Daily globe., 1883-07-12
fHEAT On THE UPWARD GRADE.
CHICAGO.
ISpecial Telegram to the Globe !

very unsettled to-day, averaging higher
but selling much lower, reacting, and
finally closing not far from where they did
yesterday, wheat and pork being a shade
better. corn. oats and lard a shade lower,
the difference in any case being incon
sequential. One unfavorable influence
that had to be overcome by the bulls to-
day was the suspension announced on
'changethis morning of Stiles, Goldy &
McMahon, 1873 La Sale street. The an
nouncement caused little excitement,
though considerable surprise, as the firm
was considered by local traders to be one
of the soundest on the street, ranking un-
til lately with such houses as McGeoch,
Everingham d Co., and other big concerns.
Mr.. Stiles said he did not wish to relate
the causes of the suspension. and that it
was impossible as yet to give anything
like correct estimate of the assets and
liabilities. He was confident, however, of
resuming business very shortly. The i'm
mense number of option traders on the
books renders it an extremely
difficult task to get at the exact financial
standing of the firm. The clerks are hard
at work on the books, and Mr.. Stiles ex.
poets to ascertain the exact amount of the
firms indebtedness before the end of the
week. The firm filed voluntary assign
ment Of all their property in the county
court for the benefit of their creditors to
VIM. Jones; they filed no schedule of as
sets and liabilities An outside estimate
places the latter at $4,000, and that the
assets will quite cover them. The firm is
one of the oldest provision commission
houses on the board, and is understood to
have been caught in the heavy decline in
products.
On the board, wheat was active, and the
feeling developed was unsettled and fever
ish. Much.of the irreguIarity in prices
and unsettled condition of the market was
attributed to the conflicting nature of the
crop reports from the northwest, some
being fsttering and others less favorable.
The receipts continue small, and
the weather pleasant, while foreign
advices quoted quiet markets and reported
large stocks at the principal ports, both
of wheat and -four. The market opened
from I q Ic lower and declined an addition
all lc Immediately. but soon commenced to
rally Under an active speculative demand,
and prices advanced % 2lfc, receded later
about ! C. fuctuated and finally closed
15Q &C lower than yesterday. On the call
this was overcome by an advance of ! O $8c,
there then seeming to be little pressure to
sell and only 25, 900 bushels changed hands.
The lowest point touched oy August to-day
was 99l &c: At the close $1.0058 was asked.
Vessel room was chartered to-day to move
10000 bushels. There is a feeling of sus-
picion concerning the unfavorable reports
from the north, which it was openly
charged were sent at the instigation of the
bulls to induce the bears to cover, while
they would be given an opportunity to sell
on the bulge. 1t is noticeable that ad-
verse reports thus far have not been
sufficient to induce any of the prominent
operators to take hold of wheat in earnest,
and it would appear they believe lower
prices probable. The buyers just now are
quick to sell out and realize on slight
advance, which explains why the market
so soon becomes weak when apparently
strong. Thus far the bears see no reason
to change their opinion that it is quite too
early and prices too high for any perma-
nent advance in wheat, though the market
rules very unsettled aGd several cents ad-
vance from present prices could easily
come il q day.
Corn opened early with considerable
offered and BUYERS rather limited. This
state OF affairs continued until the report
that the GIillers' association was buying
wheat IL the northwest, when all of a sud
den twas almost impossible to buy any
option, and prices rapidly advanced &c.
At the advance renewed offerings and a
weakness in wheat served to give the
bears an opportunity to pound the market,
which they did, forcing a decline of 1c
from the top. The receipts continue small
and doubtless will still further decrease ;
the charters are large and rapidly reducing
the stock of No. corn here. Hence the
bulls are hopeful. Trading was active on
both speculative and shipping account to-
day, and scalpers were doing good deal.
The receipts by rail and canal were equal
to 398 oars the shipments were 100000
bushels, and the charters provided for
275,OOO bushels. After the first weakness
on the board prices advanced in all 1 Is c,
then became weaker under larger offerings,
receding 1 &c, huctuated and finally closed
a to = lower than the closing figures on
'change yesterday, and 1sc better figures
were given for trife under a half million
bushels on the call. Trading was begun
to-day on corn for delivery next May, a
great deal of interest being manifested
in guessing at the probable value of
the cereal at this distant future. First
sales were made at 40c, but this figure was
advanced to 44c On the board, while on
the afternoon call 45c was asked and 44115 C
bid. In one instance the higher price was
paid.
Oats were very quiet. On the regular