Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-02
CHICAGO.
Especial Telegram to the Globe. /

CHICAGO, Fe0. l THE cables tais morn
ing came IN pronouncing corn ana wheat
dull and 4ayy al Liverpool. The New
York ma is began weak and before long
were love- But as if to illustrate that
cables are q no account compared with
the local temper, and that big receipts and
fine grades do not count against
the edicts Of local manipulators,
everything in this market advanced. May
wheat which closed last night at $780,,
opened at 964c and speedily went up to
981ac. May corn opened at $3.50 and
went up nearlyla cent bushel.
There were only 10000 hogs at the
yards, fewer even than were received yes
terday,Sand the live hog, which has been
growing steadily in estimation ever since
he began to make himself scarce, advanced
another ten points Yesterday there were
only $4,000 hogs received and of them over
one-third were sent east. The little packers
have, become tired of competing with the
big houses and the rich shippers, and have,
some of them, shut down. They have &C
knowledged themselves beaten in the
down it is evident that they have abandon
ed the idea of hogs very soon becoming
cheaper or plentier. Of course the pro-
duct went up. The enormous sales of Jones
yesterday would have filled up and broken
the market under ordinary circumstances.
Instead of weakening, May pork fol1
this morning up to $16.70, the
highest point yet, and broke off
simply because it was manipulated down,
not becsuse any big bidders became sell
lers or because any substantial bulls be-
lieye the top has yet been reached. May
pork opened at $3.50, sc above last nights
close, advanced zoe and weakened little.
The close, however, was $1660 for May,
15c above last night.
Wheat and corn were dull but strong.
The wheat bears said the price was sus-
tained by the advance in the provision
pit The sellers of pork eaid,
it would go right down except
for advise in grain. Poole, Kent & Co.,
Milwine, Bodeman & o., and Lester & Co.,
were large buyers even at the top Of wheat,
and their purchases counted for a good
deal, especially as there was no con-
centrated selling. Wheat for May closed
at 9815@9858o, nearly the top prlce of the
day.
In corn the feeling was dull until near
the close, when there was an advance of a
fraction. Comstock, Bliss and
Shwartz, and Dupee were
buyers, As in wheat there
was no concentrated selling. Corn for
May closed at $500, the top price of the
day. Prices were little changed on the
call,
May pork closed at SIG 6O@16 6215;
May lard at $93715@9.4O. Oats for
this same month CLOSED at 37c; May wheat
stopped at 981a@985sc, and May corn at
5818c.
Messrs. Schwartz IL Dupee and Lester &
Co. were buyers of wheat, and the former
and Geddes were bidders for and buyers
of com. Nat Jones bid 3718c for 100000
bushels of June oats without taker. The
market closed as it had continued during
the day wholly under the influence of
calpers.
The flour market was again quiet, still
sales were little larger than for several
days past. A few orders for shipment
were nlled. They we're on Canadian &C
count, and this comprised about all the
trade with the exception of few lots TAX
en- on home account. Prices were un-
changed. The stock of flour in Chicago is
reported at 63, 1872 barrels, against 62,427
barrels one month ago and 1857 barrels
one yea- ago.
Milwine, Bodeman & Co. say: "Wheat
opened weak, with the local crowd making
every effort to depress the market. II
opened at 97$8c May. The shorts were
not disposed to buy at the opening, but
raid to break the market. Some of the
leading houses here who have been steady
buyers for some time past were in the
market again, taking all offerings, and
this fact frightened t5e shorts badly and
they at once became hveiy buyers. There
were some heavy buying orders
from the seaboard to cover
shorts, which added 10 the
strength. After the market fairly started
on the up turn, the shorts carried it along
without any help, and for the last hall
hovr there was busy trading and no little
excitement, during which some sales OF
May were made at 9858c. The New York
market ruled steady, recording an advance
of about IS
There is no doubt q large shortage in al
the principal markets on wheat, and if the
orders should increase on the buying side
some advance is not improbable, yet il
should not be forgotten that there is Nc
essential change in the situation. There
is just es much wheat as ever and just az
little demand for it as heretofore, and any
advance we may have in wheat will be the
result of speculation. Corn has ruled
strong all day, opening at about So IL
May, declined to $3.50, and near the close
advanced to 58115c bid. Some strong par
ties wer buying as there has been fol
some days, and the shorts took frigh
badly. There is no doubt a larg,
shortage in the market, and it ii
in condition to be bullied easily. We ar,