Daily globe., 1883-06-25
CORN SHOWS SOMEWHAT BETTER.
A PANICKY FEELING IN WALL ST.
CHICAGO.
Especial Telegram to the Globe. I

Special Telegram to the Globe.
CHICAGO, June 23.-The better feeling
noticed yesterday on change was main
tanned to-day, and although prices were
still on declining scale and wheat touch
ed the lowest point yet reached in the mar
ket, there was no sign of panic or rumor of
failure. Matters have again returned to
their wonted order and decision. The an
nouncement that another OF the suspended
firms, that of J. NJ. Ball & Co., had settled
and resumed, had a favorable tendency,
and ii is now pretty generally believed
that there will be no more failures arising
out of the recent troubles. The basis Of
Ball u Co.'s settlement is 40c cash and the
turning over to their creditors of all their
claims against the estate of McGeoch, Ev-
eringham Il Co., so that if that pays 6Oc
the creditors of this firm will receive 1OOc.
on the dollar, The export demand for
pork products noticed at the beginning OF
the week has continued till the close, and
has done much to relieve the market from
surplus offerings while the feeling is grow
ing confidence. The impression prevails
that nobody will attempt to run another
corner in any commodity during the pres
ent season. This will likely prove a death
blow to corners, and if 1t does it will have
been "blessing in, Disguise is common
remark The business atmosphere has
been cleared by the storm, and everybody
seems to think he sees clear sailing ahead.
IL will still be some DAYS
before any announcement can be made of
the actual condition OF McGeoeh, EEering-
ham & Co.'S affairs. The clerks are still
busy reducing the accounts to order, but
have not nearly completed their task yet.
and creditors will have to possess them
selves in patience for some time longer
before a statement is received by them.
McGeoch has kept out of the city all the
week, and it is said that he is so shaken by
the complete collapse of all his schemes as
to be still unable to leave his house. Re-
ceiver Bensley to-day stated that the situa-
tIcn has not been exaggerated by any
means. The liabilities, he found. were
enormous and might reach $4,000 900. He
could not promise dividend of so per
cent, or that the firms affairs could be set
tied up within three months. promi-
nent broker believes the unprotected credit
ors will not get over 10 per cent, while
Armour pretendS to believe McGeoch will
pay IN full. j. M. Crafts & Co. say they
owe $4,000 and have $4,000 to collect.
No estimate can be formed as to what por-
ton of it can be gathered in. Their re
sumption depends on collecting. M. S.
Nichols u Co. say they are paying differ
ences just ds fast as accounts can be made
ont and boua
days. They calculate to be all right by
Thursday next. Ellis & Lightner are
unaoIe to tell yet where they stand,
but hope to make statement Monday
Wheat was by all odds the weakest COM
modify dealt in to-day. Aside from Lind
blom d. Roche there seems no one on the
"buIp side to sustain the market. ard
prices are gradually but surely falling to
point where consumers must come and
take the property. thereby relieving the
market of its heavy burden. Yesterday
there were several large short lines caused
by Lester, Driver and Irwin, Ore & Co., and
seeing no immediate prospect for advance
they were selling to-day. The old time
friends of wheat when it was twelve cents
higher have all departed, and the dispo-
sltlon IS becoming general to allow the
market TO find natural legitimate basis.
Still almost any day there may be cry
of rust or chinch bugs. On the
board there was at times
moderate trading, but the market
generally ruled quiet and the feeling was
weaker Not many orders were received,
but the local speculative element were also
disposed to trade conservaUively. The re-
celpts continue fair and there is no ship
ping demand to speak of. The market
opened about 20 38c lower, ruled tenn
porarily firm, but then became weak under
fair offerings and no special demand, sell
ing off 118@1$8 cents per bushel, rallied
about &c, fuctuated slightly, and finally
closed 1 &c lower for July, 158c lower for
August and %5c lower for September than
on change yesterday. July wheat started
out at $1.O5, sold $1O54, then slumped
off to $1.O4, and ended the day only &c
above the inside figure. There were
-elghty-tive cars inspected and 10000
bushels reported shipped out.
Corn held up much better than wheat.
An active demand by shorts made rather
firm market during the day, but in the face
of large purchases the close is below open
ing figures. In the last few days so many
shorts having covered one of the principal
features TO hold prices up is out of the way
and if no upward movement should take
place 1t would naturally seem the ''bears'
would desire to again put out their lines
From the southwest crop reports are not at
all encouraging. but this seems to have no
effect towards bulling prices. The receipts
were 3e- cars, the shipments reported
100000 bushels, and the charters
$4,000 bushels The shipping de-
mand was limited to-day. The
market opened 80 &c lower than yester-