Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-04-30
PROVISIONS IN GOOD DEMAND.
The SpeculatiOns About the Coming
Wheat CrOp-A Challenge.
WALL STREET TRADING INACTIVE
Leading Spectators Predicting Con.
siderable Advance Soon.
CHICAGO.
Especial Telegram to the Globe. !


crowd was not buying to any great extent,
and trading was at times stagnant. There
was little support in the shape of buying
orders, and the receipts of corn were un-
usually large. Notwithstanding all this
the principal markets closed a shade high
er than yesterday. Lard next week will be
strengthened by the export of 5000 tier
ces, and corn will move out rapidly, navi-
cation being now open, the first vessel
passing through the straits yesterday.
Quite fleet started out this afternoon, and
others will start Monday. Summer stor-
age rates commenced April Is, and all
sales as regular will be on the basis of &c
storage, making it necessary for sellers of
winter receipts TO deduct SIC in order to
make them regular. This will account for
the apparent advance in cash or month.
The speculative markets have not chang
ed during the week. There have been ad-
vances in prices, and these advances have
been in some instances partly and in 9th
er instances wholly lost, but the believers
in and hackers of wheat, corn, pork and
lard have net been changed in the last
seven days. Armour is still under wheat,
and Armour and McGeoch under provi-
sions.
A committee from the state legislature
is here to-day Investigating option trading.
Several prominent operators were subpen-
aed to appear as witnesses. Being COM
posed mainly of country members, the
committee is filed with virtuous ambition
to stamp out the guileful methods where
by the granger speculator is bereft of his
wealth, and the city speculator wazeth
rioh thereon. The committee wants to i'm
pose a license Of 81, ,OG0 on all dealers in
options.
There ara six commission houses which
advertise with New York papers that they
have Especial Chicago wires" Special
Chicago wire cones high. The cheapest
of them cost $4,000, and at this rate the
wires which are advertised cost $1S0,005
q year. This little sum in arithmetic IL
Illustrates how dearly the New Workers love
to gamble in grain, or else it shows that
the Chicago commission houses are great
advertisers.
The views of Chicago's leading authori-
ties differ widely from those of the New
York Tribune as to the wheat crop. Ar
mour's private crop reports collected by
his own statistician, leads to the conclu-
sion that not over 350,000,000 bushels of
wheat will be harvested this year. Armour
bought millions of bushels relying upon
its correctness. This ought to satisfy
{ho4 4ha OF &c
sincere in his prophecy of small crop.
Lindblom, the commission man, recently
in private circular, said he believed that
set of sanguine crop reports published
in the New York Tribune was gotten up to
bull stocks. Somebody showed the circu-
lar to the Tribune people, and thereupon
they dubbed Lindblom an ass. Lindblom
proposed to answer the Tribune, but gave
over the idea. Armour, however, sent for
him and prevailed upon him to send q
challenge to the New York paper. ''The
Tribune' said Armour predicts a crop as
big as last years, 48O,00O,0OO bushels, pos
sibly as large as in 1880, (5O0,O00,O00).
Telegraph the Tribune, that you will cover
any amount it is willing to put up, their
money to go to some charitable object if
the crop is under 425,O00,000 bushels, and
your money to go if the crop is above that
figure. I'll guarantee you against loss"
In the wheat pit to-day there was q
quiet feeling, and prices were steady, the
whole fluctuations of the session having
been only about 58c, and at the close seller
was about 18c higher than it closed at 1
o'clock yesterday, June 55c higher, and
July &c higher. There was a steady, firm
feeling at the opening to-day, and the first
sales were at about 10 advance on figures
at 1 o'clock yesterday, held steady for a
time, but then selling orders began to ar
rive quite freely, and prices gradually
weakened and fell. &c, then recovered a
trife, eased off some, then fuctuated
slightly and closed steady. Outside orders
were not numerous and many of those re.
ceiYed were limited in price, which pre-.
vented their execution. Owing to the
small am cunt offered very little was done
in either spring or winter wheat.
Flour was quiet and trading light for
the day, with home buyers not caring to
purchase and outside traders or exports
report asking prices 25c per barrel above
their limits, and few buying orders at any
price, and there is little prospect for any
business for the present. The movement
is light one and grinding to the smallest
extent, and it is thought we will have tc
diminish stocks for the summer.
Corn was more quiet, and prices subject
to only slight fluctuations. A fair ship
ring inquiry prevailed, but the outside
speculative demand was more limited. The
receipts were larger, and foreign advices
quoted lower market for corn. The
weather in the west, however, was colder
and the market opened from 4 to 15c
higher, but under free offerings to sell tho
feeling became weaker and prices declined
38@15c from outside prices, Huctuated
slightly and finally closed &c higher May
&c higher June, and IS higher July, thar