Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-05
MONEY PLENTY IN CHICAGO.
GRANGER EARNINGS
CHICAGO
[sn.-ial rslerram 10 the Gloha. !


CHICAGO, Feb, 4-Provisit ms still keep
to the front Receipts of hogs grow con-
tinually lighter ana promise to dwindIe
down to almost nothing before the next
crop is ready for tbs market. "If hogs DO
not come in faster than We have been get
ting them for the last month";" said a
packer to-day, the present price of pro-
visions is very low. I do not anticipate
any larger receipts this summer than we
had last yeer, and if my anticipations
turn out to be correct, the shortage here in
provisions will be equal to 100000 hogs,
and prices Will be something like
famine rates. There has been and is yet
no export demand to speak of, but this
clogged up outlet of our surplus stock has
been nearly made up by a new channel
which has opened up for the first time in
years. refer to southern demand which,
early in winter was very free. II has fall
en- off now good deal, but has had the
effect of fastening high prices. Every
thing in the provision list was strong and
active all day. Pork starting in at
$1720 for May, reached $17471S, with
cash at $1715 and closed at $17 25@
$17.45 for cash and May. There was con
siderable selling on the quiet by longs
who made good profit and were satisfied
with it. Nat Jones, it is reported, let go
$4,000 barrels of pork at over 81 profit,
and Ream is also mentioned as another
fortunate provision man who unloaded to
good advantage. 1t appears that the
"lambs" are beginning to open their eyes
and to wonder why they do not buy May
pork at SIS or lower. Abont
the time this option reaches $18
they viii probably come in with rush to
buy, end suffer The usual result by being
long on big break. 1t is the opinion,
however, of many well posted on the sub
jeot of provisions that if a break does oc-
cur shortly, il will only be temporary;
they consider provisions in the long run
safe purchase. 4he recent rapid advance
is due mainly 10 the disclosures of last de-
livery day. Pork, lard and ribs did not
$50 around From this it was concluded
that packers who have, as is pretty certainly
known, property do not propose to deliver
it out They have been buyers on gi-
gantic scale. Brokers in cash stuff who
have been declaring for month that they
were compelled to telegraph country
packers to fill orders, and who have been
predicting an advance, are now in better
esteem Furthermore these people are
near enough TO bank officials to get little
of this confidence and declare now that
Armour is an enormous borrower of slime
money" anu shake their heads at customers
who express desire to go short of pork.
Armour is not borrowing money to pay
interest with, they say, END this PROPOSE
ton is SO sensible one that it finds gen
eral assent. Pork barrels are easily
counted, says trader, short ribs are easily
handled. The abolition OF corner rule"
has so far been o great thing for the bears.
1t has never been of any service to manip-
ulafors. NatJones and his fellow scelpers
have had their inning. Englishmen claim
to have taken some millions of dollars Out
of this market on short lard last sum
mer and fall They've ali
had their inning. would
not follow their lead now for what Pm
worth. believe if did I'd lose. There's
very little doubt but Armour and others
here who have been packing pork and
making ribs the whole season at loss,
have not only kept their product in their
cellars, but have bought from outsiders
millions of dollars worth of the product
these people have been so anxious to sell
at prices under the cost Of manufacture.
Armour's greatest corner grew out of the
depression following the first French edict;
McGeoch's out of the yellow fever scare.
I should not be surprised at another great
pork corner resulting from the panic
which followed MeGeoch's failure.''
Lard and ribs followed in the wake of
pork. The lattet It! 81 va leads in any spec
ulative excitement. Lard, however, is in
creasing its paca in advancing. May op-
tion closed Saturday night at $937I,
opened this morning at S965 az sold as
hi gh as S9.7715. This was an advance for
the day of 90 cents per 10H pounds. or over
IS cents per tierc9. Lard, ex perts say, is,
if other product is about right, al
together too cheap. There ara few
lard hogs arriving and the demand Is ex-
ceptlonally good. At o'clock May lard
closed at SO tx. Wheat and corn were
dull and neglected bacsuse the rapid ad-
vance about provision made it SO much
more attractive as place for Investment
Both corn and wheat got some little
strength from the enthusiasm existing
among buyers of pork. May wheat
opened at $50, an advance of 3sc, and after
some fiucuation, got as high as 994c
and closed at $3.50. The weather invited
stories about crop disasters.
Gables quoted forsign markets as dull
May corn opened at an advance lof Ia
sSc and advanced to $500. There were
SIT cars of this grain received of which
2o8 graded No. 2. These Zig receipts com
bined with other Influences eueh as furry
in provision ena meat matters, advanced
prices At l O'clock May corn stopped al
581sc. Bucket shop proprietors say that
on their books they have thirty bushels OF
long grain to each bushel of short