Daily globe., 1883-06-17

expressed for him, as he was himself a
"Wrecker."
Daniel L. Wells, of Milwaukee, was
known to be backing him, and is undoubt-
edly large loser. Armour was supposed to
be lending his sympathy to the corner,
but this is shown to be untrue. He is re-
ported to have cleared nearly million
to-day. Regarding this he said to your
correspondent: 81 have been too busy to
make or examine any calculations. Ny
men have been on the board all day,
and are there now. They have taken
in everything that was offered. I have
bought to the extent of millions, but I
don't know whether 1 will make anythi ng
or not. went into it to hold up the mar
ket. 1t was all could handle, but the
prices are going up again, so that the bur-
den has been borne"
Fowler Bros. were asked what they
thought of the rumor that was going the
into their alleged lard adulterations was
all move on the part of the board to give
McGeoch time to tide him over his en-
barrassment, but refused to say anything
against ther fallen:enemy. McGeoch loses
81 a tierce on his lard. He says: ''It is
calculated that the same loss fell on over
100000 tierces of cash and July stuff, to-
tai of about $3.OOO,O0O, of which the coun-
try must stand large share. Of course
somebody has made this, and many are
: the fortunate ones here who are reported
to have cleared several scores oflthousands.
The collapse is the climax of the general
want of confidence that has prevailed for
some time past, during which prices have
been steadily declining. The want of con-
fidence is owing to several circumstances,
one of the chief being the charges of adul-
teration in lard and the investigation that
has been going on in con-
nection with these. Another
is the entire absence of any cash demand
for pork products, and consequent accu-
mutation of stocks in the hands of holders
who we're unable to carry them and whose
anxiety to realize has caused total disor-
ganization of the market. The shorts have
been holding off, expecting a break, and
the transactions for the last eight days
have been very light. 1t is believed there
will be a rally next week, although the for
mer prices are out of the question.
OTHER MARKETS
were of course affected. A large speculat-
i've business was transacted, and the feel
ing was greatly unsettled within a
materially lower range of prices. Fluc-
tuations were unusually rapid and severe,
and parties having stop orders to execute
were unable in some instances to do so at
the figures given. Prices declined about
2@24c below the closing figures on
Change yesterday, portion of which was
established yesterday afternoon. The re-
ceipts were larger and foreign market ad-
vices were unfavorable. Besides the sharp
decline absorbed a good many margins
which caused good deal of long wheat tc
be thrown on the market. At the opening
the market was about 15c lower than the
closing figures on call yesterday, then
fuctuated slightly, finally declining &c,
then rallied sharply under an
active demand from the shorts
14@1Isc, receded again 1@118c, fuctu-
ated and finally closed 118@14c lower fo1
July and August, but only 15c lower fol
September than on change yesterday. Fol
about an hour the business was fairly wild
A steadier feeling was gained in the after
noon, when the scarce was partially oYel
and July was held at $1.O9, with $1.O8%
bid. Lindblom, who, by the way, appears
to have been heavy seller yesterday and
to-day, thinks that if anything was needed
to establish the fact that wheatis on a solid
basis, it was furnished to-day when the
failure of McGeoch did not estab
lish lower qutations, supplement
ed as it was by smaller ones. He
considers the break of yesterday due to
the same cause. McGeoch sold wheat
largely yesterday, and other parties who
were in position to know what was coming
did the same. The bears, however, claim
that next week will bring still lower
prices.
Corn was weak and in sympathy with
other articles. and although the weekly
movement showed reduction of 100000
| OUOAOAo IL SbOOhS phO 1AAhlh hOO OpOLO0 n "
! $8c lower, ruled easy, lost 35@5sc more
fuctuated and finally closed 20 Bc lower
than yesterday. On the curb later July
was held frmer. Corn is now the dearest
article on the board. The hot and forcing
weather, larger receipts together with les
sened demand, were enough to have caused
the decline without other influences
Shippers to-day bought only moderately
generally only to complete cargoes, and
offerings exceeded the demand, although
the shipments each amounted to nearly
one-half million bushels. The receipts
were $50 cars, and the vessel charters only
| 10000 bushels.
There was quiet and lower market for
oats. The attractions in the leading mar
kets we're so great that the attendance OF
| operators on the oat market was small.
For week or two past liberal speculative
and shipping business has
been done, and there has
| been a natural reaction in the trade
being influenced by the depressed feeling
which seemed to pervade the markets gen.
orally. There was decline in prices for
cash on all deliveries, No. 2 cash was 15c
1