St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-08
Weather Favorable for Wheat
Rumors of Advance in Eu-
rOpean Freights.
Crop Reports Good, but Foreign Adj
vices Adverse-0ats Weak
Pork More Active.
Lard Advanced and in Good Demand-Wheat
at Milwaukee Sick With Down.
ward Tendency.
New York Exchange Nomina1-Banks PIE
thOric With Funds-Stocks Some
what Reactionary.
CHICAGO.
Especial Telegram to the Globe. |

special Telegram 10 the OIOOe.
CHICAGO, July 7.-Weakness is the pre-
vailing characteristic OF the grain markets,
and prices of all articles handled for future
delivery are again lower on free selling. A
majority of those who have heretofore given
support to values appear to have lost their
courage and abandoned all efforts to further
sustain quotations III the face of the present
hammerings of the bears, who are largely in
the majority and encouraged by success of
their recent efforts to secure decline, hence
while there is apparently little of legiti-
mate character TO force prices down, and
the rapidly declining stocks would seem to
justify better prices we must accept the fact
that the Legitimate causes are at present
stronger than the legitimate and govern
operations accordingly. The provision mar
ket was active and higher with quite strong
speculative business and stronger feeling.
Notwithstanding the fact of manipulation,
the demand for shorts was quite active and
the competition for offerings
caused material appreciation in
prices, were, however, not
maintained to the close The advance in
the price of hogs since Thursday also had
some influence on the course of the market
for the product The shipping demand was
fair and buyers were rather slow to meet the
views OF sellers.
The wheat market was moderately active
but there was an entire absence of support
ing influence, Liverpool and New York adj
vices being unfavorable. The weather is all
that could be desired for harvesting the win
ter wheat and maturing the promising crop
of spring sown. The few shipping orders
received were generally restricted TO limits
of about re under the lowest prices touched
on the morning session. There were also
rumors that through freights to European
ports would soon be advanced by the steam
ship lines and the only new freight room
taken was for $4,000 bushels The market
opened weak and SAKE lower at $3.50
954c for Angus Reccled "a G12c on large
reaiz 'ng by longs, including heavy blocks
bought last week for New York parties, and
the depreciation was assisted by greater
disposition among bears to sell
short Under these combined influences
prices sold down, with slight fluctuations, to
$3.50, when those who were short, seeing a
good profit in their deals, commenced buying
freely to cover their contracts, and prices
rallied and closed on the regular session at
S358@S4 for August. July closed at S13l,
September at 8635. Trading on the after
noon board was moderate and wheat was
weaker, receding %@1S, and closing at S3JI
for August. The first load of No. 2 red win
ter wheat has been received here.
In the corn market there was an absence
of any considerable demand, except to cover
shorts, few lines of which are supposed to
out. Crop reports were good and English
and foreign advices adverse, These inhu-
ences caused weak, heavy feeling which
continued throughout the greater part of the
regular session. August opened about the
same as Thursdays close-5319c,; declined
10 524c on free realizing by longs who fail
ed to see any nducement to hold in the
absence of speculative buying foran advance
and predictions of increased receipts, but
the decline induced scalpers, who
sold early to shorts, and under increased
covering prices rallied and closed at 5255 on
the regular board, but weakened on the af-
ternoon board and closed at 521i.
Nv ''I maj iNNh was Ntdh, ClOSluB III SO"9
for August.
There was little more doing in pork and
the market was stronger and prices were ad-
vanced Slta2 on the near deliveries, and the
preferred deliveries were stronger. The
shipping demand was light and trading in
quiet way. July 500 co. closed at S21. 95a
2l.40 August
Lard was in pDod demand earl,, and ,,r;oas
were advanced 5@l0c. Later on an easier
feeling prevailed, and prices receded again
and closed comparatively steady at S7.52S
G755 for August
Short ribs were fairly offered on specula-
tive account, and the demand was quite
active. Prices were advanced 10@l5c, but
the movement was not supported to the
close, which was at IS. I5@S. 171$ for Au-
gust