New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-17
AN ADVANCING MARKET IN CHICAGO
CONFIDENCE BEING REsToRED-AN ANTICIPATED
CRASH THAT DID NOT COME
IBY TELEGRAPH ~ THE TRIBUNE


CHICAGO, July 16.-Pork, lard. short-ribs,
wheat aud corn everything on the list except oats ad
vancei today considerably. Wheat stopped 1hdl%
ceuts bushel above Saturdays close. aud corn s'a
cent a bushel above. Pork tonight In 3o945 CENTS
barrel lard 15a20 cents, and short-riDs
I5GI7a cents per hundred higher than at the close last
week Confidence Is RETURNING "a prices OF lac have
been dropping rather because OF the plnieky feeling
prevalent than because OF new unfayorHble crcum
stances II IL not unnatural that there shoud be re-
sotsou favorable the bulls" the fears Of panic
away.
large operntor in produce. one Of tue
largest IN the world, gives tho following ~ his
views OF the situstion: The panic which this market
has been going IN ongh has been unreasonable. Tins
mark will not be aoqunsecd IN by out Of thou
sand OF the people who operate In produce
but It ID what | think, and ! take pains
10 inform myself upon the facts likely TO
affect the prices OF all sorts Of produce McGeoch
running corner IN lard. and had prices OF that
product too high. but when deal Ia IN existence the
people opposing become much too radical IN their
"bearishness the "bul" ia his "bellisness" Every
thing L. declining for the past four weeks, not be
cause any has discovered any fact concerning
either the supply demand but because there has been
an impression abroad that there TO be great crash
IN the Chicago provision trade and there would be in
consequence OF this crash vast quantity Of
hog product thrown upon che speculative
market TO the emergency. There has
beeu 10 crash IN the provision market hcdeoch waa
compelled 70 sacrifice his OF the packers
the holders OF the greater share OF tue hog product has
failed But the spectators sold pork and sh0rriDs down
In authorization OF the crash that did not come
think that the alarm as to this possible provision
crash is wearing of IL will have 10 wear on.
for the calamity anticipation OF which prices have
been 90 greatly depressed will not be realized.
Legitimate indueneos at work again. ssoribe,
FOR instance, tO-daY's advance and sat
urday's 20 them. Just ~ eOon az the specu-
lat0-s have recovered eqdanimity enough TO buy
or sell upon the legitimate situation Instead OF UPON the
Chance there being local failure In the provision
trade la my opinion Will prices begin seah
ly 10 advance / am familiar vita the shuatlOn IN
provisions. Tue trade was never In healthier cOnuito
/ aui bull on all kinds OF hog product ior
IL Is ceiling cheap considering the cost OF ualic
the supply and ploe Of hogs aud the demand from
cuetofnerH.'
yerts rapidly the best OF the commission aud
az the Du party Is increased the bclr party Is being
deserted There are few rich operators among the
nowadays. IL IL by them generally conceded that
there A. more risk In selling at present prices Tue OPP
eraor. who mold these views DO not cIpsct late ad-
vance In values. The majority Of them on the other
hand xpfct that for thirty lays or more ths market
will drgg that fluctuations VIII be narrow snu that
what tte advanced scored will DO taDalizng Their
views arr best expressed by the broker who SAID /:
81 feel that II bought anything now and pnt
a good margin IL could safely away and leave u
and come back and had made money. II sold
anything prices should want 10 say nehJ mere
watch for the cnance 10 get out am rather OF the
opinion that could sell ANYTHING on the list aud make
little money but ~ would thkc snarp Whtchhk huu
Juy pork closed tonight at Sl3 So August az s14,
sepeoer at SI4 10 July lard at - 60, september NJ
50 10 July wheat stopped at 81 Ola August a. 81 oS,
September 81 Ois for July closed at % cents
and for August 52l9 cents oats have become sud
denly dull, July closed at 3s cents