St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-07
PRICES OFF AGAIN.
Everybody Was Expecting a Weak Market
and Consequently No One Was
Disappointed.
Some Big Men viii Remember the Day
for the Money 1t Lost
Them.
Small Demand, Large Supplies and
Yellow Fever Scare Cause
the Wreck.
An Effort to Bull western Union on
the Report of Pool with the
Il. 81 o.
Chicago.
Special to the Globe.

ShtCsbOs
Special to the Globe.
CHICAGO, July 6.-The force OF habit
was never more strongly shown than III the
case of the board men this morning. Though
the rule was of their own making, not one
nut of ten remembered that during July and
August the opening on Monday
would be at 1890, an hour later
than heretofore. They accordingly skipped
up the ssteps briskly, and then marched
down, accompanied by slow whiStllng A
weak opening was generally anticipated ana
consequently there was little dlsappolnt-
ment and no excitement. The bulk OF the
country and large portion OF the city"
were shaken out of The wheat deal, after
having held their purchases for several
months and at last found the load too heavy
for any ordinary shoulders. The talk on
the floor is that w. T. Baker dumped in
the neighborhood of 1000, 600 bu. August
of which L. Il. Letter was the unlucky
holder of about LOCO, 900 bu. George
Walkers sales were well up in the hun
dreds of thousands, while George Eldrldge,
Nat Jones and other traders of so large
caliber that the crowd got in the habit OF
looking up to them as leaders, were all on
the long side. and unloaded more stuff than
the market could take
WITHOUT BREAKING.
The fall, to be sure, was only &c, as
compared with both opening prices to-day
and closing quotations Friday, but the tone
of the market was weaker i'll a far greater
ratio than the decline in prices. AT the
opening there were sales in the wheat pit
all the way from SS$4 (0S9c, but the official
opening was put at soc. From this there
was a recovery to S94c, the top for the
day, when the break began, and kept up
quite steadily to the close. The wheat
market opened about B@A lower for Aug
ust and September, declined $5@H more to
the put price, where it halted. The feel
ing was made more bearish at the outset
than it otherwise would have been by the
great weakness at st. Louis during the
opening hour. Reports from that market
were to the effect that nearly everybody
was selling and only shorts were buying;
that the receipts there increased 10, 500
sacks of new wheat, with 10, 600 bushels
more OF new wheat at Baltimore. On the
other side were reports of great damage to
wheat in shock in Kansas and Missouri by
a siX-dayS' continuous rain, and also re-
ports of Afghans maSSing troops on the
Russian frontier. Between these two con-
fiicting budgets of information the traders
at first were greatly at a loss to know what
to do, but the bears were in the majority,
and
TIE MARKET WENT DOWN.
Liverpool was reported easier and car
goes were quiet. Large arrivals of wheat
off the coast for orders were also noted.
New York was steady at the opening.
Prime reported the harvest over in TenneS-
see and Kentucky and the crop failure;
the spring wheat in Dakota as suffering
foo 1n11oh ruin a1,H tho haoHiner ,,,r4
very short on the ground, while threshing
was going on in California and the yield
about eight bushels to the acre, or one-third
of the amount last year. A rumOr from
New York that WoeriShoffer was short
10000, 600 bu. had far more effect. but no
combination was unable to check the down.
ward tendency. Rural support is thing
unknown for the time being, nine tenths
of the kilograms received being from New
York, Cincinnati, ST. Louis, Minneapolis,
Milwaukee and other great grain trading
centers. One heavy operator said his
house had not received an order from the
country thus far this month"; something
unprecedented in the history of his firm
In the aggregate the transactions were
heavy, Mccormick, Kenneth u Co. taking
A QUARTER MILLION,
Baker & Co. about the same, and it was re-
ported that Jack Cudahy was also a heavy
purchaser, all being ready to buy at every
drop. On the afternoon board there was
increased disposition to sell, and the market
dropped &c under the mornings close with
weak and depressed feeling. The total
decline for the day is 1 q as compared with
Friday, Latest figures were SIC July, SSc
August, 90c September, 921sc October.
Corn remained reasonably firm, with but
little DOING and it is thought Norton 81
WOrthingtOn will let it take care of itself
for several days. A well authenticated
case of yellow fever at New Orleans
was deemed sufficient cause to force
it down five points, and the forenoon
close was the weakest on the list. 1t did
not move enough to make much of market.
August opened &c lower, struck Arc and
then stuck fast. Liverpool was ''slow''
and our receipts pretty good. New York
was little easier on corn at the opening
Prime said that corn north of the Ohio
river was late and backward and that sixty
days of exceptionally hot. moist and forcing
weather would be necessary from this time
forward to mature the grain. But that is
hardly enough in the corn situation at pres
ent to talk about, as it has become COM
paratively stationary, while receipts con-
tinue scanty and disappointing. There was
an easier feeling on the late board and the
close was lower, with an increased down
ward tendency. --latest quotations are Az
July. 47c August, 1920 September, 1870
October.
OATS WERE WEAKER
and participated in the general weakness
prevailing in everything dealt in. Prices
declined slightly, and although bushes.
was only in moderate volume, Offering.
were liberal all the time and outside figure.
were only paid on peremptory orders
There seems to be a growing belief thai
lower prices will prevail as the session adj
vances. Prices opened rather weak, bu
stiffened before the adjournment of the ses
sion and closed sc higher for ] dly, but y,
lower for September than on Friday. Jul,
ranged from 81 Is @315Sc and closed at 81 sc
August closed at 265Sc. Car lots of No.
in store sold at 318@31Hc.
There were nothing but bears to-day il
the provision pit. In view of moderat
live hog receipts the market opened stead,
and full up to Fridays latest quotations
but from thence on the course was steadi
downward until decline of 1715c had bee
brought about in pork for August delivery
About everybody was seller, while buyer
were very scarce. The market was stead
early, but during the latter part of tn
morning session became very weak Unde
large offering from holders, whose limit
on stop orders were reached, values of al
product receded sharply. On the aftenoo
board there was continued depression an
liberal selling, both by holders and shol
sellers. We note decline in mess pork q
271%c, in lard of Toe and i'm ribs of zoe. a
compared with last closing prices. Tn
tone is yet weak, and the tendency c
values seems to be toward a lower range
The close was: Pork, 50. 5000 92% Al