Daily globe., 1883-06-29
WHEAT DROPS BELOW A DOLLAR
The Corn and Oats Markets Tumble
Slightly in Sympathy.
PROVISIONS UTTERLY UNSTABLE
A Weak and Spiritless Days Trading
Among Wall Street Spectators.
CHICAGO.
Especial Telegram to the Globe. I

since the trouble began. Everything was |
demoralized. Pork dropped to $15.7215
lard to 50, wheat to 9S15c and corn to |
5213c. The bears hammered vigorously, |
and had several things in their favor. |
There were rumors of al! sorts of disaster |
flying. 1t was said several houses had |
failed, all of which grew out Of the sns-
pension of H. 0. Kenyon & Co., firm !
doing small business, and whose liabili |
ties are not over $4,000. The unfavora- |
bic showing made by NJ. S. Nichols & Co. |
also contributed to the feeling of mis-
trust. Seymour, Hunt & Co. sold great |
blocks of corn, seemingly determined to
force worse break, which would, no doubt
have occurred had not n. B. Ream bought
equally heavily, which fact induced many
shorts to think it was good time to cover.
Warren and others were selling provisions
freely, while the Chicago Packing COM
pany and Cudahy were covering short
sales. Fowler bought great deal of lard,
and Armour's brokers we're again large
buyers. These were about the only lead
ing houses which were doing much to sus-
tain the markets, the other demand being
almost entirely from the crowd of shorts,
who are liable to sell again any moment.
Lower prices look probable. At times to-
day matters appeared decidedly panicky,
but a better feeling prevailed at the close.
Lower values in all staples are now freely
predicted. The firm which failed to-day
held some long wheat, but the cause of the
suspension was the drop in provisions, and
can be laid to the McGeoch collapse.
The house of 81. O. Kenyon & Co. has
had checkered career. In former years
it was one of the strongest firms in the
country, but it was drawn under in the big
wheat failure two years ago. The creditors
closed it up, but John Sinclair, who had
been book-keeper, secured certain fran
chises and continued the business until
few weeks ago, when the old firm complet-
ed its settlements and resumed, taking in
Mr.. Sinclair as partner. It had not gain
ed much strength, but was not carrying
very heavy deals.
The wheat pit on the board was the scene
Of d good deal OF excitement to-day. There
was a large business transacted in the mar
ket, and the feeling decidedly unsettled
aud prices suffered large decline. The
market opened from 1Ia14c
lower. declined an additional
= q 1c for the various futures, then rallied
about 3 q &c under q good demand, but
the market again became weak, and then
prices declined to the inside range, which
was . &c lower for July, 25$c lower for
August, and 224c c lower for September than
on 'change yesterday. Later it again
ruled stronger, advancing about l 14@158c,
fuctuated and finally closed about l 4 @138c
lower for the various futures than yester-
day. The decline was attributed to gen.
orally uneasy feeling which prevailed
among operators, and increased somewhat
by another suspension. The weakness in
duced parties to call heavily for mar
gins, which necessitated some dealers
to place considerable 'long" wheat
on the market, and this also
had a depressing influence. The
receipts continue fair and crop advices
favorable. Foreign market advices were
unfavorable. July touched 99c at one
time, and August $1.O115, closing at
$1.0O3$ 1.0224, respectively, but on call
another bear raid forced prices down Il a.
15c again, and July closed the day worth
99Ec. A million and a quarter bushels
sold on the call. There were sizty-eight
cars of wheat received here to-day, and
1885 bushels shipped out.
The corn market was acti-e at lower
prices. The speculative offerings were
liberal, and considerable ''long" corn was
thrown upon the market. The weakness
was attributed largely to the decline in
wheat, and was more or less affected By
the same influences that governed the
course of the wheat market.
Receipts were large and foreign ad7ices
unfavorable. Shippers bought fairly, and
the speculative demand was manly from
shorts. The market opened sc lower, ad-
vanced 18@ &c, then declined about 1c
rallied 58@3c, and closed just about sc
lower than closing figures yesterday. The
arrivals were 355 cars, the shipments 3O6,-
900 bushels and the charters 10000
bushels.
Oats shared in the general weakness.
Cash and the near futures ranged 54@115o
below the closing quotations of yeterday.
The offerings were not heavy at all, but
the demand from all sources was exceedingly
limited and the decline in leading mar
kets exerted Ia very weak feeling. The
deferred futures were also affected and the
decline for these amounted to 15c, sample
lots were>slow and weak. There was some
demand, but it was very limited. Up to
near the close of the session the market
was dull and trade was dragging at lowe,
prices. Finally, however, the demand pick
ed up considerably, the tone of the market
improved, and prices reacted IL for de-
ferred futures and q c for near deliverie;
over inside quotations, the larger deliver
les closing about the same as yesterday
but June and July closed 14@ sc lower
Rye declined about sc, at which reduc
tion there was a fair demand from shorts
An active speculative business wa:
transacted IN the market for hog product
! but the feeling was greatly unsettled and
prices suffered further reduction. There