St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-09
GENERAL DEPRESSION.
Cereals and Provisions in Chicago
Manifest Considerable Weak
ness.
Wall Street Takes a Tumble, But Braces
Somewhat Near the Close.
CHICAGO.
Especial Telegram 10 tbe Globe |


CHICAGO, July S.-The weakness noted in
yesterdays grain markets, was followed by a
further severe depression in all speculative
articles to-day. There were, in fact, few sus-
tanning influences, but on the reverse the
chief factors calculated to control values on
change were of an adverse characteo.
Stocks were lower in New York, and although
the decline was no more than could have
been expected after the recent sharp adj
vance, the effect here was bad, as it caused
distrust, many regarding the break as Judi
eating the fears of further financial compl-
cations, which were hardly justified. But for
the moment an imaginary evil is often as bad
as real one. The general tone of crop re-
ports was favorable, there was, as has for
some time been the case,a disposition to dis
count the future effect. of good harvest on
values, and the present indications are that
this disposition may cause further decline
in quotations ere a permanent upward re-
action is secured. Yet there is very little in
the surroundings to justify selling short for
anything more than scalp, and even pres
ent prices render such risks hazardous. In
the provision pit trading was somewhat
limited and an unsettled and weak
feeling prevailed during the greater
portion of the session. Receipts of hogs
were larger than generally and this induced
more free offerings of product. Prices ruled
decidedly lower on hard and short ribs, but
on pork were moderately well supported.
Inquiry on shipping account was fair al
slightly reduced figures. Foreign adviees
Iyar hut rlafc
weaker. Wheat was moderately active,
though nearly all the influences were of
depressing character, receipts being fair.
Withdrawals from store we're only 2S,171
bushels. Liverpool advices were unfavor-
able. A decline of coed being quoted in
cargoes off coast and to arrive. The
crop reports were also favorable.
The disposition of holders to unload was
urgent and the only sustaining features werc
a contract to ship 1873, 900 bushels, and re.
duction in the available supplyiof about ,OO0,-
600 bushels as compared with last Tuesday,
but the reduction in stock had little influence
in sustaining values in the face of dispo-
sition of holders 20 unload. Lots on which
stop orders had been placed, or on which
margins had been exhausted, were thrown
oyer as fast as selling limit was reached,
and about the only demand was to cover by
shorts, many of whom bought on breaks
and resold on slight upward reactions. Aug
ust opened at s31S@s3Sc, receded with
slight reactions to s15Sc, but the decline in
duced free covering by shorts, and early re-
ports of cholera in New York, which have
been an element in depressing prices, was
contradicted This induced some buying by
scalpers for an upturn and prices sold up to
and closed at S22Q9S21Sc for August on the
regular board On the afternoon session
there was more selling and a disposition to
buy, and wheat weakened and declined to
81Tc for August.
Corn was weak and at times demoralized
values being affected by the same causes that
depressed wheat, while the early demand,
aside from the covering of shorts, was mod.
crate and the only sustaining features, out
side of the comparatively low prices were
decreased receipts, heavy Withdrawals and
the engagement OF vessel room for 215, 900
bushels. These, however, were impotent ia
check the downward tendency in the face Of
steady selling pressure, and prices declined
1Xc from the last sales on Yesterdays reg
ular session. August opened at 524c and
declined with slight reactions to 50Ic. The
depreciation induced shorts to cover freely,
and under increased buying prices rallied
and closed at 81 &c on the regular session,
but weakened badly on the afternoon
boards and closed 1c lower at 50Hc.
Oats were quiet and slow on speculative
account.
Pork was in light demand and offerings
small. Futures were 1O@15 lower and closed
at S21 for August. Only a fair demand and
business were reported in lard and the feel
ing was weak. Prices ruled 25C030c lower,
closing comparatively study at s7.2211 for
August.
In short ribs are unsettled, and week feek
ing prevailed and prices declined 30C040c,
but rallied sc and closed steady at s7S5 fol-
August.
The cattle market was slow, and common
grassy natives and half finished stock were
rather easier than yesterday, and may be
quoted 15(020c lower than last week. For
the best finished, solid corn-fed there was q
fair demand, yet they are 10015c lower than
last week. There was a brisk demand for
Texas, and they were selling as high, If not
higher, than at any time. Common sorts of
native butchers stock continue to sell at low
prices.