Wichita eagle., 1888-08-03
Chicago Grain and Produce

CHICAGO, Aug 2-EXcitement bordering
on panic prevailed in the market
for hog products today. Trading was eX-
tremely brisk. Prices declined very RAPID
ly and considerable property carried on
slim margins or limited to certain 1gures
was offered on the market and added to
the general depression. The reported stock
of lard on hand caused decidedly weaker
feeling in that article, and shorts in mess
pork and short ribs took advantage of the
situation and enlarged their lines. Longs
were anxious to realize and all outside in
fiuences were lost sight of for the moment,
the main effort being to dispose OF the
property. At inside figures the demand
showed some improvement and prices grad
ualy rallied to medium figures and the
market showed more steadiness. The
near and the deferred deliveries
shared in the decline, the former,
however more than the latter. The wild.
est fuctuation was in pork. There was
considerable pressure to sell during the
early part of the session, small round lots
being freely offered Prices opened fully
71ldlOc lower temporarily rallied 715c,
then the market weakened and prices de-
clined 90@95c quite rapidly. with liberal
market showed a little more STRENGTH and
prices rallied 40G45c, and ruled with con-
siderable steadiness to the close.
Lard offerings were largely increased,
while the demand was only fair and prices
suffered a reaction of 15@20c per 100
pounds, with good trade reported at the
reduction. Later the market showed more
steadiness and prices rallied goo &c and
closed steady. Short ribs were weak dur
Ing the greater portion of the day. Offer
ings were free, especially for September
delivery, while the demand was only fair.
Prices on the whole ranged on a decline of
15@20c per 100 pounds, but rallied 5@7]2c.
The wheat market did not hold its own
today. The news was bullish from nearly
every standpoint, but general speculative
support was lacking and values settled
back 3l@1c There was evidence of con-
certed effort on the part of leading local
operators TO depress values by using for
eign houses to sell through. Whether, as
many insisted, the drive was made to get Il
good market to buy on is an undecided
question, certain it is that the big traders
were making a maximum amount Of noise
and minimum amount of selling Sep
TENDER wheat opened at S4MS41Sc, sold
off To S312c, between which point and
S3Ec it fluctuated most of the day.
Shortly after II O'Clock the price got down
to S314 assoc and the feeling was one of
weakness Good buying occurred, how
ever, and the market advanced 14e, clos
ing stubbornly strong at a &c cheaper
basis than yesterday.
The corn market was weak and lower
The opening was strong at 14@14c above
yesterdays closing range, viz: at 41c for
September and 46$4c for October. Septem-
Der sold to 714@4734c, and October to
1910. That proved TO be the top. The
bottom was 461sc for September and $3.50 |
A &c for October The decline represents
a shrinkage of $4@1c. During most of the
session the greatest weakness was in de
ferred futures, the depression III Decem-
Der and May causing noticeable heaviness |
Oats were dull with a fractional decline |
There was no support with few buying
or lers and on the whole moderate favor |
WAS shown near futures. The long months |
were neglected
he laah NO p,fI 6,