St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-01
Labor Complications Act as Damper
Upon the Enthusiasm Of Traders
on Change,
And, as Consequence, the Markets We're
Feverish and Transactions We're
Made With Caution.
Prices, However, Were Unexpectedly
Firm, and in Some Instances
Showed Il Slight Increase.
An Enormous short Interest Kept the
Market Firm Until Near
the Close.
Grain aud Provisions.

CHICAGO, April 30.-Wheat was fever
iSh to-day. The engagement of vessel
room Tuesday and Wednesday for $50, 600
bushels and the steady outflow from the
seaboard, caused the market to open strong,
and the outlook early was encouraging to
bulls. The last day pressure to sell May
was very strong. however, and the market
eased off very soon under liberal offerings,
May going from 7S3s@775sc, and June
from S014@795gc. The labor complica-
tons operated as a dalnper upon
outside enthusiasm and inside confidence,
and to that, more than any other cause, may
be attributed what of weakness there was
to the market to-day, though the magnih-
cent crop outlook also contributed to the
same end The labor troubles formed the
principal topic of conversation among
spectators, and those III legitimate trade,
though many of the receiving and shipping
houses were too busy getting ready for the
1St of May changes, to think about any
thing else. Nevertheless the undertOne of
uneasineSs manifested itself i'll many ways
a slight widening of the difference between
May and June was one Of the minor phases
OF the days trading. as going to show the
DIMINISHING CONFIDENCE OF CAPITAL.
in the future, according to the reasoning of
some of the market observers. The market
firmed up about the middle of the forenoon,
when it was learned that the active demand
for room had caused an advance of &c IN
lake freightS, and that uD to II o'clock the
engagements aggregated 240, 900 bushels,
making round l, 600, 900 bushels of Chicago
wheat disposed of in three days, with the
good part of the last day to hear from.
rs this wheat going out of the visible sup
ply, or is it only changing its spots like the
bod Of ion
merchant to which this reply was made:
1T is absurd to suppose that we are going
to ship millions Of bushels of wheat away
without knowing whore it is going to land.
New York is merely stoppine-place-a way
station. If the object was TO store it no sane
man would ship the stuff to the seatoard,
where ii is much more liable TO get out of
condition. The great bulk of the wheat that
is moving from the lake ports is destined for
the other side. New York will not go to
pieces under the portion she will get.''
The market
RETAINED ITS FIRMNESS
until the close at 10 o'clock, at which stage
the prices were very close to the highest
point Of the morning, and fraction above
yesterdays final quotations. The trading
at and around soc for June was heavy and
the purchasing was by substantial firms.
Corn slumped off to-day, May iosi5g &c and
June &c as compared with yesterdays last
figures. Two OF three houses made large
purchases of May, but most of
the trading. which was unusually
large in volume, was in changing
over into the options. Oats were fairly
steady and moved in substantial accord with
wheat. Heavy deliveries of oats are hot
anticipated. Provisions were firm and the
change in prices indicate an improvement
in the tone of the market At l o'clock
pork had experienced an advance OF 5@775c.
The gain in lard and ribs was small. On
the afternoon board wheat and corn weak
ened under the pressure of May offerings.
Provisions ruled firm. No additional grain
charters were reported.
CHATTER.
Very Elarge purchases by Orr, Crittenden
& Comes yesterday were at first set down as
for Sid Kent. To-day the same firm were the
heaviest and steadieSt buyers of wheat nearly
all day, and it finally became the talk that
their principal was more likely Armour than
Kent, and that the big packer was turning
this gram. Broker Duel also a large
buyer. but who his principal was could not
be even guessed at by the crowd.
OF the 100000 bushels of wheat here,
Eggleston and Armour it is estim ated, have
made ARRANGEMENTS to take care Of about
5,O0O,00O bushels. Irwin, Green Sc Co., Baker
& Co. and other large shippers will take about
100000 bushels more, so as to control cash
grain from which to ship.
Dunn and others who had bought May
wheat on foreign ORDERS were directed to-day
to ship the property without delay. This oc-
casioned quite rush for freight room, and
sent rates up to SC to Buffalo. One lot of
wheat was chartered through to Glasgow and
another to Antwerp direct
PETER BERKEY. Pres. +. W. ANDERSON, Cashier
CIV. GRIGGS, V. Pres. a. c. ANDERSON, Asst. G.
THE ST. PAUL NATIONAL BANK,
CAPITAL CSOO OOO