New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-13
TIE CHICAGO MARKET.
PROVISIONS FALL IN PMcE-UNFoUSDED RUMoRs
OF FAILURKs-wHEAT srEADY-CoRN ADVANCES
LEY rEIRGRAPH THE TRIRuNE.l


OF FALUREs-wHEAT srEADY-CoRN ADVANCES.
fBr TELEGRAPH TO THE rRIsUsEi
CHICAGO, July 12.--It was another very try
ing day for the provision men. Pork dropped soa9o
cents per barrel lard 5000 cents and short ribs 3o4o
cents per hundred pounds
Ramcrs OF failures current from early morning
hat finally these centred upon single concern, Messrs
Davies Atkinson a Co, very large English packing
and commission firm. The story of it's embarrassment
stuck tenacousy spite of densls that
great alarm finally followed and there was
partial revival OF the late panic about
the provision pit The house pronounced
the story without foundation and finally treasured the
street far concerned its credit II sent its clerks
20 such houses had trades with IT, especially TO such
houses had not called II for margins aud announced
that it fully prepared put up all the money that
asked aud pay all claims. II told its friends that
hestancy need be felt In calling" margins as the
money in bank more than sufficient by good deal
to July protect every trade. The Chicago Packing and
Provision Company sold enormously during the day and
also called margins very sharply IL was said that
call for $4,000 made upon Fairbanks and another
single call for $4,000 was made upon u commission
house. The selling and calling" together helped to
demorahze the market. which was already ratified by
concerning Dawes, Atkinson & Co. The
mission firms after responding 20 the "calls" teic-
saphed TO their customers for money and in the
where forthcoming the proper ty went
overheard.
Provisions kept tumbling from the opening figures,
which lite aJoye these Of last nignt, until, a.
above written, pork had declined dollar barrel ana
Lard considerably o dollar ercs, uat haif tie
stnoet believed That there had really been great fai
that other calamity had osfalen it, Final
~, tarOngn the OF the firm against which
the directed and perhaps. because there
began be little buying back prices ralIiedpork 2o0
80 cents barrel Lara aud short ribs however, closed
at about the lowest prices IL is not unnatural that
there should be fears OF failures about the vision pit
that the crowds should watch the packers who be-
eved to be loDg o. pork lard and short ribs, for the
first sign of their financial weakness Tue people who
watch blackboard, nor patronize q commission
house, GabOe IN produce know that there is SEN
saona disparity between the prices which were asked
for provisions the day before McGeOch failed and
now. But they likely are not aware that within the
past weeks The decline IN pork has mucn
exceeded the drop which followed McGeOchs collapse,
ana that tue decline in lard within the same time mas
been pound about - 90 per fierce. The
urher tue values uepreclae the more serious becomes
OF course ts position OF the losers per-
haps could well stand a drop OF SO per
barrel ia pork may be embarrassed g. when men
dropped thls distance within last thirty days.
Ine banks must OF necessity All the while
PROVISIONS or else must be withdrawing part of their
money. fortnight ago they were advancing IS 80 on
lsrd receipts Already is down 10 rs 20 and tue DaAAs
viii now loan only ~ 80 on IL Pora upon which the
banks at first OF the month advanced $l4 Is now
down TO $l3 Wheat within tge same ne has cropped,
PROBABLY out OF sympathy cents per bushei PORK
follows: July, $lS; August, %l3 10; aud Sep
tender, Sl3 80 July lard stopped 90 August at
80 27 aud September al s. Az July short RIBS at So TO
ana August at $6 6I42
The tOTer BroLners said to be the heaviest lard
lOngs aud be all The while buying IL s said that the
EngiIshuen bent upon getting back al the James
Wrght 90. brand of prime steam lard cost what IL
WILL Ghsi they may put stop 10 the lard iGVcslga-
tOD IL the directors should IND them guilty OF adult
Grafton, whoever held 1t would begin suit for
damages. By going "long" the Fowlers
pretty certain TO get their lard
August l. Al any rate, whether for this
for the Fowlers. long lard
for August than any other concern here. Mnat
Armour soing dot He is Shipping cut meats and
pork with extraordinary euergy even for MIN.
There not few here, wAich by the way
always suspicious OF Armour VINO firmly believe that
he Is engineering squeeze III the August Septen-
Der OnS OF pork 10 recover enormous losses
the property.
Inc "pOinter" was very literally given this morning
to Guy sid" Kent, fl my seriously hin ted.
proper thing 1t Was SAID, was to tan on. There
enough " tall on 10 ADVANCE the nSures Tor August
from 514 cents 10 52a5 Tne closing figures
not the highest OF tho day, but the grain was
strong all day, and the close wss
tribe better than yesterday. July
stopped at 515s cents, and August at OF cents Lind
blom continues to " bull wheat sngie.landed. Inc
range OF lis ueuation 202 cents ABOUT as 1t mas
Deen OF laIe. Ii clOsed moNay between the top and
bottom figures OF day. ana just little under last
nights ngures July stopped 9S12 cents, August at
81 00ls, and september at 81 OZ1s