Daily globe., 1883-07-18
THE M'GEOGH COMPROMISE.
Provisions Becoming Healthier in Tone
and Gaining Ground DAILY.
PRICES ON WALL STREET.
The Raid OIL ManitOba-NOrther Pa
ciffc Firmer-Future Indications.
CHICAGO.
Especial Telegram to the Globe.1

corn and oats, have been buoyant to-day
and sharp advances have been scored.
The beaIs have experienced little scare,
while the bulls appeared more confident
than at any time since the break.
The wheat market was characterized by |
great strength and buoyancy to-day, the
influence that led up to this being de- |
cidedIy the better tone of all outside mar
kets, good shipping demand for the cash |
property and condition of the trade, who
were evidently caught largely short. The |
argent demand was met to some ext ent by
the longs selling their holdings and secur-
ing profits, fearing when the market be-
came evened up prices might turn down
again. 1t looks highly probable now, the
ball hauing become fairly started, that
prices will be advanced still further. Some
heavy lines of long wheat are being held
by strong parties for much higher prices,
Another dull day has been experienced
in the corn market. The strength in
wheat has served to support prices,
in the face of larger receipts and smaller
charters. As it is, the wheat market shows
an advance of about &c from last nights
close, while corn remains at the same
notch. If the upward movement continues
in wheat and provisions, it will effect this
market, but no decided change can take
place until sufficient orders come on the
market to put some life into the deal.
Oats continue weak under excpellent
crop reports.
In provisions the speculative demand
was prompt at the opening and as the
shipments of lard yesterday footed up
5000 tierces the bears had to work to get
under cover. Brokers were taking every
thing offered in each line and by the time
the purchases were at last assigned to
Armour, the yellow fever scare had given
way to belief that big advance was be-
fore US. New York commenced selling,
and scaled her orders up, but the rise
caught her and took what she had to
sell, while as the advance in
wheat became lively, it became evident
that Plankington and Armour were buying
that as we'll. There was vast improve
ment in the tone of the market at the
close. but on the street the edge of the
bulge was little dulled, a great deal of
curb trading being done at somewhat low
er than O'Clock prices. 1t is predicted in
some quarters that there will be somewhat
of L reaction tomorrow and that free sell
ing by those who have a good profit at cur
rent values will induce lower prices. There
has been z rUmor on the streets for some
days past that the McGeoch settlement
might eventually fall through, on account
of the inability Of McGeoch to secure the
large sum OF money which it will be nee
essary for him 10 place in the hands of re-
ceiyer Bensley in order to enable the latter
to pay the compromising creditors the
sum Of fifty cents on the dollar, which
they have been promised. If McGeoch
himself is an authority on the sub
ject, however, the rumor is
without foundation. In fact when
questioned this forenoon concerning
the status Of the matter, McGeoch said at
Milwaukee to-day: 1--WE are negotiating
for q portion of the funds, and are in hope
that all Will come out well. You can safely
say that the money viii be raised and will
go down to Chicago right away" TO
day" was asked. mo, not to-day" "What
day, then:' Well don't know what day
exactly. There are still some preliminary
points at Chicago to be arranged, you see
but when the preliminaries there are all
through with the money will be forth
coming"
Daniel Wells, rJ, ,this afternoon executed
mortgage on all his real estate in Mil
waukee to the Northwestern Mutual Life
Insurance company for $15O,OOO. This
money will at once be sent to Chicago to
help pay the McGeoch settlement. ''The
creditors of McGeoch, Everingham & Co.
are not being paid off to-day said ]. R.
Bensley, the receiver for the firm, shut the
money is expected from Milwaukee before
the end of the week, and directly it comes
the creditors will be paid. There was q
little difficulty with some of the banks
who were unwilling to give up their col
laterals, on the ground that the fifty cent
payments should be simply credited on
the deficit, but that matter was all salts
factoriIy arranged. 1 have heard nothing
of report crediting one of the banks
with losing $4,000 through holding on te
its collaterals through the decline, a
spoken of, yet such thing might occu
and not know 1t. McGeoch denies tn
story circulated by newspaper cor
respondent that he hedged to the extent o
$4,000 by short sale of lard, secretl
made through a Chicago commissio,
house on the eve of his failure"
W. W. Miller, formerly in the commits
sion business in this city, was held to tn
United States grand Jury by COMMISSIONS
Hoyne to-day on the charge of using tn
mails for the purpose of accomplishing
fraud. His accuser was Postofic
Inspector Dan Ray, through whose exel
tions the postofice department was en-
abled to break up the bogus commission
houses in the city, which had swindle
thousands Of people in the country out O