St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-06
THE SAME OLD STORY.
The Markets are Dull and Weak
With Only Scalping.
Variations.
But It May Be This Is Necessary
and Healthy Transition
Period
From the Wild Speculations of the Past to
An Era of Legitimate
Trading.
Northern Pacific Preferred and Other Good
Proportion Freely Taken by
Investors.
CHICAGO.
Especial Telegram to the Globe


CHICAGO, Aug. 5.-Everybody In Chicago
seems to be waiting for something TO turn up.
That has been the attitude now for some time,
but the something persistently refuses to turn
up, and so in consequence, there is very little
trading and that mainly for scalp. The
markets were dull and hesitating and ''if' is the
controlling word in representations of the fu-
ture course of prices September wheat opened
sc below yesterday close and closed &c below
at the lowest point of the day, S2Hc. Septem-
her corn opened steady but closed at $3.50, the
lowest point. Oats were about steady. Provi-
sions with the exception of pork, are fairly
active and higher prices prevailed. Lard closed
at yesterdays last figures, $7.42 for September
but showed a gain Of 2Hc for October Short
ribs under manipulation, it is said, went up 15c
for September and 12Mc for October.
Wheat opened rather heavy owing to full
ceipts, easier eastern and foreign markets, and
and an absence OF outside orders. Local trad
ing was on limited scale, and general lack Of
interest was manifested Brokers waited for the
posting of the visible supply, but when it came
it had no effect on the market, as it showed
about what was expected. An increase of AGO.
900 bushels, and its influence on prices had al
ready been discounted. The market opened a
shade lower, then ruled steady, fuctuating with
in a range Of re until shortly before noon, when
prices declined 1EcS sc, rallied somewhat and
finally closed 56Oa.c, lower than yesterday for
s27s for September and 541a for October.
A gentleman connected with the shipping trade
said to-day: II wouldn't ship wheat from Chicago
now-I don't think. Fou can go to BaItim ore
to-day and purchase any amount of red winter at
92c, and taking into consideration the difference
in quality between that and what we are holding
here to-day at s3Ac, leads to believe that
there is no money in shipping at the present
prices. haven't learned Of any wheat having
been chartered to-day, and l wouldn't be at all
surprisee il other shippers Of my way Of
thinking"
at looks a5 though wheat was trea ding right
Elong on the bottom" was the opinion vouch-
safed by one unhappy bull to-day. every time
it gets down to SIC there seems to be mono for
sale, and when it gets up again a point or two
there is barely enough sold to bring it up again,
and that is all
Corn developed no noteworthy features, open
ing at yesterday close and running along within
very narrow limits. Receipts were heavy and a
gradual influx Of sellers broke the market down
]sc, &c. The influence of decrease of 265, 900
bushels in the visible supply was slightly
strengthening but its influence was overcome by
the weakness in other grains September
opened ut 5lllc, sold down to $3.50, up again to
the opening figure and after some fluctuations
closed at sic on the morning board but fell again
on the afternoon board and closed at SO sc, loss
of ssc. October closed at 52Ac loss OF 1c.
Oats pcrsued the even tenor Of their way. with
little trading aud no features worthy OF note.
Yesterdays quotations stand good for to-day,
while Russian oats shipped to this market from
Dakota an experiment are being received by
Il. Il. Carr S Co. 1t proves very fine grain, but
has little wheat mixed with it, and therefore
grades rejected, but has sold for 37c, 1sc over
No. ..
The provision pit showed a good deal OF lfe
and spectators were inclined to do a fair busi-
ness, but shippers were favored with but few
orders. Advces from foreign markets are favor
able to holders, and eastern markets were
stronger in u general way. There is a squeeze
in ribs which eliminates IN Sep
tcmher. The existence of this corner
explains the advance in ribs, and
also the advance which has taken place in live
hogs at the yards. Il takes ribs forty days to
cure, and meats cured later than Aug. 90 will
not be ready by the close Of September. AS
there are now but two weeks in which to make
these ribs, and us there is an enormous shortage,
there t. u scramble at the yards for all the hogs
that come in Between the shippers wno must
have live hogs to hord east, and the packers,
who are short September ribs the farmers and
hog spe cuators are making some money. Prices
of ribs went up 2003O and the appreciation
was moderately well sustained. September
closed at S.. 70 and October at So. 67B.
There was good demand for cattle from
shippers and dressed beef Dealers and lots that
suited thus demand found ready purchasers, so
that the market was active to the extent OF the
supply, and prices ruled steady as compared with
the close yesterday, yet values are 10@15c lower
than Mt the close last week. The best natives
are making S6.5O06.25, and second class So 500
SIS. There were about 1000 Texans on the
market and they were making SO. lO@4.1O, and
may bc quoted ~ IS 6}S0e higher than on Saturday
last. one drove of Montanas sold at S4.75. The
market closed steady with all sold
The hog market was active and Il strong so 10c
higher chan yesterday. Sales were at S5.30@55O
'or light and S5.25059O for heavy, the bulk of
miNcd selling al 80 6085.IO The market closed
steady with about all sold.