The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-06-25
THE MARKETS.

CHICAGO, June 23.-Rodiger = Co. Is
weekly market summary says: Last, week
closed upon as severe panic as the Board of
Trade has experienced in many years, the
same having been caused by the failure Of
McGeoch, Everingham & Co. The events
preceding and attending this catastrophe
have been so thoroughly and widely venti-
lated that there is no need of our detailing
them again. The fact Armour, Hutch
inson, Kent, Fairbanks and other capitalists
having thrown themselves into the breach on
Saturday, to stop the downward rush by buy
ing all the provisions offered by the panic
stricken crowd, made the majority of Board
people hope on Sunday that the worst was
over, and Monday opened with at least a
partial restoration of confidence, which was
reflected in a sharp recovery in prices
throughout the list, the bears of Saturday
being as anxioas to cover on Monday as they
had beon to sell on Saturday. The
great depreciation in the value of
hog products on Saturday had, however,
seriously crippled and embarrassed many
heretofore strong houses; these took advan-
tage Of the reaction to realize on what they
had carried over from Saturday; again those
who had bought at the extreme decline sold
on Monday 20 realize, and finally the bears
encouraged by their success on Friday and
Saturday, commenced a systematic attack ON
the market which subsequently carried prices
even below the panic figures Of Saturday and
caused several houses to succumb which had
weathefed the previous storm. Wheat which
had maintained bold front up to Monday
was now attacked and hammered by the
bears, who spared no means to cripple the
bulls, and though the market shook off its as
sailers repeatedly during the week, they as
often returned to the charge and finally
brought prices down this morning
to the lowest figures since April
8, when July wheat sold at S1.031s
There is no use in denying the fact that the
bulls in wheat are too badly demoralized tc
resist the more confident bears at present
The fact that the time is approaching wher
new wheat will appear, and that we shall
probably enter the new crop year with
large stock of old wheat ON hand, makes
buyers timid On the other hand it should
be remembered that prices have already suf-
tered severe shrinkage, and that farmers
are not likely TO rush their new crop forward
this year in the face of low prices and short
crop, but will hold for higher prices later in
the season, SO that any accumulation will
probably be gradual, Judging from events
to-day, prices for wheat are likely to be
lo~er next week unless nfavorable weather
should endanger the growing and maturing
crop
Corn was depressed in the early part of the
week, July selling at 529sc on Wednesday
but has since been steady at an advance of
@1Hc, and closed firm. While receipts have
fallen of, steady demand for shipment CON
tinues the visible supply showing but an in
"ignifcant Increase, in spite of recent heavy
receipts A shortage of l3,0O0 600 bushels is
claimed for July In outstanding contracts 1t
Is also stated that heavy rains are seriously
endangeiing the growing crop.
Oats continue heavy, owing to large re-
ceipts and the promise of bountiful crop
Provisions were very weak on Wednesday,
with sales of July pork at 1850 in conse-
quence of the suspension of Geo. Stewart &
Co, but have been stronger since. 1t is said
that Armour has the market under full con-
troll