St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-02
A SLIP IN GREASE.
PORK GOES SLIDING DOWN THE SCALE
AFTER. WHEAT.
BROKERS FAIL TO PUT UP.

Failures of Jack Cudahy, Wright
d Haugney and a Number of
Their Brokers Send Every
thing on the Down Track
Lard Goes Down So. 80 in Two
Seconds.
CHICAGO, Aug. 1.-The sensational
collapse in wheat prices of late was
ecipsed on the board today by bigger
tumble in provision values. caused by
the failure OF the men who have been
manipulating the market for some
months past. Pork, in which the trade
for two months past has been SO meagh-
er as to scarcely furnish point to hang
quotations on, burst into activity this
morning. The priceof September pork,
which was u0minally Ss19. % at the close
OF the market yesterday. dropped to
5000 in the course of the first hours
trading. 1t was known among the
provision brokers on the curb before the
market opened that there would be
trouble in the pork pit. For several
days the leading operator in the pork
deal had been slow in putting up mar
gins, and as lie was credited with
carrying some $4,000 barrels of that
commodity, it WAS believed 20 be
only Il question of time when the strin-
gency would compel him to let go. 1t
was at once Sren that he had lost con
troll. When after half an hour of the SEES
sion had passed, Secretary Stone an
nounced that j. Z. Stnever & Co., E. ".
Bailey Il Co. and A. c. H0lmholZ. brOk-
ers tor Wright, had ordered their
trades closed. 1t then became simply a
matter of consideration as to what was
the value of pork measured by the price
| OF hogs. The trade appeared to settle
down to an opinion that somewhere in
the neighborpood OF $11 per Dbl is about
what it was worth. rhe amount of
business done was limited compared
with what might have been expected
from such an enormous depreciation In
value. but the fact seems to have been
that there was very little open interest
III the market, as the trade had for
| months warned their customers
away from it. When trading com
| menced the state of uncertainty
| was such that an offer to buy
| $50 l,bls of September pork at $40 per
| Dbl met with no response from sellers.
| The bid was Immediately withdrawn,
! and the first transaction was in 2j1 bbiS
| at $3.50. he price then dropped about
! soc per Dbl on each fresh sale down TO
| SIG. The announcement of the failure
| OF the North American Packing com
| pany a little later brought The price
| down to 5000. 1t recovered to A1.15
| and then settled down again to Sill.
While pork was in the throes of dis, oil /
! ton, lard and ribs were, i'll comparison,
well maintained. September lard
| opened at 1910 and declined in sympa-
thy with the break in pork to 80
| From this figure it had recovered
| slightly, when, at 1885 the trade
was very suddenly paralyZed by
! the announcement that all trades
with John Cudahy were ordered closed
! out. John CudahY, twelve months ago.
was rated as being worth from IS, 000, 900
| TO S4.OOO,OO0, consequently the SHOCK
was TOO much for the traders nerve,
and the price of September lard fell
from $3.50 to 81 in two seconds after the
| announcement, and ribs. which had not
been 50 much inflated, declined in the
Same time from So 97l5 to 1913. Hog
| receipts were small. only LOCO head
| having been received, but the market
| for them was weak. TOmOrrOW'S re-
ceipts were estimated at $1,000 head.
| Such matters, however, did not count
for anything in today's trading. Prices
| Stitfened q little at the close. September
pork left off at $l2, September lara at
| SOD, and September ribs at 50. 22t5
| The wheat market opened with a
! boom. September wheat found buyers
at 6U3s@6lc, and for time everything
looked favorable for a bull session. But
| the failures which were announced
| from time to time Kept knocking the
| underpinnln2 from the market, and
finally the failure of joan Cudahy and
| that of Wright " Haughey, up
| set the good Of the earlier bull news
| and left the market Near the lowest
! price for the day. The foreign markets
| were fifmer at the opening; There We're
| numerous foreiGn buying orders in the
market. but tOday'S failures democrat
| lied all the regular shipping business,
| and news of such KIND was diSre-
| garded after the first few minutes of
the session. Tie local receipts were
3OS cars. Minneapolis aud Duluth re-
! ceiveu 135 ears. The export clearanceS
| from the four principal Atlantic ports
and New Orleans amounted to about
| 1,000,000 bushels in wheat and flour.
| The price of September at the opening
was anywhere from 6O$sc 10 Gle. 1t
| was down to 5S14c five minutes before
the CLOSE OF the market and wound up
at 5e1ac. or &c decline since yesterday.
Corn and oats were the green spots in
an arid drop. The favored concerns
were short of these two articles, conse-
| Quently prices were helped and not
| weakened Oh the announcements of the
failures. September corn opened strong,
at from 3S14c to 3S5Sc. sold as low as
3712. and recovered 10 3S$5c, closing a.
3S1sc bid. The local receipts numbered
| G6l cars.
September oats sold Off early from
2S3sc to 225sc, but speedily recovered,
selling up TO 1875 CD2315c, and closed at
2314c. May closed at 2S1sc. Freights
were slow and easy. at I16@IAc tor
wheat and lie tor corn to Bunaiu.
Estimated receipts for tomorrow:
Wheat, 125 cars: corn, 800 cars; oats,
$50 cars; hogs, 10000 head.
The leading futures ranged as follows: