling to-day. The old time
friends Of wheat when it was twelve cents
higher have all departed, and the disno-
sltiOn Is becoming general to allow ~
market to and 2 natural le Ultimate hasss
Still, almost any day there may be 2 c.
of rust or chinch bags. On the