St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-08-03
The Chicago Wheat Market Fails to
Maintain It's Gait Owing to Local
Operators.
Provisions, However, Are Exceedingly
Lively, and the Excitement Amounts
Almost to Panic.
Ehe New York Stock Market Almost
Featureless---The Principal Trad
ing in Vanderbilts.
Fhe Doings of Wall Street Bulls and
Bears---The General
Quotations.
Special to the Globe.

Special to the Globe.
CHICAGO Aug 2-There was a sharp break
In mess pork Oh change this morning, the
price for September breaking S7l2c i'll short
time, rallying afterwards 37l2c. Lard de-
clined 17l2@20c, and ribs 12l2c. The de-
cline was caused by the unexpected large
stocks of pork and lard found to be on hand.
Wheat was fairly sctive, but uncertain. Not
withstanding high prices on the curb, open
ing prices on the board were slightly lower
than last nights close. There appeared to
be plenty of bull news, but no one wanted to
buy wheat. Opening prices were the best
of the session and the course of the market
was generally downward. The loss for the
day was 5s@34c. Receipts were SO cars.
Corn was steady early, but was weakened by
the decline in wheat and provisions. Open
ing prices were Is@14c higher and advanced
about the same and then broke off about lie
and closing about the bottom for the session
and 5s01c lower than yesterday Receipts
267 ears. Oats were fairly active, closing ls
QAc lower. Receipts 93 cars.
ROUTINE REPoRT.1
CHICAGO, Aug. 2.-The wheat market did
not hold its own to-day. The news was bull
ish from nearly every standpoint, but gen.
eral speculative support was lacking. and
values settled back s4@1c. There was evil
dence of a concerted effort on the part of
leading local operators to depresS values by
using foreign business houses to sell through.
Whether, as many insisted, the drive was
made 10 get good market to buy on is an
undecided question. Certain it is that the
big traders were making a maximum amount
of noise and doing minimum amount of
selling. September wheat opened at S41sc,
sold off to S3l2c, between which point and
S37sc it fiuctuated most of the day.
Shortly after u o'clock the price got
down to S34@S3ssc, and the feeling was
one of weakness. Good buying occurred.
however, and the market advanced Ac, clos
Ing stubbornly strong at S4c cheaper basis
than yesterday. The corn market was weak
and lower. The opening was strong at "a a
l2c above yesterdays closing range, viz: At
47c for September and 46s4c for October.
September sold up to 4714@147ssc, and Octo-
Der to 467sc. That proved TO be the top. The
bottom was 46Is for September and 45b@
454c for October. The decline represents q
shrinkage of s4@1c. During most of the Ses-
SION the greatest weakness was in the de-
ferred futures, and pressing upon year and
May causing noticeable heaviness. Oats were
dull and weak, with a fractional decline
noted in all futures. There was no support
with few buying orders, and while moderate
favor was shown near futures the long
months were neglected. Excitement border
ing on panic prevailed in the market for
hog products to-day. Trading was extremely
brisk, prices declined very rapidly, and con-
siderable property carried on small margins
or limited to certain figures were offered in
the market, and added TO the general depres-
sion. The reported stock of lard on hand
caused decidedly weaker feeling in that
article, ana shorts" in mess pork and short
ribs took advantage of the situation and en-
larged their lines. Longs were anxious
to realize, and all outside infu-
ences were lost sight of for the mo-
ment-the main effort being TO dispose of the
property. AT inside figures the demand
showed some improvement, and prices
rallied to medium figures and the market
showed more steadiness. The near and the
deferred deliveries shared i'll the decline
the former, however, more than the latter.
The widest fluctuations were in pork.
There was considerable pressure to sell dur
ing the early part of the session, small and
round lots being freely offered. Prices
opened fully 7l2@10c lower. but temporarily
rallied Tl2c. Then the market weakened
and prices declined 9J995c quite rapidly,
with liberal sales at the declining scale.
Later, the market showed little more
strength and prices rallied 4O@45c and
ruled with considerable steadiness to the
close. Lard offerings were largely increased,
while the demand was only fair, and prices
suffered reduction of 15@20c per 100 lbs,
with good trade reported at the reduction.
Later, the market showed more steadiness
and prices rallied 2l2@5c, and closed steady.
ton of the day. Offerings were free, especi-
ally for September delivery, while the de-
mand was only fair. Prices on the whole
range, declined 15@20c per 100 lbs, but
rallied 507l2c.
THE QUOTATIONS.
The leading quotations ranged as follows:
Wheat-No. 2 August opened at S3I2c, clos
ing at S3Ac; September, S41sc, closing at
h34c: October, S42sc, closing at $3.50;
May, 90c, closing at S95sc. Corn-No.
August opened at 47Ac, closing at 46ssc;
september, 47c, closing at 46lsc; October,
d6s4c, closing at 4514c: May ,4OsSc, closing at
S9s4c. Oats-No. August opened at 245sc
closing at 24l2c; September 24l2c closing
at 24c: October. 24l2c, closing at 24Ac;
May, 2Slsc, closing at 21cs4. Mess Pork, per
obl-August opened at $1467l2, closing at
s14.25: September, S14. so. closing at
kl4.47l2; October, S14.SO, closing at
s14.30c; January, S13.55, closing at
1880. Lard, per 100 lbs-September
$500, closing at So. 80; October, SIS. S7l2,
closing at S8.17I2; January, $40,
closing, at $40. Short Ribs, per
closing at ss.37l2; September, $3.50,
$40: January. S6.75, closing at $3.50.
Cash quotations were as follows: Flour
very quiet but firm. Wheat-No. spring.
s3c; No. 3 spring, nominal; No. 2 red,
s512c. Corn-No. z, 46l2c. Oats No. 9
2Sl2@29c. Rye-No. 2, 47c. Barley-No. 2.
62c. Flax Seed-No. l. S1.10@1.11 prime
timothy seed. 81. 40@245. Mess Pork-Per
Dbl. S14. 37I2@p14 so. Lard-Per 100 lbs.
s9.z5@S. so: Short Ribs-Sides Qoose),
sS.37l2@S.4O. Whisky, distillers' finished
goods, per gal, S1.2O: sugars-Cut loaf,
300 bbls; wheat. 1000 bu; corn. 1876 600
ou; oats, $4,000 bu; rye, 5000 bu. Ship
nents-Flour, 1000 bbls; wheat, LOCO
bu: corn, Jos, 900 bu; oats, 1000 bu On
The produce exchange to-day the butter mar
ket was tame; creamery, 13l2@117c; dairy.
l2l2@l6c. Eggs steady; fresh recandled,
l3l2@14c.