Daily globe., 1883-07-11
GRAINS GAIN LITTLE STRENGTH
They Seem to Have Cut Loose Entirely
from the Provision Deal.
ANXIETY ABOUT THE FUTURE
Little Trading and Lower Prices in
stocks Oh Wall Street.
CHICAGO.
Especial Telegram to the Globe |


ed bottom yesterday, they broke again
heavily, pork selling a dollar under where
it closed yesterday, with but slight reac-
tion at the close. Armour is credited with
being the main cause of the depression of
hog product, he having sold heavily
through brokers since Saturday and
brought the matter to a elimination to-
day in general shaking out of long hold
ers On a very pan1cky market. The pre-
vailing weakness found its way into wheat
and CON. carrying both down, despite
their Inherent tendency toward frmness,
but shortly before the close they cut loose
from provisions entirely, rallying sharply
and scoring a good advance over yester-
day.
The Illinois department of agriculture
has just received full returns from all
counties of the condition of winter wheat
on the 1st day of July. These show but
little improvement over the returns
of April, May and June. The
reports indicate that the crop of winter
wheat in this state will not make much
over 100000 bushels or 100000
The official statement issued to-day
shows that Chicago elevators contain
5,995,0G3 bushels of wheat, 2,211,612
bushels corn, 523 $40 bushels oats, 641, ,247
bushels OF rye, and 20,410 bushels barley.
AS compared with last week the above
statement shows an increase of 24,526
bushels rye aud decrease of 84,398 bushels
halls hnc al
oats, 49,536 bushels rye and 198,6SO
barley.
Failing in its attempt to get back by
bill for injunction the market quotations
which were cut off some months ago, the
Chicago open board of trade has
filed petition for mandamus to
compel the Western Union Tele-
graph company to furnish the market
quotations. The complainant AYERS thai
the telegraph company is both as to its
commercial news dispatch department and
general business a common carrier, bound
to treat all alike, and unable TO make dis
elimination or withhold information of
the market quotations it collects and fur
nishes throughout the country. 1t has,
however, for some time refused to furnish
any sucn information to the open board,
and the latter asks for mandamus to
compel compliance.
TIE last Chicago creditor has signed the
MoGeoeh compromise, but it will take
some time to settle with the horde of coun-
try creditors.
Ulrich King, Nichols assignee, and one
of the bast posted men in the provisions
trade. stakes his reputation on the predic-
tion that the product has now touched
bottom.
Trading in wheat on the board to-day
was quite large and an unsettled feeling
was developed, prices averaging lower
early, but closed higher. The receipts
were small, but crop reports were
encouraging which, with the weakness in
provision circles, brought out quite liberal
offerings; hence the decline. Shorts took
hold quite freely with each decline, which
caused a reaction from inside figures, and
shortly before the close the market be came
excited, advancing rapidly. The sudden
and sharp advance was due to shorts COW
ering, influenced by the unfavorable crop
news from the Red River valley. The
market opened 14@15c lower and declined
about 34c additional, then rallied in ali
with several fluctuations about &c, fluctu-
ated aad finally closed 20 q higher than
the closing figures on yesterday. The bulls
were large buyers at inside figures. On
call prices were shade higher, and l, $50,
900 usheIs were sold under good demand
July closed at 80, sellers having touched
9615 at one time during the day, and Aug
ust at I.))%. Olly % cars were received
to-day.
Corn was moderately active, but the
feeling nervous in sympathy with wheat
opened weak and &c lower, and although
the weather was fine and all crop reports
favorable for a large yield, the demand tc
cover shorts and fill speculative orders
from buyers who imagine that there will
be a so ueeze on cash and near futures, and
receipts will soon fall off, sent prices UP
1@116, above inside figures. Liter the
decline in provisions appeared to have
some effect on the market for corn, anG
under large offerings prices again receded
about q c, fuctuated and finally rallied
very suddenly just before the close amit
considerable excitement to point 3
above the inside figures reached, due large
ly to liberal freight engagements, and
closed 14@1$sc higher than on 'chang'
yesterday. Call values were trife better
and the feeling quite firm. there were AL
cars reesivsd to-day, Prominent receivers
say We may expect light receipts
of corn for time at least. and this vii
have a buIlish influence. The shipping
demand continues, and our stocks in stor
are now reduced 10 less than 1,200,00t
bushels of No. 2, part of which has beel
bought foc shipment.
For oats there was a steadier market
Cash NJ. , sold about the nominal closing
price of yesterday. The demand Wa