St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-06
Quite a Sharp Break in Provisions, Owing
to Heavy Receipts and Liberal
Unloading.
Suspicious Traders Who Think Pro-
visions Were Raided to Break
Down the Cereals.
A Dull Day in Wall Street Marked
by Slight Advances and
Reactions.
Chicago.
Special to the Globe.

talk was on receipts. Long provisions on
which margins had expired were unlOaded
with more than usual freedom. Wheat
was stronger at the opening, under a re-
newal of war rumors, the decline OF one
point in British consols, and very light re-
ceipts. The absence of outside orders ana
the fact that, together with the tendency
of the scalpers to reap profit by selling
out at the advance, caused the market to
drop off several points. Another very po-
tent factor in the weakness of the market
after the opening was the heavy decline i'll
provisions. Grain SympathiZed and de-
cline occurred, aided by uniformly goou
crop reports from Minnesota and Dakota.
The foreign markets did not show any par
ticular strength, and for some unexplained
reason a very large number OF outsiders
evinced desire to let go at loss at pres
emit prices. The reason was unexplained
for some time, but at last solution of the
enigma, somewhat plausible and. at least,
satisfactory to the crowd was evolved. 1t
is well known that Philip ID. Armour has
been paying spot cash for a large amount
of wheat, and if any of the real, actual,
bona tde grain was
LoITERING ABOUT
he appeared to want it. The amount he is
now carrying is in the millions, and he still
seems TO banker after more. For some rea-
son the holders of September options were
notified by their brokers this morning that
more margins were wanted forthwith and
The response was not at all satisfactory.
Coupled with those circumstances, the TO-
und figure of the great grain, provision.
and very recent railroad Speculation appeared
Oh the floor, and then everybody concluded
she0l was about to break loose. No more
remarkable theories were ever advanced as
TO which way the cat would jump,
and after all nothing startling
occurred after Mr.. Armour'S presence
was noted. Wheat also suffered from the
naturally heavy condition of the market.
The unusually light receipts made the OPEN
ing about firm, at ne advance, bnt it did
not long remain at early quotations. The
decline from 6912 to S9% for September
was quite steady, the weak feeling being
aided by a rumored failure on the New
York stock exchange. This, however, was
later found to be very small affair and
had no subsequent effect on the market. AT
the decline the bulls sprung little war
news on yellow tissues, which failed TO ma
terialiZe, but it set local operators buying
for a short time, enough to temporarily
FIRM UP THE MARKET.
For want of support, however, it eased
off again and finally closed quite heavy. On
the late board, although the market was
steady, the close was a shade easier, at
S7Ic August, 89Mc September, 92c Octo-
Der, 81 &c November, a decline of K@4c
from yesterdays close. 1t is nothing but
Scalping market at present, and puts and
calls form the boundary line within which
prices are made to play. Hence there is one
great significance to the trading. The bears
feel confident that prices must go down,
and the bulls are equally sure that they
must soon go up. Hence the battle be-
tween the two forces stands about nip and
tuck"
Corn opened strong on the very light re-
ceipts-1S2 carS-weakening a trifie later,
in sympathy with wheat and provisions,
and again strengthened on estimates Of
only 152 cars for tomorrow. The closing
prices were the highest of the day. Char
tiers were made for 225, 600 bushels. The
close was strong 5S@19c higher, at 467ac
August and September, 4519c October, 43c
November, 39c year, 40c March.
Under the news of enormous receipts of
hogs both at this point and Kansas City,
and the general toppy feeling, a very
heavy drop in pork occurred, September
falling from S9.6715 to $3.50 and October
from 1918 to 1875. Cudahy. Jones and
Logan threw a large amount on the
market, and the belief is that the longs were
generally shaken out. The
CLAIM WAS MADE
that the receipts so large at all points at the
same time were but parts of grand game
of freeze out and the idea obtained some
credence, as the early sellers were soon
large buyers and partial recovery took
place. One of these very peculiar incidents
noted Of late came into play just at this
oil -aI1tl, toll Il
vices from Kansas City were to the effect
that the hog receipts were 81, coo, with 1s. 600
left over and on the turn it appeared that
ii should have been Z, 500 received and none
left over. OF course no one was to blame
for the triling discrepancy, but there was
a vast amount of profanity in and about
the provision pit. The transactions
were very large and on the re-
bound nearly every one took a lot
There was no apparent change in prices on
the late board, pork closing 35c under yes
terday, at $9.3219 August 1885 Septem-
Der, $40 October, 1925 November. Lard
declined 121lc early, recovering slightly,
closing easy at S6.271G August, $685.
September. S6.375@ October S6.2715 No
vember. The early decline in short ribs
was about 25c all round, Zoe of which was
recovered, the close being quiet at S.. 321
August, $3.50 September, S5.421I August.
There are plenty of operators tonight who
believe pork was raised for the purpose of
holding wheat down. However that NAV
be, great deal of long pork was forced out
to-day, margins becoming exhausted or
holders tired, and this has been taken by
the packers, so that the markets. now in a
much healthier condition.
The Quotations.
iaf
changed. Wheat opened &c higher, owing
to foreign war rumors, declined 5s0$4c owing
to the decline on pork, rallied 2s01lc, and
closed &c under yesterday; sales ranged:
August, S7150SS1ac, closed at S75sc; Septem-
Der, S91a@90Hc. closed at S95s@390c; October,
9l5s@9219c, closed at 9215c; No. 2 spring
61$zc; No. spring, soc; No. 2 red, 9109315c;
No. 3 red, S714@SSc. Corn moderately ac-
tive and generally stronger; the market
opened &c higher and rose &c additional
sold OFF 1ac, rallied &c and closed &c higher
than yesterday, except for the longer flu
lures, which remained unchanged; cash. 1857
@46%c; August, 46ls@4615c, closed at
461ac; September, 455s@463sc, closed at 4G2Sc:
October, 441s045$sc, closed at 45sIc
Oats ruled firm, with better demand for cash
options showing no special change. Cash
Z614G12512c; August, 253sG2GE, closed at
2G1@c; September, 25@525l4c, closed at 251Sc;
October. 25k@2514c closed at 2514c RIVE
steady; No. 2, 5S%c. Mess pork was
unsettled, with prices fluctuating wide
ly. The market declined 4O645c
rallied 2GGs25c and closed steady: cash So 70
Gt9. 50: August S9.371IG9. 80. closed ut S9.311 x
@y9.40; September. 80 .2509. 20 closed nj
$9.4215GJ9. AS: October, S9.3O69.75. closed at
S942I@9.45. Lard fairly active and weaker;
declined I0@l215c, rallied 21Z@5c, and
closed steady: cash, Sc. 2506.2755: SEN
TENDER, s6.a71l@6. 40, closed at 81. 3SiE
@S;G 35: October, S6.321zD6.45. closed at s.. 40
@6. 4213. Boxed meats steady. Dry salted