Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-05-17
HOG PRODUCTS TAKE A TUMBLE.
Big Dealers Letting Go to Spit ON Their
Hands and Take New Grab.
STOCKS BADLY DEM0RALIzED.
The Coming Bulge Predicted but Prices
Still Receding.
CHICAGO.
Especial Telegram to the Globe. |

pork 1t was another bear day all round,
all markets being weak and feverish, but
pork was the worst sufferer. The break
was caused by heavy selling by longs. Ar
mour's brokers unloaded large quantity
of pork ana this fact induced scare, 9th
er holders joining in the selling. The first
report was that Armour was tired Of hold
ing for an advance that failed to come, but
the shrewder operators believed it to be
move to give some life to the provision
market, which has been very slow lately,
there being little speculative trading and
smaller call for cash product. To start
the ball moving prices are let down few
notches.
The corn market is receiving support
from David DAVIS & Co., who have taken
hold on the bull side. Besides advising, it
is said, their correspondents at other
points to buy on their account, they are
buying heavily here. They and others are
also shipping large consignments east.
The movement east has become so large
within the past few days that it is thought
it is in excess of the legitimate demand,
and for the purpose of reducing the large
accumulated stocks here and exerting
bullish influence on the market. To-day
the lake charters alone were nearly 100000
bushels, and so far this week have amount
ed to 100000 bushels.
Wheat took further tumble. AS US
ual the day opened with rumors that the
bull syndicate was unloading, hence for a
time there was rush to sell. The large
longs seem not at all adverse to these bear
ish reports and even help them on. By
their course they have reduced consider
able bear element. A point for tomorrow
FROM prominent Spectator is that the
decline, if any, will not be over half a
cent, and that AL up turn is close at hand.
On the board to-day this market was only
moderately active and generally easier,
and at the close July was about one cent
lower than it closed at o'clock yesterday,
August 1910 lower and September 135c
lover. The weakness which commenced
yesterday continued to-day, the same causes
being in operation. Fine and apparently
more settled weather also contribute d,w with
less gloomy reports, causing less confidence
among the weaker bulls and giving mo re
encouragement to short sellers The prin-
cipal trading is still in the July futa re
which fuctuated during the session 15c
and at the close the feeling was easy.
August and September fuctuated q The
sellers were mainly small holders. A good
many shorts took the opportunity of COW
ering. In the afternoon some of the
larger operators prevented reaction by
throwing some big lots on the mark ct.
These found willing takers and the call
sale amounted to over million and half
of bushels of which a million were for
July delivery. Winter and spring wheat
ruled quiet and easy.
The flour trade was again quiet and
prices firm. Local jobbers bought mod
erately and wanted spring and winter
fours, and the export inquiry was fair for
all that could be bought under $500. The
stocks of shipping grades are light aud
exporters at the same time slow about
paying the prices asked, their limits gener-
ally being under views of holders. Bran
and all millstuffs were going slow at low
er prices.
There was moderate degree of activity
on corn to-day. but the feeling
was quite weak early and fell to &c below
the highest point touched yesterday and
then recovered about &c. Afterwards
changed slightly, and at the close July
was $50 lower than it closed at 1 O'Clock
yesterday, August &c lower and year &c
lower. The fine weather apparently had
much TO do with the weak feeling early.
and sympathy with the weakness in wheat
also had its influence, but the decline
brought out pretty free demand under
which most Of decline was recovered but
then eased off some and closed rather weak,
but firmed up after board trading. The
demand was active in the closing hours
both on shipping and speculative account
Receipts were small and this had tenden-
cy to sustain values.
There was very good trade in July
oats, but otherwise the speculative ma rket
was quiet. The market was 18@ 3sc lower,
being governed a good deal by changes
in corn. Most of the decline was re-
covered later, and a steady feeling pre-
vailed. Cash in store oats quiet. Very
few cars were offered, and the demand was
also light. Sample lots steady.
Rye was 12@1c lower. There were
quite free offerings of cash and the offer-
ings on speculative account were also
fully equal to the demand.
Barley was very dull. The season is
about over. There were few cars wanted
now and then but no regular demand. The
arrivals are small but there is enough
barley on the market to supply the limited
wants of the trade.
Under the influence of largely increased
speculative offerings the market for hog
products ruled weak during the greater
portion of the day, and there was a ma
terial reduction IN prices. The market
was active, especially from shorts, ant
trading in the aggregate was large. Ship
ping demand moderate and orders chiefly
for small quantities in quiet way
Foreign adyices showed no materia