St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-06
PORK SET THE PACE.
A Drop of Ninety Cents Per
Barrel Creates a
Panic.
Enormous Stocks on Hand
and Selling by Longs
the Cause.
Wheat Opened Weak and So
Continued to a Lower
Closing.
-
Complete Stagnation in Deal
ings on Wall Street
After Noon.

CHICAGO, Aug. 5.-The provision pit was
| the center of interest on the board OF trade
to-day, and pork set the pace for everything
else traded in by dropping 9ec per barrel in
| price. 1t was in a very panicky condition in
fact and it looked for time as if there
might be a general slump in everything
traded in on the floor; but the downward
movement in pork was finally temporarily
checked and grains were steadied before any
thing like a sensational break had been re-
corded in them. The provision market has
been steadily getting itself into shape for
such a break for the past week. The enor-
nous stocks aud the near approach of the
time when September pork would be deiiv-
cradle, the growing concern as to what
could be done with 1t and the increas-
ing confidence of the bears has been develop
ing a weaker feeling for several days past.
The appearance of Ream as an aggressive
seller. and the number of tailers who fol
lowed his lead caused CONSERVATION among
the longs and 4 growing desire To get rid Of
what WAS beginning to be regarded as very
desirable property. So, the break once started,
it did not take much to bring on panic.
Stop orders and exhausted margins also
played an important part; and BESIDES the
receipts OF hogs were 4.6J0 larger than eX-
pected, and prices at the stockyards lie
lower. The market opened excited and eX
ce adingly ragged, with offers all the way be-
tween Sll.l5 and Sill, nearly every broker in
the pit having selling orders, while there was
no one 10 buy The result was that sellers
continued 10 offer the product down: but lit
tie or no trading took place till $1,000 was
reached, or 32l2c below yesterdays closing
prices. There were not enough buyers even
at this figure to sustain the market, and the
price continued to go down, with some small
temporary reactions till Sl0.55 was reached,
loss compared with yesterday of Slice.
Then there was rally to 5000, where it held
pretty steady for time: then 1t made all
other dip downward, this time touching
So. 3.lo. became dull, bit rallied little and
closed at SlG.40. Lara sympathized with pork
ia its weakness, but its break was less radi-
cal, the decension in price marked being
only 1i@l1I2c. short ribs declined from
S. S2L2 for September at the close yesterday
TO S5.57l2, at which they closed.
Wheat opened weak and Ssc lower at 90SSc
for December. Liverpool was finn but Lon
don cargoes for prompt shipment were Sd
lower; Paris was steady and quiet and Der
lin was marks higher; the weather in the
wheat belt on this side was good, crop re-
ports were encouraging, and wheat was being
marketed freely. Bradstreet's reported an
increase of 2,900.000 bu in sight east of the
Rocky mountains since last week, and de-
crease or 5oa,C)0 bu on the Pacific coast. Min
neapOlis wired the following: The weather
is perfect; the warmest of the summer.
Nothing can now stop the biggest crop ever
raised" Other news was bearish, and the
market was weakened by large offerings OF
long wheat. Schwartz and Dupee, who have
lately been acting for New York parties, sod
about zoo. U00 bu of long wheat Ream, too,
was large seller, and there was active sell
ing by early buyers including Logan. White
and Kennett- HOPKINS. Then there was weak
news from Liverpool and New York failed
TO export any wheat
About the only bullish item was the dis
eoverv that the increase in wheat on ocean
passage within aWeek was only 12S, 900 bush
els instead of 1.00),0t0 as reported yesterday.
December declined 10 9)c and was held
around that figure for some time by the pur-
chases of shorts, but when they were filed
up the market weakened again. going to
S9l2c. This was assisted by lower prices at
New York and st. Louis Private advices of
lower prices on the continent and in the
United Kingdom, with foreigners reported
rs selling heavily in New York. From the
bottom there was a rally ID S91SGl90c. The
market was rather dull and steady during the
last hour, CLOSING at S9s4c. Corn joined in
the general downward movement all the op-
tons ruling lower. BraGStreets reported an
increase of 903,dJ0 bushels in the supply i'll
sight. September started S5c lower at 56l2c,
and sagged off to j5S4c, reacted TO the OPEN
ing price, weakened to 56Ac held steady
during the last hour and closed at 56Ac.
Oats were dull and weak during most of the
session. but closed at the top price, the same
as Yesterdays close, with fluctuations con-
fined to lac range.
The leading futures ranged as follows