Daily globe., 1883-08-20

per c6QG, OF The Valu6S lnou pr6Ydlllng mas
occurred. A shrinkage of this magnitude
within sixty days is something seldom or
never experienced in any line of business,
except in panicky times, when property
values are thoroughly unsettled and in
many cases nominal. In product prices,
as events have shown, were unquestionably
largely inflated at the time of the Nc
Geoch trouble, but the extent of the in
fation was neither known nor appreciated.
The product on hand was manufactured
from high priced hogs, which were fattened
with high priced corn. The situation mis-
led even the best Informed in the trade,
while the extent of the initiation as indi-
Gated by the break, has been a complete
surprise. When the McGeoch failure was
announced decline was universally ex-
pected, but no one looked for a shrinkage
of 33 per cent. The decline has exceeded
all expectations, and as prices are still
bearish in their tendency, there is no GER
tainty the bottom has yet been touched
Productis in some lines relatively lower
than it can be made from hogs at present
prices, yet the desire shown to sell is suf-
ficiently urgent to outweigh or overcome
any influence of this kind. The stock of
mess pork and many descriptions of
meats are large for this season. Holders
have become tired of carrying property
that promises loss on their investments,
and the surroundings of the trade are, if
anything, unfayorable for strength or
beuyancy. In addition to these influences,
packers are anxious to clear their ware
houses of product before the opening of
the winter packing season. and are like
ly to end their help to keep prices at a
point satisfactory to consumers. Hogs
are in good condition. and with no set
back or damage to the corn crop, promise
to rule low during the fall. The bear side
of provisionsi can certainly be supported
by many good and strong aguments, yet
considering the break suffered prices
may have already touched their lowest
notch, and in future rule higher instead of
lower, whether the movement of values
shall hereafter be in an upward direction
or otherwise. The provision trade at this
writing is far from satisfactory, and alto.
gether too uncertain to encourage any
reckless speculation on either the bear OF
bull side.
The latest curb prices obtainabIe this
evening are: September wheat SIO215;
October $1.O43s; September corn 5O18c
October 1890; October pork $12.2719;
September and October lard Sc. .4215.
The fonIinn fbic -
than at any previous time during the day.
and indicates higher prices Monday.
In the market for live hogs at the stock
yards to-day there was fair degree of &C.
tivitY and prices ruled tolerably steady for
heavy packing and shipping grades. Light
grades were weak at the opening, but later
firmer feeling prevailed, and the
market was steady, with but
few left unsold at IL O'Clock.
Sales ranged from $3. 3.6O@5.S5. The re-
ceipts for the day were estimated at Is, ,OOO
head. The receipts of cattle were light,
and consisted principally of common to
fair COWS and butchers steers with only a
limited number of fair to good grades
among the arrivals. The market was &C.
tive to the extent of the supply for COWS
and butchers steers, but for fair to good
shipping steers the sales were light, only
three or tour lots changing hands. Sales
ranged from $4.15@4.6O for fair to good
butchers steers, and from $4.4O@5.35 for
western and good shipping steers. The
market is steady with but few left in the
pens. The estimated receipts for the day
are 1000 head.