St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-03
Quite Break in the Provisions MarkeV
Brought About by Large Stocks
and Few Sales.
The Cereals Suffer Somewhat in Sympa-
thy, but Recover, Closing Firm
and Unchanged.
Heavy Bank Clearings, Owing to
Monthly Settlements and the
Exchange Strength.
A Distressing Report that Gould Has
Been Badly Squeezed on
st. Paul.
Chicago.
Special to the Globe

CHICAGO, July 2.-The markets opened
hrm to-day, with an upward tendency, but
every indication pointed to a dull day,
there being most notable dearth of out
side interest, which is expected to continue
until after the Fourth. August wheat adj
vanced sc to 90Ac, with corn in proper
ton and pork showing a decline of nc,
some small sales being made for the August
option at S10.25. The strength proved but
transient, lasting only half an hour, when
break took place in the provision pit. The
immense stock on hand being constantly
added to the daily receipts, not only here
but in Kansas City and other packing points,
is becoming too heavy to carry. For weeks
past about the only seller of pork in any
quantity has been the coterie known on the
floor as the yellow wagon" crowd, mean
ing Armour. He has been seller and a
maker also. The other faction, until this
morning, have had nerve enough to go very
largely short or rather to place themselves
in a pronounced manner Oh the seller side
of the market. To-day, however Nat
Jones, L. NJ. Baxter and George Baldwin
went in and sold right and left,
BREAKING THE MARKET
nearly 25c. Nobody believes that Nat
Jones has been buying a very heavy load of
pork, but tend to the belief that in view of
the enormous stock of provisions now in
Chicago, the same being larger than ever
before i'll the history of the provision trade,
these lOng-headed gentlemen are convinced
that higher prices than those at present are
about out of the question and that they
have made up their minds to catch the
market on its down turn. The August OPP
ton opened at 5000, the highest point.
dropped off to S10.071E and later recovered
to S10.121l, when it closed. against S10.35
yesterday. The wheat market opened
steadily at sc lower for August and Sep
TENDER. and then fell slowly off. NOtwith-
standing the fact that so many feel bullish
on the general wheat situation, it seems to
be hard work to get prices up much, es-
pecially when all reports Outside of prince
are
MORE BEARISH
in character than otherwise. More than
this, the amount of wheat and -four now Oh
passage to the United Kingdom showed to-
day an increase of 200, 900 quarters over
last week, while the stock of wheat at
Liverpool was given this morning at 510,-
600 bushels and of flour at $50, 900 barrels.
Fair receipts and fair weather also added
their quota to the general depression of feel
ing on the bull SIDE and the result of it all
was decline first to the put price, S9$4,
then slight rally and later a further sink
ing down to S93s. Liverpool was quiet and
steady and carg0eS the same. Buyers
across the water are i'll no fear of scanty
supplies, whatever may be the impressions
and figures current on this side
of the sea. New York opened &c lower
and sold down, while st. Louis, which was
so bullish yesterday, opened 36c lower and
declined still more. The bottom fact of
the present wheat situation seems TO be
@l,,t H.
get the profits which they see ahead that
they have forced the market little more
than it can stand, and a
NATURAL REACTION
is the inevitable consequence. 1t is re-
marked that only twice in the last twenty
years has September wheat been so high,
as compared with August, at this season as
1t is now, which only goes to confirm the
view that the bulls are a little too eager for
their own good. Reports that haryesters
will enter the Michigan wheat fields
Oh the Fourth and probably
find an abundant crop, also tended to make
The local feeling one of less strength. Local
longs were discouraged. The longs" have
seen their hopes and profits fade away so
rapidly of late that little Of comforting ma
lure is now vOuchsafed them. Winter
wheat was not killed, as they believed it
hONio w, GNU II bhC opllliS NiOB ID llOl
greatly damaged they are about convinced
that nothing can save the market from go
ing to pieces The close was tame at about
&c under yesterday, at S713c July, S915c
August, 81 &c September, 93%c October.
CORN.
Corn, however, seems to be the Gibraltar
Of the grain markets. No amount of dis
turbance in the wheat crowd can ruffie the
bull serenity of the corn pit. Buyers stand
forth boldly mistaken and mmoved, ready
to pick up all the stuff which is offered for
sale without any fear that the market will
go very far against them. Liverpool was
1irmer on corn, but there was an increase of
3d. 600 quarters on passage, while the pres
ent stock there was given at about 600, 600
bushels Receipts continue to be moderate
in quantity, while the demand is constant
and increasing. Hence, prices are station
airy, when they are not fractionally higher
To-day August opened at 4714c, improved
early TO 4719c, and then fell back again to
the opening. The close was unchanged
from yesterday, at 47@sc July, 47Hc Au-
gust and September, AZ sc October.
Oats were fairly active, and the July fu-
ture was the weakest closing &c lower
than on yesterday, but sc over the lowest
figure of the day. The long futures were
about sc off. The way-off future Nav sold
at 29c. July ranged from 81 sc to 313Ic.
and closed at &c to 3155c. Large re-
ceipts are looked for.
WHAT THE TRADERS SAY.
AIilmine, Bodman IL Co. say: THE fact
is, this load of wheat is gradually wearing
out the bulls, and we do not see how they
are to force an advance at present sufficient
to let them out. They certainly cannot do
it by main strength alone. 1t will REQUIRE
frpCl CfimulnS in tho chono Of
news or some unforeseen calamity to crops
to change this fit of current speculation to
the bull side of wheat. We incline to the
opinion that this wheat must sell down to
point ere long where some of these immense
stocks will move out, and this point
we think liable to be reached.
II at all, before the new crop receipts begin
TO add to present accumulation. The pres
ent holders have certainly shown commend
able pluck in staying by their deals so far.
but we think any further decline must be-
gin to shake some OF them out, and any,
thing like general rush to realize on long
stuff would be the signal for a severe break
in values, as there are plenty of large opera
tors waiting for this opportunity to get
astride the market and ride it down TO the
bottom of the long hill, over which it has
struggled with this enormous load"
George Everingham: Il cannot conceive
where the increase on passage has come
from, unless it may be Australia as all
other countries report lighter shipments.
and possibly it may be an
error in the cables. but at all events il
seems to brighten Chicago dealers badly.
while the English merchant does not mind
it. as their markets remain firm and steady.
The weakness, think, is more incident TO
the holidays and in sympathy with proyis-