St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-26
MONDAYS MARKETS.
The Trade in Chicago Dull
and Lifeless Outside of
Scalping.
The Franco-Chinese War Seems
Not to Have Booming
Effect.
Considerable Weakness Manifested in
Provisions, Pork Losing Round
Dollar for the Day.
Nobody Wants to Buy Wheat and Very Few
Operators Have Any Faith in
Corn and Oats.
a Disposition to Sell Nearly Everything
on the List Noticed in Wall
Street Speculation.
CHICAGO.
Especial Telegram to the Globe.

Especial Telegram to the Globe.I
CHICAGO, Aug. 25.-The leading grain
markets were weak and depressed again to
day, more because of the lack of buying
orders and the dearth of speculation than be-
cause of any bearish news, though the same
reports are made daily of depressed foreign
markets, good crops, etc. The war between
France and China has as yet had no strength
ening effect on the market, but there is a
well-detined idea that the other powers Of
Europe may find it necessary for the protec-
ton of their interests in the east to pursue a
course not entirely neutral. The influence,
however, which this possibility may have
on the price Of grain is too remote as
yet to make investments on. The almost
entire absence of orders on the market is
becoming a subject Of increasing comment
about the alley. The average speculator at
tributes the present dullness to this cause
with as much confidence as a locomotive
engineer would point to a lack of fuel as the
reason why the train did not move. 1t is
believed by large number of the traders
that it will be useless to count much outside
business until after the November elections.
At any rate as far as the markets to-day was
concerned it was left entirely in the hands
of scalpers.
81 was uD there all day." remarked one
trader, "and didn't see anything worth
talking about The market seems easily in
fuenced in both directions when there is
anything tangible to influence it. Bangs
tried very hard to get rid of his long corn
to-day, and succeeded in putting the price
down from 50%c, where it opened for Oc-
tober, to 1890. This is the only individual
case can mention, and 1 probably saw as
much as anybody else"
Wheat 1uctuated within a range of &c,
and closed 14@35c lower than Saturday. The
range Of corn was &c and the closing 40
155c less than the last figures Saturday.
Oats closed &c lower for September and &c
higher for October. Provisions were dull
and lower, pork losing 81 on the October op-
tion, lard falling 15@171Gc aud ribs re for
IS sster5er and 35c for October, as compared
with last sales Saturday.
"A speculative philosopher, who was watch
ing the market from distance, would be at
loss to explain the total insensibiity of the
market to the opening of great railroad war
and its utter indifference to the beginning of
great foreign war. But the littlest and
least theoratical scalper who has stood in these
pits during the last eighteen months, let him
know nothing at all of the philosophy of spec
ulation, will tell without moments hesita-
ton why this market has lost all inclination
to respond to the old influences. At
least hundred times within the
past eighteen months, he will ex-
plain, If he explains at all, there have
been incidents which, according to all the
experience of all the traders in this market
from rs far back as the memory runs up to,
the beginning of this present remarkable pc
riod, should have advanced the market
During all these eighteen months in all
these hundreds of instances, these incidents
one after another, instead of advancing, as
was supposed, the price of grain, actually
have lowered it. There have been wars and
rumors of wars, and the price of wheat has
gone down instead of up; there have
been cuts in freights and ad-
yances in rates, and still the
price of grain has gone but
one way-down, There has been talk of
crop damages; there have been reports of
drought and news of deluges; there have
been scourges in the Egyptian wheat fields,
and cholera in France, and panic among
the peasauts-there have been all these
things and vet the price of wheat has only
stopped after one drop to begin to drop
again. Hope springs eternal and all that,
and the bulls on wheat are a marvellous set
of men. But there is limit TO the endur-
Rnce of even Chicago wheat bull That
limit was reached number of months ago.
II Is not the runner Of a war that will now
set the bull to buying wheat. 1t is not even
the official announcement of the opening of
hostilites. 1t is doubtful whether battle
fought ON fair field with brigades on one
side and brigades on the other would start up
the bulls There have been too many disap-
polntments, too much money lost. 1t looks
indeed, now, as if war or two need to be
actually begun, actually fought through, and
truees actually signed; as If several crop
pestilences would need first to be passed
through, written up, and the results exhib-
tied, before the wheat bulls viii ever regain
their former confidence, or ever be brought
to believe that they are again to have any
show in'the market as purchasers of prop
erty.o
Things we're decidedly dull In wheat puts,
and one broker said that not an order for
more than -, 900 bushels had been filed on
Change to-day. The opening was easier,
and during the morning session prices huc-
tuated llc either way from opening figures,
which were at IS L for September and T9JSc
for October. The most strength was early in
the day when the market received show OF
support from Lindblom aud other houses,
but they bid considerably more than they
took. J. T. Lester II Co., and Schwartz i
Dupee were among the leading buyers and took
presumably for New York parties They
filed their orders leisurely and without APP
preeiably affecting the market. The ship
ping demand has been fair. there being 40l,-
coo bushels taken for shipment to New
York. Engagements were made for the
shipment OF $4,000 bushels by lake. Sep
semher closed at sSc, and October at s9Skc.
The inspection Of winter wheat in western
markets shows only about 90 per cent equal
80 No. grade, which makes great super
abundance Of low grades, resulting in their
comparative eheapness. The Kansas farmers
are getting only about +oC6i5c for their wheat,
sud it is doubtful il they can make much
clear money by raising wheat az these prices.
They can do much better with corn or stock,
and 1t is reported that they viii seed much
: smaller average this fall than usual.
Prices said an old operator. ''are toe
stable to induce speculation. People don't
cara to 20 into market that doesn't move.