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-Oats Weak
Pork More Active.
Lard Advanced and in Good Demand-Wheat
at Milwaukee Sick With Down.
ward Tendency.
New York Exchange Nominal-Banks PIE
thoric With Funds-Stocks Some
what ReactiOnary.
CHICAGO.
Especial Telegram to the Globe. |

Chicago, July f.-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 in 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 iigitimate causes are at present
stronger than the Legitimate and govern
operations accordingly. The provision mar
ket was active and higher with quite a 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
tut there was an entire absence of support
ing influence, Liverpool and New York adj
vices being unfayorablc. 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 e under the lowest prices touched
ON the morning session. There We're also
rumors that through frcights to European
ports would soon be advanced by the steam
ship lines and the only new freight room
taken was for $1,000 bushels. The market
Orened weak and gaze lower at S51z0l
'5l4 e for Angus Rcce led | "a 0e2c on large
rca IL NJ 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
533s, when those who were short, seeing
good profit in their deals, commenced buying
freely to cover their contracts and prices
rallied aud closed on the regular session at
S3A@S4 for August. July closed at Sl3I,
September at SGa-. Trading on the after
noon board was moderate and wheat was
weaker, recedng a6@I5, aud closing at S31%
for August. The first load of No 2 red win
ter wheat has been received here.
In thn corn tn.,riy,,f fh.r., ,,,., oI,ao,,,.a
Of any considerable demand, except to cover
shorts, a few lines of which are supposed to
out. Crop reports were good and English
and foreign adyiccs adverse These inhu-
cnces caused Il weak, heavy feeling which
continued throughout the greater part Of the
regular session. August opened about the
same rs Thursdays clos6-j3i &C., declined
10 52l4c on free realizing by longs who fail
ed to see any iuducemcnt to hold in the
absence of speculative buying for an advance
and predictions of increased receipts, but
the decline induced scalpcrs, who
sold cnrly to shorts, and under increased
covering prices rallied and closed at - x on
the regular board, but weakened on the af-
ternoon board and closed at 521i.
The cat market was weak, closing ut 2G&
for August.
There was little more doing in pork and
the market was stronger and prices were adj
vanced Sl0i2 on the near deliveries, and the
preferred deliveries were stronger. The
shipping demand was light and trading in a
quiet way. July $1,000, closed at S21 25Q
21.40 August.
Lard WAS in good demand early and prices
were advanced 5Hl0c. Later on an easier
feeling prevailed, and prices recedcd again
md closed comparatively steady at S752Is
05.55 for August.
short ribs were fairly offered on specua-
tive account, and the demand was quite
active. Prices were advanced l0tGl5c, but
the movement WAS not supported to the
close, which was at Ss.l5@SI7>l for Au-
gust.