Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-04
All the Chicago Markets Show Mere
animation Yesterday.
CORN LEADING THE DEALING.
The January Corner Making the Opera
tors Little Wary.
sOMEwHAF HIGHER.
Considerable Activity On the New York
stock Exchange.
CHICAGO.
Especial Telegram to the Gl4bs. ]

CHICAGO, Jan. 3.--When it was reported
this morning, that not only had Schwartz
& Dupee taken and paid for the corn
which had been delivered to them, but
that the New Y ,rk parties who had been the
principals in 'e January corn deal had
sent represel.. tive of their own to this
city who had tax n the grain and paid
Schwartz & Dupee for it, there was a
shaking among the shorts and Fastening
to cover. Among the leaders IN this move
ment were several of the local bears, who
have changed sides very energetically.
The 1eceipts we're smaller but fair. The
visible supply was reported to have in
creased over half a million bushels, and
the weather was cold and favorable to in
spection, but the demand overshadowed
all other factors. and prices averaged
higher all round, closing firm, January
116c, February 1870 and Nay 1c higher
than at the close on yesterday. On tie
call about million bushels were traded,
and prices were higher. On the cash
there was a still stronger feeling, and
May closed at 60l Q bid.
Taere does not seem to be unanimity of
opinion in corn. Minor, Richerts & Co.
say: '"Corn was very firm, caused largely
by the advance in the January option. We
learn from confidential source that the
principaisof the January corn interest have
a representative of their own here who has
taken the grain and paid for it. 1t is a
hard matter to define their purpose, but
they evidently have large contract on
hand to carry the deal through. With
good weather we think it geod thing to
let alone. Close strong with but little for
sale.
Lindblom says: ''We are not bullish
enough to advise buying. We believe the
situation warrants lower prices in the
future, but the near present may give Us
some farther advance"
ECotrellender & Harvey continue to receive
glowing reports from the corn district.
Shepard & Peacock say: Wheat is
stronger. There is noticeable let-up in
the hammeriug process so fully INDUCED
in of late, and buyers are more nervy. We
know of several late prominent bears who
have changed to the other side and are
ing bullish; they appear to think the prop
erty and the situation have bsen thor
oughly discounted. In this market wa
think the short lines are large.
1t is natural they should
be, as wheat has not had q
single friend until yesterday, when some
of the leading shorts covered and became
IN ;rrz 1ivbt I'D nil
fall off rather than increase. We are in
formed the visible supply has decreased
little; not much, to be sure, but every little
helps now. We believe our maximum sup
plies in wheat have been reached"
"The business in corn has communi-
Gated to the wheat pit, and the heavy sell
ers of yesterday tried to recover them-
selve. Early it was reported that the
visible supply had decreased, and
this stimulated shorts to cover. Later it
was found there was an increase. The
market, which opened little higher than
on the close yesterday, declined, ,iluctusted
and finally closed strong and about 1c
higher for February and May. On the call
there was far further appreciation, and
May wheat closed firm at 81 047H8 bid. The
transactions on call we're 100000 bushels.
Minor, Richerbs & Co., say: "We see
nothing to advance prices much, asid o
from the general principle that an upturn
should be expected after a 70 break"
The provision size Of the market opened
up strong aad the scalpers thought the
hog products were on their way to boom.
Prices advanced, but the posting of the
stock knocked all the profits from under,
and prices would have declined very seri-
ousIy had it not been for the strength in
cereals. As it was, pork and lard closed
at 1 o'clock at lower point than on yes
terday. Meats on the con-
trary we're stronger on the call.
The whole list was frmer in
sympathy with grain but there was very
little activity. The stock of contract was
posted as 81.750 tierces against 81, ,526 last
year. This was fully 10000 tlerces more
than was expected or estimated, and Feb
ruary sold from $50 to $S so but finally
closed firm at $685. When tue market
was about at its lowest point Cudahy d
Stevens bought largely, and Geo. Edridge
was the principal seller. Your correspond
ent does not take much stock II the
reports which have been circulated
that Phillip Armour is operating through
Cudahy & Stevens. "Jack" Cudahy is a
brother of one OF Armour's partners, and
was formerly in the yellow wagon en-
ploy. But he has beea 'going it alone"
for some time, and it is currently reported
and generally believed that aside from his
home speculation Jack Cadahy credited up
to the years 1888 about million of dol
lars clear profit.
On most of the roads the trains were late.
which caused a scarcity of fresh receipts in
the hog market; hence the first and early
sales to shippers aud to the one or two
packers who were compell ed to buy, early
showed an advance of 5000. Later, af-
ter these early buyers had filed their orders
and after spectators had taken all they fan
cied they could carry with safety there were
evidences of weakness, as there are only
the shippers and speculators buy ing, pack
ers continuing 10 hold off
Trade DeDed very ouiet in fhe cattle