St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-07
CORNERING PROVISIONS.
The Chicago Board of Trade Suddenly
Turns It's Attention to Lard
and Short Ribs.
The Interest in Cereals Growing Small by
Degrees and Beautifully Less Among
Spectators Generally.
Shares Get Backset at the Close After a
Day of Much Strength and
Activity.
CHICAGO.
Especial Telegram to the Globe.

Especial Telegram to the Globe.
CHICAGO, Aug. 6.-The day on change was
again characterized by extreme dizziness, con-
dition that seems 10 have become almost chronic.
Lard and ribs showed some life, but outside Of
that the inactivity almost amounted 10 stagnation.
Foreign markets were reported dull and easier,
with harvesting progressing favorably. The
New York markets were very weak all day and
the report of the visible supply as posted in the
New York produce exchange showed an increase
of 2,315, OGO bushels in wheat, or nearly 800 900
more than the Chicago statement gave. On the
other hand shipments from this point were
better and the receipts of winter wheat showed
considerable decrease. Weather reports from
the northwest were also adverse. Wheat after
fairly strong opening closed the same yester-
day-S2 = for September. Corn dropped &c on
September and 1 c October, closing at 534c
for the former month, and oats showed but slight
fluctuations and remained unchanged. Provisions
eyinced more activity, lard closing 1Oc higher at
S7.57h for September, and ribs closing zoe
higher at s.. 80 for both September and October.
In wheat the business transacted was very
moderate, trade being slow during nearly the en-
tire session and trading chiefly on local account.
The opening was fairly active at I. c better than
yesterdays close, but for hours the crowd didn't
u
call on New York and other large
outside markets for pointers, but
the situation outside was no better than it was
locally. For want Of support there irregu-
lar drop Of 5s02lc in the active options, with
nearly all the big houses here sellers. At the de-
cline John Rumsey, Comstock, Hobbs, Narm,
Ream and others put q half dozen brokers in the
field, and bought rapidly and in good sized lots.
The effect quickly felt and was very strength
ening, all the decline being recovered, and at
o'clock prices were substantially where they were
At the opening, when prices fell off 14c leaving
Salues Us they were It yesterdays close. Sep
Lsmber ranged at So IS q 50 = and closed at So &c.
October ranged at s34l GS41 and closed at 81 &c.
said prominent broker, speaking of the stu
alton: while the bears are all confident that
wheat has not nearly reached its proper level, it Is
noticed that they are very careful now they fool
around on the short side. There were no trans
actions to-day pointing toward q new era in any
direction. The situation with respect to
shippers well 70 spectators can easily and
clearly be explained in one word: they are
Waitin
There arc more spectators and holders OF
grain who operate on change and who loaf about
board Of trade Offices who think corn is high than
who consider wheat low. Yet corn holds its
own remarkably well, taking into consideration
the splendid condition OF the coming crop and
other bearsh Influences one OF which is the
large and increasing receipts. 1t was reported
il the alley, and pretty good authority, that
upward Of go cars were being loaded with
In Nebraska to-day, destined for Chicago. In
conversation with u number Of board Of trade
men, one Of whom was Mr. Charles Schwartz, it
was observed that there is a general impression
that during the present month receipts of corn viii
show very large increase, possibly large enough
10 cover the amount consumed, to leave this
month without any material decrease in the visible
supply. The opening was ls axe higher than
yesterday close, but the day 5 trading brought
ont no new features, the course Of the market
being largely goyernedb by the strength Of the de
preston in wheat. Trading was almost exclu-
siyely with the local crowd, and in small lots
September ranged at ssh G54c, with only light
trading at extreme figures, and closed ut 50 &C.
October ranged at 81 4 Gg53c, and closed at SIC
Lard and ribs opened firm and quiet develop
ing no feature until the last hour Of the morning
Session, when a crisp short demand sprung up
and everybody wanted to buy. Ribs advanced
rapidly and with fair show OF reason, for with
hogs coming in slowly and manufacturers all
scrumbling for material 10 turn into the cured
product, with September delivery day approach
ing and VITA heavy short interest out there
bids fair to be lively times and a still further ad
vance. The opening was at s. so for September
and October and the close at $500, u gain for
the day OF lOc and over yesterday Of 20c The
stock is said 10 be mainly controlled by cudahy
4 Stiyers, who among the heaviest buyers
both yesterday ana to-day. Nearly everybody
bough. lard, too indeed SO general was the buy
ing that it would be difficult to say who was in
the lead. The September option, after going
down early in the day - s.. 80, advanced to
$3.50, but fell back > &c on the afternoon board
and closed at S5.5'ia, a gain Of l0c over yester-
day last dguers.
In the live stock market there was a sharp up =
turn in all branches Of the trade Receipts OF
cattle about 5000, and the general market u
strong Toe higher, with sales of the best natives
rtSj.1Oa.6.9 5. There were but Il few loads OF
Texans on sale, the receipts having dwindled
down to small proportions There has been an
advance Of IoG Boo per 100 on Texans since the
"scaIc a week ago. Receipts OF hogs were
about 10000 for the day. The market was active
aud higher, the best assorted light and heavy
making 5. s0It600, Sheep are 25G5Oc per 100
higher than this time last week
CHICAGO FINANCIAL,