St. Paul daily globe., 1884-08-22
CHICAGO.
Ispecial Telegram to the Globe. |

CHICAGO Aug. 21.-The tone and tendency Of
the market is undeniabiy bearish, and this Is
shown not only in the continued depression in
prices but in the talk that pervades commercial
circles, which is perhaps even better index, for
operators will talk higher prices when they have
not enough faith in them 10 buy. AS 1t now
stands. even the most stalwart bulls are weaken
ing and hesitate about reiteratng their oft
pressed opinions about the bottom having been
reached They have clung to their commercial
creed Of higher prices until all the life has been
hammered out of them by the perverse course
Of the market, and they can only say,
''prices are terribly low This is indeed true;
80 true that even the most pronounced bears are
very cautious about selling short, and between
these two negative influences the market situa-
ton eliminated to-day in almost complete stag
nation.
In general way the markets on change were
easier and nearly everything suffered a decline,
the easier feeling being attributed chiefly to the
disinclnation TO operate. The cables reported
the English markets depressed, with no inquiry,
lat the French markets are reported steadier.
The New York market was weak all day, and the
game may be said of the winter wheat market.
The most popular topic OF conversation about
the alleys Is the crop prospects. According to
the latest reports they continue very good, prom
ising no opportunity for any important bull
movement for months 10 come. Shipments have
fallen off very materially under influences Of dry
weather in Europe, which fits the domestic pro-
duct for milling purposes earlier than Usual.
September wheat opsned e below yesterdays
sales, and closed at 73Ac, loss OF &c, Corn
for September closed at SIC, loss Of 1c, and
oats closed at 25 L c, loss OF &c.
Provisions were only moderately traded in,
and ruled generally easier. Lard closed at 7.55
for September, 71.c below yesterday, and ribs
at Sl0.55, or sc lower.
A very quiet feeling pervaded the wheat mar
ket, with no outside orders and local trading be-
ing restricted TO a few scalping deals. The
early morning showed the most strength, and
prices did get up at time TO about yester-
days close, but it was only a temporary
squirt and soon settled back and closed easy at
79zc for September, and SOC for October, a de-
cline Of &C. English buyers say
they expect TO buy wheat this
son for less money than has been done
in hundred years Said a prominent broker
day: Il have been waiting along in the hope
that something might turn up to change the out
look, so that l coud advise my friends to take
hold Of the long side, but l really cannot see any
thing at present TO prevent the market from
sagging to yet lower level Nothing but a
cessation of the receipts will help the market;
there is no denying the fact that there is too
much stuff
Corn was more active than wheat, but still far
from lively, and under influence of free offerings
and the weakness OF the former cereal prices de.
clined even more than sharply. The receipts
show slight increase, but this was balanced by
IL
other influence of note was the reports
OF good rains in the west, which had q weaken
ing effect as it was believed tdat the growing
crop in some places needed it quite badly
Adams and Hutchinson are SAID TO have purchased
some corn early in the day and the former was
reported TO have taken 100000 bushels, but this
did not seem to effect prices in the least. Sep
tember closed at 52c, decline of lc, and octo-
Der closed at 5lc. decline of &C.
Oats were quiet and steadier early. but closed
easier al 25l4c. for September and 25 q c. for
October.
Trading In provisions was light, and an castor
feeling prevailed throughout the most OF the
session. Trading was chiefly in lard, ribs being
somewhat neglected and pork as usual Tho
shipping demand was moderate, and cables
showed a quiet and easy maket on the other side.
while the domestic markets were without mate
rial change. The feeling in lard was somewhat
unsettled, and prices irregular. A weaker feel
ing prevailed earlier and prices reeeded 100
123ac, but recovered s810c later, and closed at
s. 55 for September and S7.671l for oetober.
Ribs were not very active and there we're no fea-
lures worthy OF note in the market Tho clos
ings were at $40. 55 for September aud $40 20 for
October
Prime native cattle, or those showing anything
like good quality, were scarce, and sold shade
higher. The last may be quoted at 81. 5OGS5 90.
and second class -. S0GG6. 25. Common aud
grassy natives selling for just what the sales
man cen get offered, some very fair 050 pound
steers selling as low Us S2.90G4 25. These
sorts come in direct competition with the Wyo-
mings and Moutanas now arriving, and az they
are not as good they have to be sold for what
the statesmen can get offered. There were about
100 cars OF territorial and Texas range cattle on
sale, and the tendency has been for lower
range Of values, some predicting decline of 10
GSl5c before the day closed. The Texans on the
market are making SS, ,l0G53S 50. those from Wy
Oming and Montana as 50. 5094Oo, and those
from Nebraska 81. 25655.50, Stockers and feed.
srs are quiet at from S3.SOG4e5.
The hog market generally was fairly sctivs
and prices So l0c higher the best heavy, which
we're scarce and in good demand. selling readily
at extreme prices, one lot OF Philadelphias max
Ing So so, while the best heavy msde 81. .6Os6 rs.
aud good medium mixed packers at 81. .35Cs6. .55.
Assorted light sold at S6.lO@ee.6s. but tbs de-
mand was light. The pens were crowded fail of
Michigan snd Indians, for which there vrss liter
ally no demand, some OF which were offered IS
low as s. 90, and even then they could not be
disposed OF The best were barely worth Ss.75.
As it is quite certain they viii sell below $500
before the week is out they are not wanted here
unless at very low figures. Packers can find no
place FOR the product, snd shippers can find no
market that viii take them.
The sheep market remains dull and prices con
tipue weak, with decline Of sOG50c as com
pared with last week. The srest bulk of the
sheep arriving are OF the poorest kind, some of
which sold as low as Sl.s5Gs.S0 per head and
ke.l093. 10 per 100 pounds.