The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-08-10
BIG SLUMP IN
PRICE OF PORK
Weakness of Corn Thought to Be
Cause of Decline.
WHEAT SINKS TO LOW LEVEL
BEARS HELD SWAY IN GRAIN
AND PROVISION MARKETS.

Chicago, Aug. e.-Provisions were de-
moralized until late in the session.
There was a great selling pressure IN
the shape of liquidation in September
holdings, and selling short of January
and May.
Pork was the product raided, and the
bottom dropped out of the market
Everybody was offering stuff. At times
January pork was offered 20 cents I'M
der the market, with no takers
The bottom was reached at decline
of about cents. Lard had been firm
est of the products. and turned strong
on support. The hog market, which
had been lower on only 5000 head re-
ceipts, turned up late, with view to
attracting more stock to the market
next week
Corn. the weakness of which was
the primary influence in the provision
selling, turned firmer. After the severe
break there was an inactive tendency,
and the days losses were much less
than at one time seemed probable
September pork sold from 1855 to
1915, and closed weak, Is cents on at
1886: January sold from 14.S5@14.3O.
and closed at 1850: September lard
sold as low as 1850, and closed at 712c
down, at l0.6715; September ribs drop
ped from 1920 to $50, and closed 121zc
off. at 10.e21z.
Corn was so weak early that it caused
a weakness in everything else on the
floor. After slumping over cents in
one week, an additional decline in de-
ferred futures frightened the few re-
naming bulls into renewed liquidation.
The weather was favorable, and crop
reports were bearish. Texas was asking
for bids for corn for immediate ship
ment. Altogether it appeared that soon
there would be a big movement from
the southwest.
The decline, however, soon brought
prices to a spot which was considered
too profita BILE to the shorts to last long.
Covering had been going on all morn
ing, but not with much 1iveliness. The
clique that sold short around so cents
as d, hedge against the corner in July,
covered enormously at big profits.
The crowd turned bullish, but the re-
cent depression had been so great that
1t was hard to overcome. September,
which slunped to SOS, rallied to 51z.,
but closed only a trife firmer, 1s@Ac
up, at 3s@511z; December slumped lie,
to 39c, and closed easy, SQAc off, at
3924 G39%c.
Wheat made new records for low
prices for the crop. There was tenn
porary firmness at the opening on light
rains in the spring harvests, but the
crop IN corn and the subsequent de-
preston in oats brought marked de-
preston. Crop prospects still were ex-
cellent, and all reports indicated big
yields for both winter and spring
wheat,
Stop-loSs orders we're plenty, short
selling was free, and there was only
scanty covering late in the day on
more rains predicted northwest Re
celpts were very heavy, especially
southwest There was no business in
London or Liverpool, but the continent
was weak September opened NC up to
unchanged, at 6Sk to IS, broke to 671k,
and closed easy, a shade off, at STAGES.
December sold down to 661z, and closed
1sc I'D. at 6S& G6S7s
Corn weakness brought a slump in
oats. September closed weak, &c of,
at 301z.
The leading futures ranged as follows: