Daily globe., 1883-06-30

UNDER A DOLLAR.
July Wheat Sells at Chicago for Less
than Dollar Bushei.
A PROSPECT FOR LOWER PRICES
A Weak Corn Deal and Prices Suffer a
Further Decline.
PROVISIONS SOMEWHAT BETTER
A Healthier Tone to the Speculation in
Stocks ON Wall Street.
'ROVISIONS SOMEWHAT BETTER
CHICAGO.

Special Telegram to the Globe
CHICAGO, June 29.-The strongest mar
kets to-day have been provisions, which,
despite the Generalization in grain,
closed. but trife under yesterday, and
when pushed down in the general decline
bounded up again in short order with
very encouraging show of life. Wheat
and corn appeared to have no bottom. the
JHly option in both going begging for
akers, and August being regarded with
great suspicion. The bright weather,
warm and pleasant, promising favorable
conditions for the winter wheat harvest
now in progress, and just what corn needs
together with lower prices in New York
and Liverpool and fairly good crop re-
ports, caused weak and heavy feeling in
all articles at the opening on change,
which was increased by rush of selling
orders from the country where the absurd
rumor that Phil Armour had failed or oied,
or something equally unlikely had just
reached.
Wheat opened at 982lc, July advanced
by eighths to 1901 from which point it
receded to 80 &c at l o'clock and on the
call broke sharply to 9815c or 115c less
than it was left on call yesterday. August
opened at 1. O158 against close of $1.O2%
reached $1.O2 and by o'clock was back
to $1.O138.
Corn opened at SIC July, 10 under yes
terday, and ended the day at 5Olc. "There
is no telling anything about the markets."
said member of the firm of II. P. Wad-
names Co. 'Wheat fops up aud down
so fast you can't handle it. am a bear,
but can't tell when bottom is reached. I've
been looking for long time. When we
think wheat is on the upturn and every
thing is safe, something knocks prop out
and down she comes. Pork and lard are
out of sight. A very injurious
thing for our market is
the rumored failure of such houses as Ar
mour's. It's ridiculous. He has bought
an immense amount of lard I admit, but
he has also sold it again. It is not on the
market, but gone to the actual consumer.
H5 has got the money for it and is per
fectly safe"
"The statement of McGeoch's affair.""
said Mr.. Jno. R. Bensley, the receiver, to-
day will not be out before the mid die of
next week. I cannot see that investiga-
ton materially changes the showing. The
| liabilities are $6,00O,000. The banks who
hold say $4,OOO,OO0 worth of lard ar g
aboat secured. The others are not. Moth
ing further can be said now'
The state board of agriculture has been
figuring again on crop prospects, with
the following results: The estimated in
crease in the acreage of corn over that of
1882 Is about per cent, making the area
of the state for 1888 over 100000 acres.
The condition indicates three-fourths of an
average yield. The May reports indicated
yield of 20,000000 bushels of winter
wheat and the returns for June show a
reduction of the crop equal to 100000
bushels. The area of oats has increased
10000 acres, making this years crop not
| far from two and one half million acres,
which are expected to produce 700, 100000
bushels. The condition of rye has i'm
proved. Flax, rye and barley have fallen
off 10 per cent. The decrease of per
cent. in the area of spring wheat planted
makes the area this year $4,000 acres
The aggregate trading in wheat to-day
was quite large on speculative account, but
there were times at which the market ruled
rather quiet. The feeling developed was
very unsettled, and prices irregular during
most of the session, and early in the day
decidedly weak. The market opened from
| 14@11ac lower, and very unsettled, fol-
lowed by an immediate further decline of
the weak feeling which set in yesterday
afternoon; besides, corn was heavy, and
there was general pressure to sell at the
opening. The decline, however, brought