Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-22
BAD REPORTS OF THE HOG CROP.
ASSAULTS Ov GRANGER SHARES.
CHICAGO.
[spaei.I Telegra1n to the Globe. l

CHICAGO, Jan. 21.-Ehe intimate rela-
lions between Wan street and Chicago
markets was s5rikipgly exemplifed this
morning. Most CT the trading in wheat
was in May option. It opened
with good deal of animation
and sales we're made at 96c, 96Ac,
and 9658o. The tickers, however, brought
news of a collapse in stocks and this was
followed with the reiterated report of the
failure of Jay Gould and the rumored sus-
pension of other firms. This sent the
market off 20 Later it rallied and at
o'clock the close was $500 bid, sellers at
9615c. On call there was a stronger feel
ing, caused by some heavy local buying,
the denial of the trouble in Wall street
and reported heavy sales of -four at Min
neapolis for export, Very light receipts
were also of an assuring nature.
Mccormick, Kennett & Day say: ''The
bears are nervous tonight, and the ad-
vance is mainly due TO their efforts to
cover. We thin it hazardous to sell May
wheat at these prices, although the crowd
are talking 90c, II may go there or even
lower, but crop scares and improved de-
mand will cause an uptufn first"
A. M. Wright q Co: ''There were few
sustaining Influences except in small
receipts, the inspection showing
only 60 cars, and this had little
significance as regards interior supplies
as the scarcity of storage mere has in
duced some Of tho largest grain carrying
railroads to decline TO bring it when con-
signed to elevators.
Crittendsn & Harvey: "We look for
wheat to sell considerably higher before
long, and believe jQd1oious buying on weak
places anywhere around to days prices
will pay well. Our stocks are large, but
show signs of being rapidly reduced if
we are to credit the improved export de-
mand for wheat al seaboard points and
large sales Of -four at Minneapolis for for
ward delivery
Wheat receipts cars winter and 62 cars
spring; shipments 26,324 bushels. A
steadier feeling has ruled to-day. the
undertone being better. The market has
not made an; material change, but there Is
less distrust and probably more of feel
ing that our market must be nearing the
bottom. Another drop in stocks weakened
us down to 9534c for May, which was not
as low as the market went Saturday. The
closing was steady on curb at $3.50
and the feeling rather firm. Gables were
conflicting. The majority, however, re-
ported foreign markets as closing heavier.
A fair line of shorts has been covered to-
day for New York account, aod with lit
tie outside encouragement and improve
ment in financial affairs east, it would not
be difficult to stir u pa good deal of bull
feeling, as many regard present values as
being very low.
Corn sympathized very largely with
wheat. Still it had some apparent
strength from it's friends. II opened firm
and made an advance of 35c, but when
wheat broke it also went off. Jack Cudahy
and Adams were buyers of large quantl-
ties on the break, and when the stock
scare had spent its force corn rebonnded
with considerable amount of vitality
and on the curb closed strong at 13c over
the lowest prices of the day.
a->Iei21hlsra eesA~ te.sai 4 ht.,-- eSnme hnl.
circulated report that deal IL May
corn was contemplated and begun, and
this has held the market. We are IN
a position to know that no sensation
was ever farther from the truth, and we
would advise-if advise We should-that
corn is good sale on every bulge. A re-
action is, however, in order, and everybody
expects it,"
Provisions are very strong, and packers
seem to be quietly buying them on every
weak spot, one of which occurred to-day
when grain went down. The market, how
ever, soon regaiDed its strength. May
pork closed at SIS 35; lard $9.O5. con-
fdential circular says: provisions
opened strong and advanced along the
whole list quite sharply, finally closing
strong at the best price of the day. There
are no new features to report. Outsiders
were almost the only sellers, while the
packers picked up all offerings and made
no effort to bull the market. Receipts OF
hogs are coming too light to admit OF
much decline at present, and for the time
beng we think buying the softest thing to
do. Pork shows most activity and strength,
but lard is relatively cheaper, and will fol-
low along in sympathy. Receipts of hogs
$4,000; estimated for tomorrow, $4,000
The receipts of cattle were somewhere
near 5000 less than last Monday. For the
few good shipping cattle on sale there was g
sharp demand and an advance of IL to 15c,
and for the common and half finished
cattle that were barely salable last week,
buyers had to pay considerably higher
prices. Good butchers stock was also
frmer. Only light business in stockers
and feeders on account of the small num-
bers on sale. Light RECEIPTS was the only
cause of the advance. Had the run been
as heavy as last Monday, values would
have Immediately ruled lower. The general
advance may be reported at 1Oc to 15c,
and about all sold.
A commission firm of long and prao-
tical experience, and extensive trade
send the following to their customers
this week: 'The quality of cattle arriving