Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-20
PROVISIONS REASONABLY FIRM.
The McGeOch Failure and the MagnaH-
imous Acting Of the Receiver.
ONSLAUGHT ON WILLARD SHARES.
The Wall Street Bears Succeeding in
Depressing Them to Great
Extent.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, Sept. 19.-An effort was made
by the bulls to-day to cause an advance in
! corn, and for time considerable strength
was developed, prices touching 70 above
the highest point reached yesterday, but
persistent attacks by the bears and the
weakness in wheat had their effect, and
shrinkage of l 10 from the outside and 11ac
from yesterday is to be noted. The re-
| ceipts were again liberal and the charters
smaller than expected. Pool, Kent & Co.,
unloaded 100000 bushels of wheat they
have been carrying for some time. The
situation tonight favors futher shrinkage
unless the weather changes. Unfayorable
| cables caused wheat to sag early
but free covering by Norman Ream
and other shorts induced rally of 20.
This advance did not hold, however, for
offerings increased SO largely that rapid
| decline enssed, which was followed by
further weakness and lower prices on call.
Ream withdrew from buying altogether,
and the market had no support until No
vember touched 954c. Provisions were
exceedingly irregular, closing heavy at the
bottom prices with more sellers than buy
ers. Robert Warren was selling all day,
each kind of product receiving its share
Of attention: Hutchinson sold October
freely, but later bought back large line
of January at $3.50. The charters to-day
were 100000 bushels corn and $4,000 BUSH
els of wheat; $4,000 bushels of corn were
shipped.
Just ninety days ago yesterday Nc
| Geoch's receiver was appointed, and yes
terday he was discharged. An inspection
| of his accounts were made. There were
on the list 205 creditors besides the banks;
| $50, twenty-nine for over 800, twenty for
$40, 1000, eight for over $5O,e60, three for
over $4,000, one for over 100000, and
the balance in small sums. This amount
| was contracted by McGeoch & Co. and D.
L. Wells, of Milwaukee. Balances were
raised from other odds and ends. The
bank had advanced McGeoch far larger
sum than any other bank, 81 ,235, 465. go
It realized all it advanced except $27,765.
Other institutions, which did not advance
one-fifth as much, lost five times as much.
The receiver asked remarkably
small fee. He virtually donated his
services to the creditors. If the matter
had been left to the court no Judge would
have awarded less than $4,000; perhaps
$50, 900 to j. R. Bensley for his services.
He settled up liabilities of about $6,00o,-
900. The Union bank refused to settle.
&c Infy nf ~, g.
Armour was comparatively very small
loser. The firm of Armour & Co. were
down on the list for only $19,79060, and
Armour, Plankinton & Co. for only about
$21 900. The latter loss was made on lard,
which it had carried for McGeoch. The
81 Co. had loaned MoGeech on lard
| $685. 21.93, and it was all paid
except the small items mentioned. The
largest sum lost by any bank was $51.833.
"a. There were paid to buyers $4,000,
but very small amount of this was paid
to lawyer employed by the receiver. All
large packing firms with exception of Fow-
Ter Bros. lost lar sums of money. The
bulls and bears suffered about equally. 1t
| is apparent, however, that the houses
which have been prominent as bear houses
escaped much injury. Lester lost less
than $1,000, while Ellis & Lightner suf-
fersd q loss of $4,000. Receiver
Beasley received $1,000 for his
services, the amount he asked.
On the regular beard wheat was very
| active and the feeling unsettled. At the
| opening the market was very weak. Yes
| terday it. was rumored private cables were
better, but these reports not being con-
firmed by the public report this morning,
operators sold more freely, and at the
opening the market was weaker and prices
declined 1a@Ac, later rallied under bet
ter speculative demand. prices advancing
IB@1c, again eased off 1l4c, fuctuated
somewhat, and finally closed 5000 lower
than yesterday. Receipts were smaller
both of spring and winter wheat On the
2 O'Clock call there was good deal of ex-
element, sellers filing up their offerings
and accepting &c less than 1 o'clock quo
sat1ons. About 100000 bushels changed
| hands at the reduction, nearly two-thirds
4 VI LILO NdS lOE NOfomD6r
Corn was active on both shipping and
speculative account and the feeling was
| very unsettled. Foreign advices quoted
dull and easy markets abroad, but receipts
were smaller and shorts appeared anxious
| to cover, causing steady advance early
A good many outside buying orders we're
received, and although offerings were large
| the demand exceeded the desire to sell.
The market opened shade easier than
closing figures yesterday, but quickly
rallied, and with slight fluctuations prices
we're advanced 11s@14c for October and
Novsmber, and 1a@Ac for the more de-
ferrsd futures, then receded rapidly,
fuctuated, and finally closed 11sc lower for
October. 10 lower for November, no
lower for year, and So higher for seller Nay
than on Change yesterday. On the call 10
less was accepted'for the near deliveries
aud IA less for deferred futures. The feel
ing was weak at the close, but not to such
an extent as in wheat.
Oats were 6rmer. The receipts were
smaller, and corn being better had a good
influence. Speculative trading, however,
was rather quiet and centered largely in
year. Prices were shade irmer all round.
Cash No. 2 we're about 4c higher. The
.orn III Lotto aoId r,ora ran1;Ip ~,l