Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-22
COnsi derable Strength in the Cereal
Trade at Chicago.
SMALL TRADING THE RULE.
But Holders Asking Full Prices and
Expecting Rise. -
BEARS CONFIDENT OLA FALL.
New York Stocks still Under Control
OF the Bear Element.
CHICAGO.
(special Telegram to the Globe. |

SSpoQSed the cause or the bears and IS
dong them effective service Every up
ward movement is checked by some I'M
foreseen occurrence. Yesterday there ap-
peared to be signs OF renewed life in the
markets and a revival of business was
hoped for. To-day the burning of the
Western Union building rendered useless
1926 wires, cut of the greater majority of
outside orders, and as natural result
wheat sold off under the heavy offerings
and sales of local and New York shorts
depressing all other markets and putting
an abrupt stop to the buoyant tendency of
the previous day. It has been one of tn 70
dullest days of the season, and at times the
pits were almost deserted. Every market
was heavy and lifeless and
the sc2lpers controlled affairs. AS stated,
wheat started the reaction, opening on a
basis of $1.O458 for October. There was
3 half hour of frmness and an apprecia-
tion OF about 4 G, but the turn soon came.
On the break one New York house bought
quite heavily at $1.0415, but later on the
general crowd proved too much for the
market and the price declined shade
lower. On the curb this evening holders
are freely offering this option at $1.0438
with $l.044 bid. Business dragged heayi-
ly during most of the session. Operators
were not only deprived of their customary
market reports, but were prevented from
communicating with their customers.
Hence outside orders received were light
and speculation INDUCED in.
was confined largely to the trading of To-
cal traders who, however, we're reluctant'to
branch out with any freedom. The move
ment was dull and sluggish, and frequent
ly intervals of FIVE or ten minutes elapsed
between the making of trades. At the
close prices were 5sc under yesterdays
last figures on change, but later in the
day further concessions of 11s@4c had to
be made. The movement of wheat out
was fair, 171,5OO bushels being shipped
and lake freight engaged for 10000 bush
els. Winter wheat was in good demand
and quite firm, 15c higher figures being
asked. New spring wheat is held at
premium of &c over old,
Corn held up remarkably we'll under the
circumstances The receipts were again
over 800 cars, while there were
fewer orders than ever. As in other lines
the interruption of telegraphic communi
cation affected business and in speculative
circles particularly restricted the trading
largely to the operations of local opera
tors. The days movement for forward de-
livery was considerably under the recent
daily volume, and at times the pit pre-
sented an exceedingly dull appearance.
Lindblom bought considerable September
and October corn. This had something to
do with the steadiness. The receipts were
again large, yet there was no weakness,
and prices ruled with remarkab BILE steadi
ness, and fluctuations being limited to a
small range. The closings averaged 80 Ic
higher than on yesterday. Cash corn met
with fair demand. No. 2 sold at 5015 @
511sc, the inside to arrive. The charters
to-day were 100000 bushels.
Oats were again quiet and dull on the
regular market. There were large arrivals
and with consignments mainly held on
track the sample offerings were heavy.
There was good attenda nee of buyers
however, and all sound oats sold we'll. On
the regular market only light business
was done, and this was in a speculative
way. The feeling was very steady and
prices were slightly better than at the
close of yesterday. Car lots of No. 2 sold
at 26@261lc, and we're taken mainly to
make up round lots. The futures closed
I@Ic over yesterday gained late In the
session but the appreciation is not regard
ed as stable.
Rye was dull and about half cent lower,
shipping orders were light.
liberia! sales of cash were
made with the stuff said to be taken main
ly to hold. Speculative trading was
otherwise light, and futures were quite
neglected.
Old No. barley sold at 45c, the same as
yesterday. This was the only business
done. There were some bids aud offers of
No. 2 on the speculative market, but they
were still somewhat apart.
There was only light business reported
in the market for hog products, and the
changes in prices were comparatively
slight, spectators were not inclined to do
much trading, and the shipping orders
were checked to some extent by the lack
of telegraph facilities. Prices ruled
stronger and higher early in the day, but
ruled easier toward the middle of the ses-
sion. Near the close the feeling was
steadier, and prices rallied
slightly. Foreign advices were
meagre and indicated no internal change
in prices. Easter markets were steadier in
general way. The receipts of products
were fair and the shipments were quite
liberal of all kinds.
Pork was dull but averaged stronger
with the fluctuations confined within very
narrow limits. There was but a meagre
demand either for immediate or future
delivery, no urgency in the offerings and
nothing to create activity. Early the
market vas strong and prices advanced
some, but reacted and closed sc per bar
rel above yesterday. Cash and August
dull and nominaliy the same as the Sep
TENDER option.
There was not nearly that interest man