Daily globe., 1882-09-18
r0RE AND WEEAT INPRoyED IN PRICE.
Pork Steady and liable TO Increase i'm
Value at an Early Bay.
AN ALARMING SHORT CROP coMIsG IN.
The Consumption Greater Than the Sap
ply-High Prices Certain.
Especial Telegram to the Globe. !

III LlVerpOCl, ana the receipts were larger.
but the shipments heavier than for any pre-
vious day this month. The de-
mand, however, was moderate, and
trading light, orders from the outside be-
ing small and brokers cautious. The sales
were reduced to minimum and the aver
age fluctuations confined to very narrow
range, closing quiet at about the highest
prices. Coru opened firm, the shipments
were large, the receipts moderate and
under active demand to cover short sales
prices advanced ~ q &c. on the near op-
tions. and was active, closing at nearly the
highest prices of the season. At the close
cash No. 2 was about &C. higher than it
closed at IL o'clock yesterday. October
about &c. higher, November about 1910.
higher. and year about 1c. higher The
market opened at trifing advance over
he closing figures at l o'clock yesterday.
but under brisk demand prices quickly
took the up turn and sold with little
reaction 2Ic. over the opening on Sep
tember, 81 C on October and 1 1ic. on No
vember, then weakened and fell off
some, was again buoyant, and closed
at the changes from yesterday above noted.
The inquiry was chiefly from the shorts.
Those who had profit began to buy early
in the day, and excited the market some.
when those who had sold the bottom be-
came alarmed at the upward movement
and began to cover.
The large line of shorts did not dare risk
carrying their deals over Sunday. fearing
an Unfavorable change in the weather. In
| case of storm with cold weather and indi-
cations of frost should occur before Mon
day. the price will be doomed up fairly out of
reach, but if the present perfect weather
should continue corn will open one cent
lower OF Monday, and no doubt decline to
60 cents for October, which is now the
favorite option. Old corn is coming in,
but no new crops expected before Nov. 1st
and not in liberal supply until December.
Spring wheat was qeiet and steady.
Cash No. 2 sold at 9819c. and closed at
| 9915c.
September was quiet and year sold
| sparingly at 81. Regular No. wheat was
quiet and weak early, but later improved
some, and at the close of September was
about the same as 1t closed at eleven
o'clock yesterday.
October was &c higher, November like
wise a C higher. There was very little dis
position to trade early in the session, and
prices eased off some, but afterwards be-
came more active and frmer, influenced
by the stronger feeling in corn, subse-
quently eased of, but closed steady.
In hog products a glance at the daily
dispatches shows that we are sending out
great deal more product than we are
producing and receiving, and as
stocks are undeniably small
in the aggregate throughout the country,
and the consumptive demand large, the
stocks are being drawn down at a rapid
rate, and the indications are that we snail
step into the new packing season with
practically empty warehouses. It is true
the stock of mess pork is large, but on ac-
count Of the scarcity CT meats, it is being
consumed in a much greater ratio than
usual, and stocks of lard are being drawn
against rapidly on account of an active
consumption. Meats are so scarce that a
large amount of pork is being converted
into bacon and sent out as pork strips In
fact, buyers are free to admit that
they cannot fill their orders for meats.
even though they offered liberal premiums
over September options, and it is a fact
that for two weeks past short ribs for spot
delivery have uniformly sold at a strong
&c per pound over the prices current for
the September option. In the matter of
the hog supply we find that the receipts at
all points in the west are much smaller than
last year, the packing in the west to date
being 100000 hogsheads short of the sea-
son, or over twenty-five per cent. decrease.
Notwithstanding and rather sure indica-
tions that the November packing will fall
below the season of lSS1-S2. we find that
pork and lard have been forced down to
lower prices than were current year ago,
which seems to argue that unless prices
were high then, they are low now, and the
decline in prices was much greater than
the most sanguine of the bears anticipated.
and it is doubtful if values were not forced
lower than warranted by existing circum-
stances. For months past it is well known
that outside operations had been dull on
provisions. They said there were rela-
lively small stocks on hand. and
steady decrease on the same. The
new hay crop was a short one. and they
have built opinions on what no doubt
seemed to them legitimate foundation |
But the great trouble was the product was
owned by too many, and when the sharp |
decline set In, margins were called in so |
freely that holders brcame nervous and a |
large amount of property was forced to |
sale by the absorption of margins and the
timidity of holders. Had the product |
been held by a few strong parties, the re-
cent drop would not have occurred, but |
the owners began to run, and losing their |
courage. sold out. The stronger ciGss otf |
operators saw their chance TO get hold ot |
the stock al lower prices. 50 offered round |
lots for future, SO as TO help the market |
down. 1t is surmised that the stock on |
hand are now largely owned by few, and |
for the time being there is more stability |
noticeable. There is no doubt that all the |
produce will be wanted for consumption.
and it is fact that before the dron buv