St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-17
SPECULATIVE SPARKS
The Chicago Markets Ner-
vOus and Irregular
Throughout the
Session.
Pointers from Europe, the Lakes
and the Country Favor a
Cereal Advance.
Pork, Hopeless and Friendless, Con-
tinues to WalIOw in the Slough
of DespOnd.
A Feverish Day in Wall Street, With Lower
Prices for Yesterdays Declining
Properties.
CHICAGO.
Especial Telegram to the Globe.I

'change to-day were run chiefly in the inter-
est of local operators, and the only incident
of importance were the covering of heavy
lines of short wheat, sold chiefly yesterday
the largest transactions being the buying in
of 100000 bushels of wheat by VIM. Muir
ray. Both the grain and provision markets
were fairly active in a speculative way, but
there were no new features OF Importance
developed. The feeling during most OF the
regular session was exceedingly nervous,
and values of all articles irregular
Provisions were destitute Of friends or
supporting influences, and the receipts OF
hogs were again larger. The clique who
have so long controlled values for packing
house products were exceedingly indifferent
about maintaining prices, while packers, who
are interested in seeing hogs decline to
figures that will insure greater safety in
working when the receipts Of hogs increase,
as they are liable to do any day, are anxious
that the present stocks of provisions should
decline and remain at figures that will in
duce rapid consumption.
There were few factors Of Legitimate
character calculated to influence grain either
up or down. But the few that existed were
favorable for an advance, the chief OF
which were the reports of steadier European
markets, the opening of navigation to the
lower lakes and moderate receipts from the
interior. There was, however, the usual alb
sence of organization among the bulls, and
being without leaders or courage they con-
fined themselves to scalping operations, the
only sales of long wheat worthy Of note be-
ing made by Hobbs, Clapp and Comstock.
AS long as the market continues to be mere
" a scalping one it is useless to look for any
stability.
Wheat showed considerable activity, but
the feeling was feverish and prices showed
even more irregularity than for the past few
days. Liverpool cables quoted spot wheat
steady and some grades l higher, while
New York advices showed better export de-
mand and there was some inquiring here
from brokers in the foreign trade. The con-
sumption of wheat, or its equivalent in flour,
in the United Kingdom was announced as
2,150,0 centals for last week in excess Of
farmers deliveries and foreign imports for
the same time. The receipts at this point
for the day were the smallest for the year,
being only eight cars, and the weather was
also unfavorable, but the outside demand for
investment was small and the market was run
to further the dominant interests of the To-
cal crowd The opening was at "a a0S424c
for May, the inside closing quotations of yes
terday's curb, but an almost immediate adj
vance was made to S5@851 &c. From this
point it receded slightly, but rallied on free
covering by shorts to S51s@S5Ac, fell to
S415c, when the shorts again bid prices up
to S516c. The advance, however, induced
free selling by longs, who were anxious to
lnlood their purchases of the previous two or
three days, and under liberal offerings prices
-apidly declined during the last hour Of
change, and just before the close touched
SAC, when covering by shorts induced a rally
to S414@S43sc. The long futures are fast
becoming the favorites, and May deals are
being closek up rapidly, although it is said
there are still large lines of trades in this op-
ton still unsettled. On the call wheat was
weak, and declined A@5Sc, closing at Sac
for May, and S61sc for June, while in the
curb a stronger feeling prevailed, and this
cereal advanced H@4c.
Speculative trading in corn for future de-
livery was rather dull, and although prices
advanced slightly at first in sympathy with
wheat the market failed to develop any
features of special strength, and the ad-
vance was lost when wheat receded, the
best sales on change being 13c under the
closing fgurhs at l O'Clock yesterday. Corn
was easier on the call and on the curb ad-
vanced e for the June option. The in
spection was 169 cars, of which Al graded
contract. There was a good shipping de-
mand for car lots of low grades and prices
for them were about 7ac higher,
Oates opened firm at 2sl@32 &c for May,
receded to 32c and closed at 31Ic bid on
'change and 14@19c lower on the curb. The
receipts were small, but this was counter
balanced by the very moderate demand for
futures.
The provision market was again bearish
and pork closed at a decline of 25@2775c on
yesterdays last change quotations, while
lard was 1O@1219c below and ribs the same
The pork market was easier, the days range
of prices being somewhat under that of yes
1erday. The trading was quite fair; mainly
aocal and entirely speculative, May, June and
July being the only futures receiving any at
tention, and cash pork closed at $3.50 May
opened at $16.S5, declined to $16.52%, i'm
proved to $1,000 and closed weak at S16.50
ole 5215 June ranged 15c higher and
July 1Oc above June. On the call provisions
were weak and PORK was 10c lower.
The volume of business transacted in lard
Ras only fair and prices were on the side of
a lower range, closing prices being 10@1215c
under yesterdays last quotations on 'change.
Early sales were made at the outside and the
last at about the inside figure of the day.
May opened at SS.2719 and closed at $500,
and &c lower on the curb. In short sales
there was very little doing, the chief sales
Being of the May option. Opened at S.. S.25,
sold at sS.1774@SS.25 and closed at sS.171l
@sS.20.
The Unexpectedly light receipts of cattle
md fair order demand caused an active
market with a slight advance on light and
medium cattle, the former selling at very
high prices for choice. When this report
closed the bulk of the receipts had been dis
posed of, and the market was closing steady.
FAere were coupe VI eAPort oroers, 1or
which the buyers paid Sc 3O@6.5o-one lot
selling late yesterday at $500.
The hog market opened quiet and at a
light decline, closing rather weak, and 5@
zoe lower. With the fresh receipts there
xxere about 1000 on sale, which seemed too
re@hy for to-day with the big packers and
big shippers only buying about half the nnm-
Der they usually do.
There were too many sheep on sale for
the demand to-day, and trade dragged from