Daily globe., 1883-05-02
CORN QUITE STEADY AND FIRM.
Provisions Of All Sorts Strong and
Higher. With a Good Demand.
A BREAK IN VANDERBILT SHARES,
Northern Pacific and Manitoba the
Leading Features Of Speculation.
CHICAGO.


grain markets, prices generally ruling
higher, but were subject to periods of
weakness, the lamentations being sudden
and sharp, most especially in wheat, which
was active and excited during the whole of
the day. Outside influence favored the
bulls. Prices were advanced in New York
and irmer at Liverpool, while more po-
tent factor in their interest was adverse
crop reports, which, although not credited
by large class of operators are sustained
by others who have reliable advices from
many sections where the outlook is most
discouraging. These facts had the effect
of calling out an active demand from out
side sources, and caused timid shorts to
buy freely. When the early and most
anxious buyers were filed, part of the
advantage gained in the first furry was
lost. Corn refused to be influenced into
anything more than moderate
degree of activity, and although appreci-
ating in value somewhat early, became
slumpy later and fell below its opening
point. Oats evinced considerable firm
ness, and scored healthy gain. Provis-
ions were Influenced by the steadily in
creasing receipts of live hogs, and in the
general reaction from the early advance
lost more than they had gained.
The grain fleet which for several days
past has been ready to sail, moved this
morning,and as fast as the narrow mouth of
the Chicago river would permit, drifted
out int Lake Michigan. The bridges were
swung open half the day, causing great
blockades Of street cars and vehicles, while
pedestrians were forced to have recourse
to the generally deserted tunnels. The first
steamers to pass the clearing house this
morning, we're the N. j. Jewett, John B.
Lyon, Milwaukee, Chicago, Queen of the
West, and the Maine. Altogether
twenty steamers passed during the
day, besides numberless schooners
and barges, which were towed out into
the breezes by the busy tugs. The lake is
dotted everywhere with white sails. Ad-
vices from st. Ignaco, Mockinaw city and
Cheboygan are to the effect that the ice is
gradually passing out of the straits into
lakes Huron and Michigan. There is now
float bound for the lower lakes with A.
100000 bushels of wheat, corn, oats, rye
barley and fax seed.
The Legislative committee has been busy
to-day, hearing testimony as to the nature
of trading in grain in Chicago, paying a
visit to the board of trade during the day
to witness the battle of the bulls and bears.
Several bucket shop proprietors were ex-
mined and all bore testimony that theirbusi-
ness was most commendable character.
patroniezd by hundreds of members of the
regular board and free from the objections
which can be raised against trading on the
latter. 1t is thought that before the legis-
lators are through with their labors, they
will be so captivated with the current craze
as to try their fortune in option specula-
tion, which they now appear to believe is
the sole occupation of the thousands who
deal on Change. If, as member of the
board testified to-day, all the gram in Chi
cago might have been sold a thousand
times over for the May option, they may
not be far from right.
In the wheat pit on the board, a large
speculative business was transacted to-day.
chiefly during the first half of the session.
As before stated, values ruled high
or, but outside figures were not
sustained. The receipts were small. De-
liveries on May contracts were very fair,
but operators fearing perhaps some mani
pulations, were indisposed to cover out
standing contracts. The market opened
at about the closing figures on Change
yesterday to shade better, advanced 78@
11l4c, with July showing most strength, but
under increased offerings declined 118@
1Ac, and finally closed about the same as
yesterday for May, 1l4c higher for June,
and 558c higher for July. On the after
noon call about million bushels were sold
at figures generally 14@ 15c better than
at o'clock, but before the close of the
afternoon most of this strength was lost.
The offerings of winter wheat continue
meaeer, and the market holds firm, Spring
was in fair demand and higher.
There is trife more inquiry for flour
on export account, and few lots changed
hands. Local jobbers made few pur-
chases. The feeling is steady at former
quotations. Exporters have received a
number of orders, due indirectly to the
reduction In railroad .freights and pros
poets of lower rates by the water route,
but as rule were unable to purchase at
the limit allowed by foreign buyers, whose
evident expectation that with the open
ing of navigation sufficient competition
would be developed among transportion
companies to enable buying at their fig
ures has not been realized except in few
instances. The stock of flour in Chicago
is 64,602 barrels against 1909 barrels one
month ago and 1890 barrels one year
ago.
In corn to-day very good business was
transacted, also mainly speculative. The
early feeling was quite strong, and higher
prices we're paid. but the advance was not
sustained. Market advices quoted