Daily globe., 1883-07-10
EVERYTHING OFF.
A Day Of Panic in All the Mark cts on
the Chicago Board.
WHEAT DROPS 215 TO2 as CENTS.
The Pins Knocked From Under Corn
and Oats Likewise.
PROVISIONS EXTREMELY PANICkY
Mess Pork Drops a Round Dollar a
Barrel During the Day.
BELIEF THAT BOTTOM is TOUCHED
Stocks Unsteady and ndLOwer--The Class
Operating in Wall Street.
PROVISIONS EXTREMELY PANICKY
Mess Pork Drops a Round Dollar a
Barrel During the Day.
BELIEF THAT BOTTOM Is TOUCHED
Stocks Unsteady and dLOwer--The Class
Operating in Wall Street.
CHICAGO.
Especial Telegram to the Glob,. !

was the scene of a small panic. NL|ody
wanted to touch products at any figure.
Everything was demoralized. The grain
men say provisions broke their market,
and the packers retort that their prices
broke because Of the stampede in corn and
wheat. The latter grain weakened on re-
ports Of failures in the grain trade abroad
and free arrivals from the new crop n st.
Louis, the only support being less favor
able crop reports from California, which
were more than compensated by an i'm
proved condition east of the Rocky noun
tain5. There was no shipping demand of
consequence, only three cars being in
spected out of store. The Liverpool and
London reports were unfavorable, Eand
prices opened 15@4c lower on basis of
$l.02 for August, SOON declined to $1.O115,
but there was free buying by the bulls. in
Guiding Lindblom & Co., Fairbank & Co.
and G. G. Walker & Co. This frightened
the local shorts, who bought freely. The de-
mand thus created advanced prices to $1.02,
but when the shorts were filed the demand
was less urgent and prices settled down to
$3.50, and closed at p. m. at 995ac. The
deferred futures were equally weak and
irregular, bulls feeling it impossible to
sustain prices with absence of outside
support. The panic in provisions also had
depressing influence on grain. Quite an
active business was transacted. The
weather was cool and favorable for the
growing crop, and crop advices were en-
couraging; the receipts were fair, and
there was scarcely any shipping demand.
The market opened about 15c lower and
ruled steady, prices fuctuating within
small range, but shortly before the close
the speculative offerings we're increased
very materially, and with only light de-
mand prices receded 2@215c per bushel
below ouside figures reached, and finally
closed about 215@258c lower than the
closing figures on change Satur-
day. The cause for the heavy
pressure to sell and the large
offerings coming on the market.
all at once could not be ascertained, though
various minors were circulated, one being
that hot corn had been received IN New
York. On the call there was tride more
confidence and 80 &c more was offered
than at 1 o'clock. Some 1,25O,OOO bushels
were sold on CALL There yet seems to be
no one willing to buy and hold, and the
large amount here in store until moved
out is almost sure to drag down in price
the entire crop. The talk is that cash
wheat may sell at 90Gsin this market be-
fore any advance will become permanent.
The -four trade is again brought to a
standstiIl The market is still very dull
and there is no prospect for any improve
ment, with buyers scarce for any grade or
quality, and there is little expectation that
we will have much improvement until the
new wheat is ready and dry enough for
grinding, the trade having fair stocks on
hand and outside buyers have no orders at
near present quoted prices. The produc-
tion has been light all the summer, and is
not over one-third the capacity of the
miks of the west, but even this small
quantity cannot be worked off, and there is
quite pressure to sell and clean up the
old stock before the new begins to move.
The improved wheat prospects and the
lower prices for the same, and predictions
for still lower prices, has had the effect to
and few are willing to make investments
while the prospect is so poor. Home deal
ers are taking only enough for immediate
wants, and shippers and exporters are out
Of the trade entirely. Rye -four was very
dull, and could hardly be sold at all. Bran
and all millstuffs were in only fair supply
and doing better, with bran improving 81
per ton for the week, or $10.5O per ton.
and other kinds to a light ex
tent. There we're received here during
the week $3.50 barrels of -four, or
10000 more than during the same period
of 1882 The shipments amounted to
1872 barrels.
Corn was active and the feeling decid-
edly unsettled. Early in the day there
was a good business transacted on specu
lative account, and the market ruled rather
firm, prices advancing about 1ac over open
ing figures, then eased off a trife, and
ruled steady for awhile, but shortly before
the close of the session the market became
very weak, under heavy pressure to sell
and prices declined quite rapidly to a
point about 315c below the outside figures
reached. The buying orders were all
pretty we'll filed early, and when the top
prices were reached the demand fell off
very materially. Shippers DO ught fairly.
The market closed 15s@1Ac lower than
closing figures Saturday. The weakness
in provision circles and other local causes
were advanced as the cause for
the break. No. 2 was in
fair request and sold early at Sig
5115c and fair trading within this range,
but later broke off almost instantly to SOC
without giving holders a chance to sell,
and closed at about 4914c. On call prices
we're frmer and 4@1S c higher. A mill
ion bushels were sold. August recovered
from 1870. where 1t stopped at 10 O'Clock,
to 5O3$c. Prices early in the day were at
the highest point reached in the reaction.