Daily globe., 1883-07-08
PORK NO LONGER KING.
Another Big Reduction in the Price Of
the Hog Market Yesterday.
BOTTOM NOT YET TOUCHED.
4 Somewhat Steadier Feeling in Wheat,
Owing to Favorable Reports.
THE FLOUR MARKET STAGNANT.
A Quiet, FeatureleSs Day Among the
Bulls and Bears of Wall Street.
BOTTOM NOT YET TOUCHED
THE FLOUR MARKET STAGNANT.
CHICAGO.
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provisions, amounting to zoe for pork, and
2Oc for lard, caused by buyers withdraw
ing from the market on the report of soil
| tary cases of yellow fever in the south,
which it was feared would again interfere
with the shipping demand. Offerings for
| New York account were placed on the mar
ket first. then brokers began selling for
local packers, the weakness increasing to
| the close of the session. 1t would seem
| that after such combination of depressing
! influences and so much resulting decline to
| predict lower prices yet would be hardly
conservative, but the opinion of the major
| ity is that quotations will probably con
tinue to shrink, and that bulges will be the
| exception not the rule.
The grain markets all show a substan-
tial improvement. For wheat there was
| good speculative demand, and the market
ruled frmer and prices averaged higher.
Shorts purchased quite freely to day, and
this induced others to buy, and at one
time the demand was active. The wealth
er had same effect on the market, and the
| advance in corn also had some influence.
The market opened from 4@15c higher,
advanced 1c above inside figures. receded
trife and closed 58c higher than on
change yesterday. Adams, Spence and
| other local bears were covering to-day
and there were reports of drouth in some
spring wheat sections. Opinions are di-
vided as to permanent adbance being
near at hand, shrewd traders contending
that lower prices must be submitted to be-
fore we can have healthy market.
| The -four trade is at standstill. No
change was noticeable in this market. and
there is little prospect for any improve
ment for the near future, with the de-
pressed condition of grain keeping buyers
out of this line, and making it impossible
to sell any grade or quality at near what
can be called paying prices. The home
trade was not looking at samples, and out
side orders next to nothing of we'll below
present prices. Bran and all millstufs
were in good supply, but selling quite
fairly at $10@ 1850 per ton fer bran, and
relatively for other kinds.
Corn was active and at times excited
The market opened strong under 4
good demand to cover shor5
sales, the bears being induced
to cover by report that the bulls were
preparing to squeeze all the options this
side of seller the year, and under brisk
demand from all classes of buyers prices
advanced 115c from the inside and
closed at about that improvement over
Friday. There was some investment de-
mand to-day and more than the usual
shipping inquiry. Poole and Kent were
among the largest short buyers, but cover
ing was generally among all of the bears
The receipts we're trife larger, 457 cars
and the charters 100000 bushels. The stu
alton tonight looks rather bullish.
The nervousness over July oats con-
tinues. AS compared with yesterdays on
change closing prices the market exhibit:
an important advance. No. 2 cash sold q
higher. No. white quotable 112c higher
and there was firm market
for sample lots with 1@119c improvement
and all consignments were taken. The
frmness emanated from the speculative
market, and the fact of there being only
small receipts and good shipping orders
The speculative market was firm
and higher. On the whole range
as compared with yesterday s
change closing the following showing
is made, July ranged 224c higher; August
September and October advanced l &c
and year sold 1c higher. A part of this
liberal advance was established on the late
call yesterday, but for to-day it can be
said there was manifested on the part of
operators a timidity about selling out
when the demand which was presumably
largely from shorts were good, especially
for July delivery. At the extreme close
the market showed some weakness and
closed at * under the outside price with
the feeling tame.
Rye was doing somewhat better, with
quite good call for the longer futures at
the close
A decidedly weak and unsettled feeling
prevailed in the market for hog products
to day, and a substantial decline in
prices was submitted to. The offerings for
future delivery were liberal, while the de-
mand was not particularly urgent, and
mainly from shorts. Trading in the ag-
gregate was quite large. The market
opened rather easy at the closing figures OF
yesterday, and declined quite rapidly to
the medium figures of the day. About the
middle of the session temporary rally
was made, bat the market weakened again
and gradually reced ed to inside fig
ures. During the latter part
of the session the feeling was
easy and trading moderate. The inquiry
for shipment was fair. Foreign advices
were unfavorable to holders, and lard and
bacon were quoted Sd lower. Eastern
markets were easier. The receipts of
product were fair, and the shipments quite
large.
The offerings of mess pork were quite
free and the demand active. The specu-
lative interest centered in contracts for
August and September. Prices ruled weak
during the greater portion of the day, and
declined SOC 65c on the whole range, and
closed rather tame. Shipping demand fair.
Cash in moderate demand in the way of