Omaha daily bee., 1883-04-30
sCALPINc SPECTATORS.
Short and Sharp Activity in the
Grain Market Of Chicago.
The Oh snged Positions Of Spec
ulators--Corners Toned
Down.
Tho Opening OF Navisation--A
Break In Pork and Lard.

CHICAGO, ILL.,, April 20 Herald
special There has been little change
In the grain markets during the past
week, although an unsettled feeling
has prevailed and values have been
quite irregular. The local operators
are still ranged about Ne they were q
week ago, but the "bull" side has
been weakened by the partial loss Of
confidence In the "oountry"-that
vast region outside of the half doz, IN
principal cities, that Is so fertile in
business for Chicago. There has
la.ely been q great falling off Of buy
ing orders from this source, and the
volume of trade has le,sened &C.
cordingly. Notwithstanding the fact
that the prospective failure of the
wsstern h~arvests Is still q gigantic
bugbear to the "buils" on Wall
street, the advices received here-and
Chicago dealers spend more time and
money to secur complete and reliable
crop statistios than any other class of
men In the Countrywide cate that
early eatimates of the damage wrought
by frost, food and drouth were exsg.
gerated, or, more correctly, that. the
favorable conditions duriug the pres-
emit month have repaired, to some ex
tent, the harm then done, and the sal.
wage will be greater than expected.
Tais fact, while 1t has modified the
ideau of some of the longs In the
wheat deal, has By no maans Induced
them to sell short. Until Wednesday
the tendency was 8 ca: lily upward. A
break then occurred, but q par
tial reaction COSBY followed. The
sellers nave, in the main, bssn
parties whoee motto 10 quick sales and
small profits, aud a large part of the
trading lately has been with this idea,
q mere scalping business; what Ia
bought at to.dsy's lowest prices being
disposed of at to morrow's highest
The great provisions king, Philip D.
Armour, is the main stay of the wheat
market, and the eyes Of all other
operators are fixed upon him. he l.
said to be holding ak or eight million
bushels and upon his course depend,
the course of the market. As long 81
his brokers buy all that Is offered, nc
serious break Is possible, but
If he begins to unload ther
prices must tumble. He commando
the oil uation by the mere forot
of capital. His $40, 600, 900 are ir
shape to u,e, and the "crowd" can
neither break nor scare him. Mean
while the information comes from
Great BrItain that the market will
need very little more foreign whea'
during the current cereal year, but In
face Gf European advlces the strons
men on change say wheat must ye'
90 higher, some of them even insist
ing that the May options will toucl
81 % Tae doubters are afraid to g
"short" for fear the weakness Is bu
part of q "nilking" process that spec
| ulators here and elsewhere may be lei
into selling, that the holders may In
crease their holdings.
The speculative trading is fas
changing from May to June and july
and the margin between these month
has also besn ~lessening during tn
week.
The last "bull" story Is that q ne'
pest has appeared on the Pacific slope
and Is creating havoc in the slread
suffering wheat fields of California
1t Is described as q small, dark.gree
insect which develops into a fly, prol
agates p%rodigiously and sweeps every
thing before 1t. The ophis avena, {
it Is called, Is expected to remove th
last vestige of the Californian crop.
The rather unexpected lay down G
Handy, Richardson & Go. has ha'
little effect upon the markets and
already out of mind. The firm hs
not been doing much business of late
In fact 1t was always Its best customer
Handy came here from Oinoinna
two years ago to run q big corner |
August wheat. 1t took q half millio
dollars out of the pockets Of the Oh
cAgo spectators, and they have a
ways had 1t against him. He has bee
. daring trader, and not always . SUI
cessful one.
Corn has shown more strength tina
for some time past, although none
the big traders are known to be undo
It. It settled ba,k toward the midd'
of the week, but still evinoed frmnes
There will be . large movement
corn east next week and this will ha,
q good effect. One hundred vessels o
now loaded and ready to sail for Il
lower lakes. These will transpo
q total of nearly 1900. GOO bushe
|, of grain. The Chicago river present
Q scene of excited activity. At Il
elevators Thousands and thousands
; bushels Of the golden cereals are pas
Ing through ohutes to the holds
!. schooners, barges and propellers. II
vessels are hurriedly being placed
readiness to depart, the feet expectil
\ to start out on Tuesday when, 1t
believed, the straits Of Mackinaw "
be open.
. Not much Is doing In other grs
than wheat and corn. Oats have rul
, dull and weak, while rye and bari
have been very quiet.
Provisions were firm and higher
to Wednesday, when pork broke
. cents and lard half as much. II
i greater portion Of the loss was reco
o cred next day, but the feeling was n
s nearly so strong, A break In t
piics of hogs aud increasing reosir
are having some effsct on produce
McGeoch was the largest buyer of la
i during the decline, taking everythi
b offered. Many operators, although
9 lisving In ultimate higher values, thil
lower prices must foilew the late q
vance. Others consider the sm
i consumptivs demand and the fallil
off of Legitimate business reasons (
InMar GnuHna. hnt tho LLkrII.U Cd