Daily globe., 1883-06-18

OWNS Un6 street railway. OUT IL Is SdlQ TO
be in his wife's name. He was reported to
be millionaire. Very little sympathy is
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
CORES pondent: Il 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. 1 have
bought to the extent of millions, but l
don't know whether 1 will make anything
or not. 1 went into it to hold up the mar
ket. 1t was all l 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
rounds to the effect that the examination
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 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,000, 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 of!thousands.
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-
tidence 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 were 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. It 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. FIuc-
tuationS were unusually rapid and severe,
and parties having stop orders to execute
we're unable in some instances to do so at
the figures given. Prices declined about
2@2Ic below the closing figure es OF
Change yesterday, a 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 to
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@1%c, receded again 1@115c, auctu-
ated and finally closed 118@14c lower for
July and August, but only 15c lower for
September than on change yesterday. For
about an hour the business was fairly wild.
4 steadier feeling was gained in the after
noon, when the scarce was partially over
and July was held at $109, with S1.O858
bid. Lindblom, who, by the wsy, appears
TO have been heavy seller yesterday and
to-day, thinks that if anything was needed
to establish the fact that wheat is OF 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 a reduction Of 100000
bushels in stock, the market opened "a
$50 lower, ruled easy, lost 38@58 more.
iuctuated and finally close1 q q &c 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
ore-half million bushels. The receipts
were 536 cars, and the vessel charters only
10000 bushels.
There was a quiet and lower market fo-
oats. The attractions in the leading mar
kets were so great that the attendance of
operators on the oat market was small.
For week or two past liberal speculative
and shipping business has
befn done, and there has
been a natural reaction il the trade
being influenced by the depressed feeling