Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-06-23
WHEAT STEABIER THAN OF LATE.
A Good Buying Demand for Corn and
Prices Well Maintained.
PROVISIONS IN BETTER REQUEST.
A Rather Bearish Feeling Among the
Traders Of Wall Street.
CHICAGO.
Especial TELEGRAM to the Globe


than on any day since the trouble of Sat
urday last, and the general feeling is that
the markets may be considered to have re-
turned to their legitimate and natural
channels. Confidence was further in
creased by the announcement that two of
the principal firms that had gone under,
NJ. >. Nichols q Co., and Geo Stewart g.
Co, had settled all differences and were
going on again. Prices ruled frmer and
higher this morning, and under an active
demand from the shorts who began to fill
IN against settlement day, there was a
marked advance all around. The demand
from shippers was also good and this
heIped to increase somewhat the feeling
OF returning confidence and
security. The clerks are
still busy in McGeoch, Everingham g.
Co.'S Office, Strengthening up accounts, but
will not have finished for several days yet.
Mr.. Bensley, the receiver, has retained
Messrs Needham & LOOMS to advise him
legally in dealing with complications
which may be expected to arise in the set
Element of some of their multitudinous
accounts. j. NJ. Ball & Co., who failed
Saturday, to-day made a proposition to
creditors to accept 40 per cent. cash, and
Bal q Co. will turn over to them their
claims against McGeoch, to be realized
upon for their benefit. The balance of in
debtedness, if any, to be paid at some
future time. For the first time since the
trouble commenced there were no rumors
of new failures. The grain market opened
very weak ard with lower range of prices
than yet experienced, July wheat selling at
$L0458, and corn at $500.
In the wheat market only a moderate
business was transacted, the speculative
demand having subsidized somewhat, and
trading was largely on local account. The
fact Is, operators were disposed to operate
cautiously and watch developments. The
feeling Is still little unsettled, but taking
the market all in all much steadier than
during th9 preceding days of the week,
and trading on a more limited scale. The
receipts we're moderate. and foreign ad
vices still continue Of an unfavorable
tenor The market opened easy, and prices
early declined 4@15c, but later,
under fair demand prices
advanced 118@1lc, then receded about
= sc, fiuctuated and finally closed $8@
sc higher than yesterday. The highest
point reached by July was $1,O53l. At 1
O'Clock the future sold at 1863, but on the
call, under heavy offerings, it was pushed
down to $1.05lf, while August and Sep
TENDER suffered a decline of &c. The call
sales were 1,11OOOO bushels. Fifty-four
cars we're inspected in to-day and 5O,23O
bushels reported shipped out. Vessel room
for $4,000 bushels was engaged. The i'm
proved tone to-day was largely due to i'm
mense damage sustained to the rip
ening wheat by floods in the fertile
bottom lands in the vicinity of st.
Louis. Milwaukee advises a fair
shipping demand, AMI there are numerous
inquiries coming here which may indicate
that the property is nearing its proper
basis. Just now permanent advance is
not deemed probable, especially till the
cash wheat gets placed for the coming
month. Lester still continues to pound
on prices, offering 100000 bu., lots on the
call shade below the market. The flour
trade which has been utterly neglected
this week, is still very slow, and holders
report it useless to attempt sales, there
being an entire absence of demand for
the better grades, and shippers are only
bedding for the low grade stock and de-
manding low prices even then.h TIE de-
preston in the wheat market and the
nearness of the new crop is helping to this
depressed condition in -four, and
it now looks as though
there would be no improvement in the
trade for the present. Prices were weak
and would be shaded when by so doing
sales could be made. Rye -four can hard
~ be sold at all. Bran and all mill stuffs
were selling only fairly with the supply
liberal.
Corn ruled down the entire session. with
the exception of about half hour at the
opening. There seemed to be a good
many buying orders in the market for July
and selling orders for August, the crowd
pretty generally meeting both sellers and
buyers, thus making rather steady mar
ket. We note, however, the absence of
July offerings later in the session, but
do not think that any one
but shorts were buyers. The
country we're the principal buyers of Au-
gust, which would seem rather indicative
of lighter movement. Receipts were
lighter, and the demand for cash was about
as usual. Geo. Walker was a very large
seller of August, and we think had he not
been in the market the shorts would have
bid prices higher. Shippers were buying
fairly, but the speculative trading has fall
en- off, Receipts were fair and prices toll
erably steady, the market closing quite
firm. Early the feeling was little easier
and prices about &c lower, rallied later
abort q ;, and ruled quite steady, the mar
. ket finally closing $50 higher than on
'change yesterday, July bringing 5435c q,
541ac. On call pressure to real
ize caused the futures after July
to decline 4@38c, July held at about
5458, and 100000 bushels were sold on the
call. There was 80 cars of corn received