Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-24
The Amusement Still Goes on Among
the chicago Traders.
WHEAT AGAIN DECLINES 1-2 CENT
Provisions Stronger On Account oi
Small Receipts and Good Demand.
WHATPHIL ARMOUR SAYS OFPORK
The Stock Market on Wall Street Again
Depressed and Lower.
CHICAGO.
Especial Telegram to the Globe. I

Especial Telegram TO the Globe.
CHICAGO, \. 23.-Again has the bane-
full influence the New York stock mar
ket been felt u, L the Chicago board, and
values been diuii aished by the market re-
lation Of Wall street bears, The markets
opeDed here this morning with firm feel
ing and very general belief in an advance
all through the list. This feeling was in
tensifed in the wheat pit by the heavy
buying of Ira Holmes, supposedly to cover
shorts. He was followed by a
long list of small tailers. May
wheat went up to $500. At this
point, ''the Mascot" as Jack Cudahy is
now termed On account of his seasons sue
cesses, ceased buying, as did the provision
crowd and their followers. The shorts had
been we'll filled. A change had come over
the provision pit at 1910, and its interest
reached over among the cereals. Private
cables were reported to have been received
noting very depressed feeling abroad.
Cargoes of No. 2 red winter and California
were graded Sd lower in Liverpool, and it
was stated that California was offered in
Liverpool below the price for posted
red winter in New York
sAt the first whisper Hobbs
and ell that class who have frequently
been reported in this column as elements
of weakness on what ever side of the mar
ket they take, commenced to sell Then
came news of the break in stocks in New
York. Old reliable bears came to the
front en- masse, and the market went
steadily downward about 1I@1Bc from
the highest prices of the morning, and
May wheat closed at 9615 5@9658c on the
cdrb.
Corn opened firm in sympathy with
wheat, and there was quite general belief
that Wall street and strong local parties
were buying for higher prices.
When wheat weakened corn
followed suit, but this would not have been
the case had it not been for the unexpected
action of provisions. sCudehy d Stevens
were heavy and persistent buyers up to
the down turn. The snow storm helped the
bullish feeling, but storms or hurricanes
cannot compete with heavy break of
stocks in New York. Another elem ent of
weakness in corn was making regular the
receipts of two outside elevators, the Sea-
verns and Weiss elevators, thus increasing
the storage facilities about 100000 bush
els. The action of the railroads on
she other hand in having inserted in
their bills of lading that they
will not guarantee to shippers more house
room in Chicago was bull argument
Tho Chicago, Burlington & Quincy, and
the Chicago, Milwaukee & ST.. Paul are
doing this, and it is reported that Others
will also adopt this measure in day or
two if shipments should commence to in
crease again. Lindblom was again
heavy buyer, and at the first symp toms of
decline Geo. Eldridge offered large
blocks right and left.
The provision market is reported as fol-
lows: Sheppard and Peacock say:
Receipts OF hogs $4,000; mar
ket strong and 5@1Oc higher
an active and advancing market ruled
from the opening, but toward the close
in fact on the 1870 call-sellers became
SO numerous as to turn the market back,
which closes steady. Receipts of hogs
were not sufficient to keep packers run
ming, and several houses have shut down.
Under such state of affairs speculation
must be expected to take the place of legit-
innate operations, and new our packers are
pretty deeply engaged in this way. The
course of values depends now somewhat
on the course of corn and the manipula-
tions of two of the most prominent packing
houses here. They are bota sup posed to
be committed to the long side of the hog
product"
Crittenden & Harvey: provisions
buying for local and outside account,
prices advanced sharply, subsequently sell
ing down share of the advance in sym
pathy wish grain, and closing steady at
some better prices than yesterday. Pack
ers were the principal buyers. The feel
ing seems gradually gaining ground that
hog product is now cheaper thai it should
be selling at on small receipts Of hogs
coming and an increased demand
for meats. We may get
a little easier market tomorrow, but we
believe provisions will sell higher yet,
and would keep on the buyer side on lit
tie declines and weak places"
0. NJ. Wright g Co: "The provision
market Yves unae" control Of the packers,
who started prices up with rush, being
again favored by small supplies of hogs,
which were quoted 5Q10o higher, choice
selling at $3.50, the highest point touched
since July last"
Mess pork advanced 321zc under a
strong demand from gshorts, the buying
including "a number of large lots for
operators on the bear side, but
when they we're billed it was the same old
"no demand" and prices recedsd 25o
under the highest figures.
Lard was active. Early trading showed
an advance of 1870 q 15c per 100 pounds,
but there was an absence of real STRENGTH.
and it closed shade below yesterdays
last rates. Short ibis were in good demand
for future delivery on speculation account.
ana advanced 10 @15c per 100 pounds, but
closed ONLY Ok 90 Sc over yesterdav