St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-02
CHICAGO.
Especial Telegram to the Globe. |

to-day were dull and weak, and everything 9
but provisions took the down grade as to
prices. This being delivery day the market
did not open until 10 80. Deliveries of ev-
erything except lard were light, of this they
were fairly liberal. The reason of the weak
ness was that all the temporary influences
which usually have so immediate effect on
the market were in favor of the bears. Ca
bes reported slow and dull markets on the
other side. Eastern markets were lower,
and weather reports all that the most ardent
bear on grain Or bull on stocks could desire.
September wheat opened at S4lc,
Nc below Yesterdays close, and closed at
$500, decline from yesterday of 1c. Au-
gust closed at S214c, a loss Of &c. Septem-
Der corn fell &c. closing at 5415c, and
August fell 1c, closing at 55%c. Oats fell
&c to 26c for September and &c to 2719c
for August. In provisions the market was
stronger and prices higher, but there was an
absence of activity. Pork was SC higher for
September, 15c higher for year and un-
changed for August Lard closed sc higher
at $3.50 for September and 1919 for Au-
gust, while short ribs closed 1216c higher for
CNPICllIDCl az -OsO~I25 anu lOC HlSuCl IOl
August at $S.45.
Wheat showed very little activity. The
opening was easy at 4@1lc decline from
yesterdays last quotations, but grew stronger
and advanced 1%@25c on buling by Nat
Jones and free buying by Hutchinson, but
after the advance offerings were pretty lib
eral and a decline of nc followed and the
plosp of fla lpUacf tNnint Of thn doy
Said prominent broker:
The reason the markets are weak is be-
cause there was nothing to make them
strong. When the price goes down you
would naturally suppose that people would
want to buy, but they don't. The further
down it goes the more anxious the crowd is
to sell, and when it goes up they are just as
anxious to buy. good many traders went
long yesterday at the top and this morning
when things opened up weak they all helped
to make IT weaker by realizing. They didn't
realize much though, selling out 40$lc
lower than they bought at, except to realize
that they had put the wrong foot into the
right boot. It don't amount to anything
though, as there was nothing doing beyond
dull scalping trade.''
September opened at S41lc, quickly sold
up to S4}5c, and then under the influence
mentioned above reached S516c, but re-
ceded under an increased demand and fair
offerings 10 S31sc, at which it closed on the
regular board. On the afternoon board the
market formed up somewhat early, but fell
of again and closed at 83@fc-1c below yes
terdays last sales
No,particularly notable features were de-
veloped in the corn market, which was de-
pendent in a great measure upon corn for
its fluctuations. "Old Hutch'' began selling
Oh large scale soon after the opening He
was operating through John Rumsey and
Frank Mitchell, and the leaders gave up his
name in all the sales before the adjourn
ment They did not sell in big lots, for it
was impossible for them to do that without
breaking the market, but they sold all that
they possibly could. The knowledge that the
rich packer was, des pite the small deliveries,
going short of this grain, weakened the feel
ING, and closing figures were about the low
est of the day. The receipts were larger than
usual, footing up nearly 300 cars. September
opened at soc, sold up to 5515c, off to 548lc,
closed at 54lEc.
Oats were duh and weak on very light
speculative demand September declined to
25}Sc' the lowest figure on the regular board,
but rallied to 20 in the afternoon, &c below
yesterdays last figures.
There was only moderate business trans
acted in the provision pit but the demand
was better and prices higher on articles that
were wanted. Lard was higher and fairly
active, closing at $3.50 bid for September
and S1.37l5 for August Short ribs were in
better demand and quite strong prices rul-
ing l7}5c above yesterdays. The closings
on the afternoon board were $3.50 for Sep
tember and SS.45 for August
Cattle were in good demand aud with only
about 1000 ON the market, and at least
5000 of these Texans, ii was no great Won
der there was sharp upturn of 10Gl5e on
fat natives suitable for the shipping or
dressed beef trade. All the leading BUYERS
seemed to want few, as all looked for
light run next week The best natives made
SO. 50G6.S7Y and second class S5. .6066. 80.
Common natives, such rs cows, bulls aud
mean sorts generally sold as low as at anv
time These sorts did rot share in the ad-
vance. There was an improved demand for
stockers and feeders, and they were all Sold
but prices yet remained very low. Trading
In Texans was rather slow during the fore
noon The hog market was again active
aud prices trine higher on about all sorts,
closing steady, with all sold.
j. W. Rumsey Il Co. say: ''At the close
he general feeling was a weak one, but
prices are now so low that anv unfavorable
news would cause a quick upturn, couse-
queuuy we still think that purchases made
on the breaks are safer than short sales, as
lhe new corn crop cannot be made available
until November at the earliest, present
stocks are too limited to warrant taking the
short side of the deliveries between now and
then"
The owu-Chandler Co say: eve see
nothing in the situation that viii warrant
any further reduction in prices, and think
purchases on breaks viii make money!
Milmiue, Bodman Il Co. say: ssThe in
spections in different markets show there
has been some damage by the late rains, as
the proportion of No. is light-not so much
as last year, but still very light for such a
high rated crop as the present one. We see
nothing to bull wheat on as yet, except the
low prices
CHICAGO FINANCIAL.