St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-07
CORNERING PROVISIONS.
The Chicago Board of Trade Suddenly
Turns Its Attention to Lard
and Short Ribs.
The Interest in Cereals Growing Small by
Degrees and Beautifully Less Among
Spectators Generally.
Shares Get a Backset at the Close After
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 dulness, con-
dftion that seems to have become almost chronic.
Lard and ribs showed some life, but outside OF
that the inactivity almost amounted to stagnatlon.
Foreign markets were reported dull and easier,
with harvesting progressing favorably. The
New York markets 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, 900 bushels in wheat, or nearly 100000
more than the Chicago statement gave. On the
other hand shipments from this point were
better and the receipts OF winter wheat showed a
considerable decrease. Weather reports from
the northwest were also adverse. Wheat after
fairly strong opening closed the same as yester-
day-82 q for September. Corn dropped &c on
September and 4 c on October, closing at 5314c
for the former month, and oats showed but slight
fluctuations and remained unchanged. Provisions
eyinced more activity, lard closing 10c higher at
$1.571s for September, and ribs closing 2Oc
higher at So 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 ct II c better than
yesterdays close, but for hours the crowd didn't
know exactly what to do. There was a
call New York and other large
outside markets for pointers, but
the situation outside was no better than it
locally. For want OF support there an irregu-
lar drop of 3sG14c in the active options, with
nearly all the big houses here sellers. At the de-
cline John Rumsey, Comstock Hobbs, Narm,
Rcam and others put a half dozen brokers in the
field, and bought rapidly and in good sized lots.
The effect was 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 nc, leaving
Ealues az they at yesterdays close. Sep
ssmber ranged at625s S3 &C and closed at 81 p C.
October ranged at S3ai @S4 Il and closed at 841a c.
Said u prominent broker, speaking of the stu
alton: 'Whilc the bears all confident that
wheat has not nearly reached its proper level it is
noticed that they are very careful how they fool
around the short side. There were no trans
actions to-day pointing toward a era in any
direction. The situation with respect to
shippers as well as to spectators can easily and
clearly be explained in one word: they are
wHitin
There are 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 holds its
oSn remarkably well, taking into consideration
the splendid condition Of the coming crop and
other bcarish influences, one of which is the
large and increasing receipts. 1t was reported
in the alley, and on pretty good authority, that
upward of 80 cars were being loaded with corn
In Nebraska to-day, destined for Chicago. In
conversation with a number of board of trade
men, one Of whom was Mr.. Charles Schwartz, it
was observed that there is Il general impression
thatdurng the present month receipts of corn will
show II very large increase, possibly large enough
TO coycrthe amount consumed, as to leave this
month withoutany material decrease in the visible
supply. The opening was la@4c higher than
yesterday close, but the day trading brought
out no new features, the course of the market
beinglargely governed by the strength of the de-
preston in wheat. Trading was almost exclu-
sycly with the local crowd, and in small lots
September ranged at 53M @54c, with only light
trading AT extreme figures, and closed at SO &C.
October ranged at 81 q GI53c and closed ut SIC.
Lard and ribs opened firm and quiet, develop
Ing no feature until the last hour of the morning
session, when 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
Rcrnmbliug for material to turn into the cured
product, Win september delivery day approach
ing and with heavy short interest out there
bids fair to he lively times and still further ad
vance. The opening was ut $3.50 for September
and October aud the close at $500, gain for
the day OF Zoe and over yesterday of 20c. The
stock is said to be mainly controlled by Cudahy
~ Stiyers, who were among the heaviest buyers
both yesterday and to-day. Nearly everybody
hough: lard, too; indeed general 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 t. s. 80, advanced tc
$3.50, but fell back 2llc on the afternoon board
aud closed at $..5,i:, a gain OF 10c over yester-
day last dguers.
In the live stock market there was sharp up
turn in all branches OF the trade. Receipts OF
cattle about 5000, and the general market n
strong 1Oc higher, with sales OF the best natives
ut ST. % There were but few loads of
Texans ON sale, the receipts having dwindled
down to small proportions. There has been an
advance of lOG50c per 100 on Texans since the
'sc0re' week ago. Receipts OF hogs were
about 10000 for the day. The market was active
aud higher, the best assorted light and heavy
making s.. So@d.Oo. Sheep are 2505Oc per 100
higher than this time last week.