Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-08
CHICAGO SPECULATION.

CHICAGO SPECULATION.
Wtld Day on 'Change-Ho,u tho Market
Fits Up and Do,vn.
Chicago Tribune of Saturday,
AT the opening of the market yesterday
morning there was rush of orders to buy,
as usual, on account of parties outside, and
prices advanced under the competition
between purchasers. Wheat went up about
one-fourth cent, and pork about quarter of
dollar per barrel. But the buying orders
were not SO numerous as on previous days,
aud it soon became evident that sellers were
in the majority. The party who bought 70
much pork the previous day commenced to
sell, offering it in rather large blocks, and the
idea that he was unloading all that he had
previously purchased struck the provision
crowd with general panic. Within twenty
i've minutes from the first sale spork had de-
clined ninety-five cents from the top figure
OF the day, amid the widest conceivable
rush on all sides to sell, and the varying will
llngness to buy the property. After the
market had gone down about rs cents, the
number of would-be sellers was increased by
those who were, in the language of trade being
"soUEEzED OUT OF THE DEAL.''
that is, the price had declined SO low that
they were unable to pay up the margins
which they were momentarily expecting
would be called for. AS a consequence, the
transactions were unusually large. It was
impossible, amid the wild confusion, to
make note of all the sales that TRANSFERRED,
but it is probable that tue entire sales of the
day aggregated not far from $4,000 barrels
of pork alone, being quantity but little
short of the usual production of barreled
pork during what is known as the regular
winter season of four months.
THE LARD MARKET
was affected by the decline in pork, but not
to an equal extent. It dropped about 45
cents per 100 pounds, while pork was de-
clining IS cents on the barrel. Both re-
acted about IL o'clock in the day, and by
noon the market was regarded
as comparatively steady. It then
slowly advanced to within small fraction
of the latest prices of Thursday afternoon,
again eased off, and closed on Change rather
steadily, but weakened in tho afternoon,
and pork closed at 20 cents below the latest
prices of Thursday, while lard closed at Is
cents below the closing quotations of that
| day.
Although the grain markets were weaken
ed, they did not decline so much as provis-
| ions, the difference between the top and
bottom prices of the day in
WHEAT AND CORN
being about 2 per cent Wheat declined PA
cents during the break in pork, and corn fell
off Is cents, both reacted when provisions
turned upward, and touched about the latest
prices of Thursday. The feeling in the
afternoon was shade easier, but closed
70 to 4 cent lower, and the latest dis
advantage in corn was only about "a
cent as compared with the previous day.
There was good deal of speculation as to
an independent cause for the decline in
grain. Some people who we're watching the
market asserted stoutly that wheat was
breaking because the party of capitalists
supposed to be led by David BOWS & Co., of
New York, had been unloading quietly for
two or three days past upon the brokers of
Jim Keene, achieving substantial revenge
for similar operation performed by Keene
upon them last spring. This, however, was
doubted by many, and the doubt seemed
reasonable one, seeing that the decline was
relatively small, and that the market reacted
the moment that the pressure in pork was
relieved. The grain markets were really
stronger by comparison in the after part of
| the day, and the confidence of Western
traders seemed to be completely restored
before the close of the days trading.
IT Is NOTEWORTHY
that the down turn in. prices was not war
ranted by the tone of advices from the other
side. Liverpool reported frmer feeling in
both wheat and grain, the French markets in
wheat were stated to be tending upward, and
the English markets for pork and lard aver
aged about l 8. per 112 pounds higher than
the latest previous quotations, while several
export orders received here for meats during
the day showed that the quotations of an ad-
vance were not fictitious. Some orders for
meats were filled IN at fully previous prices
almost at the time that pork and lard were
selling at the lowest figures of the day.
TIE MOST REASONABLE SUPERSTITION
that the strength of the foreign advices
was taken as a cue by holders to sell. They
expected to be unable to unload with less of
break in the markets than if the telegrams
had been of q character less favorable to
strength. IF SO, they miscalculated the sit
uation. Their example was followed by
such great number of others that the mar
ket was not only borne down much below
the point they had calculated, but the COM
petition of the others was 80 great that they
we're unable to dispose of small proportion
of the property that they wished to unload.
Some of tho conservative operators on
'Change regarded the excitement of yester-
day as legitimate sequel to the excitements
of the previous two or three months, which
they considered to have decidedly advanced
the prices of both grain and provisions
above point at which they could be sus-
tanned thus early in the winter. Most of
them seemed to think that the demand from
the old countries will be big enough before
next harvest to absorb every pound of our
surplus stuff, but that the Europeans are al
ready SO we'll supplied that they will need to
take comparatively little at the high rates of
freight which railway rapacity imposes dur
ing the winter months, and will be able to
hold back until the raj ing of the ice block
ade in spring will permit the property to be
moved by the water route.
| THE CREDIT
for pulling down pork was generally passed
by the knowing ones to person on the
board fondly and familiarly known as &c Zip y
Adams, the reputed possess of 100, 900 bar
rels. The story was that he sent out small
army of brokers yesterday morning, with in
structions to throw the fat flesh. and that
they threw it in all directions. Others fol-
lowed suit, and, once started, the unloading
process went on until the break naturally
came. just as natural was the reaction
which followed later in the day, and if the
same story should be repeated to-day nobody