Daily globe., 1883-06-16
The Grain Markets Experience A Very
Perceptible Decline.
WHEAT DROPS FULLY TWO CENTS.
Corn and Oats Somewhat Stronger but
Liable to Tumble.
PROVISIONS BADLYD YDEMORALIZED.
Continued Activity in the Market for
Northwestern Stocks.
CHICAGO.
Especial Telegram to the Globe. I

CHICAGO, June 15.-The deadlock is bro
ken IL the wheat market, and the bears are
the victors atpresent, scoring a decline of
more than two cents. Eleven bags of new
wheat IN St. Louis was the sensation which
turned the scale, and rust in Kentucky and
Tennessee and damage to the California
crop we're shelved to be used later when
the feeling becomes bullish again. Now
that the market has broken, everybody
will be waiting for the bottom to buy
Another feature TO day was a break in pro-
visions, pork going off SOC and lard being
very weak. The adulterations disclosed
by the Investigations in progress have hurt
the legitimate demand and the tendency
is still downward. Unless the inquiry
for shipment materially increases mean
time, 4 rally next month Will be difficult
to bring about Oats were easier, rye
lower and barley dull The receipts of
grain to-day show somewhat of falling
of, sc cars of wheat, 456 cars of corn and
132 cars of oats being inspected in. The
vessel charters were large, providing for
4G5,000 bushels of corn and 100000 bushels
of oats. The shipments were 4, ,130 bushels
of wheat, 100000 bushels of corn and 227,
400 bushels of oats.
The MCGeoch lard investigation is with
N about week OF its close. To-day Nc
Geoch virtually closed his case, and on Mon
day Fowler Bros. are expected to begin their
answer. At this stage of the proceedings
prediction as to the outcome would be
premature, but there is a good deal of ex-
planation for the Fowlers to make.
Lake freights were trifie easier on the
basis oE 2 4c for corn and PIC for wheat
to Buffalo, and 42Ic for corn to Kingston.
Railway freights are quoted steady and
unchanged.
Thec6 was a good deal of excitement at
times ou the board, especially in the wheat
pit. Trading il that article was quite
large, but IN good part ON local account,
and the demand came mainly from parties
who we're covering previous sales in which
they had , profit. Foreign advices were
Of AZ Urfavo1a5Ie tenor 10 holders, while
what crop reports we're received
were Of more encouraging
natar-. These facts and the new
wheat scars brought out strong reaiiz-
inc pressure By longs and Il great deal of
stuE was U7.oa3sd, including a large
amount held for account of parties whose
margins were either exhausted or on which
stop orders had beon placed at certain
figures. There was grand shaking out
of small sreculators when the break got
undfr way. The fluctuations were rapid
60, T. r.
SOLD up to $1,11%, then down to $1.1OI
continued very unsettled until 10 o'clock.
when SI1015 was asked, became weaker
again, and at } o'clock was offered
freely at SLO915 with S1.O938
bid The other options fuc
tuatet in about the same proportion:
The desire to sell exceeded the demand
throughout the day. On the board the de-
cline was 112c, and on the call 38@ 56c
more. The call sales aggregated 100000;
bushels. Winter and spring wheat lower
in sympathy with the speculative grade
and very quiet.
Trading in flower was very light. Neither
local jobbers nor shippers manifested any
special desire to purchase, and the market
was quotably dull. The feeling was easy
and while prices were nominally IN.
changed, it would require concessions
from former figures to effect sales of any
amount
Corn was active but weaker in sympa.
thy with wheat, yet offerings
were not urgent, the bears
being deferred from selling freely by
large shipments and reports that large
amount is now being loaded in vessels
Prices were largely sustained by the good
demand from shippers, who have it sold in
New York al good profit. Receipts also
smaller and there was little more inquiry
IN behalf Of spectators. The feeling de-
veioFed was q little unsettled, but no very
important change occurred in prices. which
closed just shade lower than yesterday
Foreign adyices were unfavorable, which
together with the weakness in the local
wheat and provision markets had some
effect. The weather early was cloudy and
threatened rain, while freight engage
ments were reported large + Prices
huctuated within range of about "a 58c
and closed 1l@3$c lower than on change
yesterday. On call there was some large
buying by prominent brokers, Geo. G
Walker & Co. being particularly promi
nent. About 100000 bu. changed hands
Oats are weak on the long futures, ow
ing to good crop reports, but near futures
are relatively stronger. The state depart
ment of agriculture announces consider.
ably increased acreage and an average
condition fully equal to that month ago
although not so good as on June 1, 1882
Oh the board the speculative market
Partook of the weakness developed in the
leading markets generally. Trading was
comparatively quiet and was at about Il
@38c decline in prices. The cash market
was also easier. The offerings were not so
liberal as some time ago, but the demand,
both on speculative and shipping account.
has become rather tame. No. 3 cash was
not offered until prices had dropped to
1928 for speculative price, and this was the
rate for No. in store. On the call a quar-
ter N iliiou bushels sold Il &c lower than
on the board. The sellers outnumbered