The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-05-29
DOWN TOWN.
Money and Stocks-The Crop Reports
Flour-The Iron Strikers-Miscel-
laneouS.

The partial suspension of business today IN
New York and Chicago in consequence OF the
observance of Whit-Monday in England, and
the occurrence of Memorial Day on this side the
water make an unusually long vacation in bus
mess circles; but the general condition of al
fairs in the country are favorable to few days
rest for large class in all the large cities who
rarely afford themselves much recreation. The
money markets of Boston and New York re-
Taxed after the official call on the banks, and
money is reported as fairly easy, with rates in
favor Of borrowers, who find no difficulty in
procuring loans on terms varying with the Sc
curity offered Surplus funds are accumulat-
ing,while the demand for moneyis growing less.
Discounts are freely made in Boston on good
business paper at a to per cent while prime
corporation paper is negotiated as low as pc
cent. Government bonds are steady, with III
tie doing, the tendency of the bank charter
bill being alleged as the main reason for the
prevailing quiet Railroad shares are quiet
with great dullness, and remarkable steadiness
in prices as a whole. The Maine Central is
oneof the roads that have maintained strength,
having risen during the week from GO TO 6S'
though no sales are reported on Saturday.
Bonds very dull
The crop reports from thirteen STATES, sent
out by the Associated Press on Saturday are
very encouraging; the most exacting, we i'm
agine, could not require anything more favor
able to good yield. The few instances of
damage recorded are just enough to give bet
ter flavor to the whole ret urn; and the harvest
will begin in some quarters as early as the 10th
of June. The stocks of wheat and corn for
shipment through the country are very small
In Chicago and other Western markets wheat
declined on Saturday while corn was uniformly
stronger and flour maintained its hrmness Gith
a moderate demand.
The local flour market has been quiet for the
past week, with moderate demand. Holders
are not urging and buyers order only to meet
daily requirements. The receivers and iobbers'
stocks in store on Saturday were less than TO-
600 barrels, very small supply for the season.
The natural consumption will reduce stocks
materially for the next few weeks. The re-
ceipts of flour by rail since May !, were "a, 200
barrels. The receipts of corn at the elevator
since May 1, were 10000 bushels; OF oats
5000 bushels. Stock in elevator Saturday, 81
600 bushels corn; 1850 bushels oats
1t is conceded ON all sides that one OF the
most extensive lockcuts the iron industry has
ever experienced will begin on June 1, and in
the Pittsburg district alone fully 10000 men
will be thrown out of employment. Both sides
are making arrangements for long fight.
Other disputes are threatened in Chicago and
st. Louis, and there are no signs OF peace at
f,tar aNff tno iron M
der these conditions, is interesting. The latest
advices from Philadelphia are that the threat
ened interruption has not yet produced mucn
effect, and unless the strike is of very long du-
ration the prices of iron will not advance out
of fair proportions. The decline in consump-
ton has reached such point,it is claimed, that
by all Eastern and Western mills running full,
the Pittsburg deficiency can be compensated
for without more than one or two-tenths ad-
vance in the price of finished iron, which can
be effected without jeoparding control over the
domestic markets. The productive capacity OF
rolling mills is above demand at present.
The movement in the cattle market the past
week. has not favored consumers, pricesgenerally
ruling higher. At Chicago on Saturday good
to choice shipping cattle were quoted at $3.50
to $40. In New York on Friday sellers NAM
ed the prices and buyers were glad toget even
a small share of the limited offerings at the
highest prices of the season. Extra Texas
steers were sold at $3.50 per hundred live
weight, but 1878 to 5000 was the ruling rate
for good cattle. At Brighton prices advanced
from the former week, with the prospects of
another rise the coming market day. The Liv-
erpool market was growing tirmer at the last
advices, Is cents the highest figures ever re-
ceived being demanded; but as the shipments
of the past week rather exceeded those of the
week previous, further rise may perhaps be
averted. Advices from the Kansas cattle re-
gions do not favor any decline in the price of
fully ripe corn fed cattle in the near future.
Medium and low grades will be affected by
the receipts of grass cattle during the summer.
A good deal of money is being squeezed out of
native stockers just now in the absence of
choice heavy steers.
A legislative committee to investigate corners
and futures in grain and other products began
its work in New York on Saturday. One wit
ness testified that the practice of cornering was
detrimental to legitimate business, but deal
ing in futures, when free from corners, stimu-
lated trade. 1t did no injury to trade and
makes business for the exchanges. In order 70
effectually check cornering national legislation
is necessary. A corner requires pluck and cap
ital, and the latter is generally furnished by
some bank to the detriment of legitimate BUSH
ness. Another witness was opposed to corner
ing as injurious to business. 1t unsettles val
ues and puts a fictitious price on food products.
The legitimate dealer cannot buy goods on true
value, but he must pay the price which is fix
ed by those who deal in options, or those who
corner the article. The whole business was
system of gambling as it is betting on what
price would be made. The practice was oppos-
ed to sound public policy as the consumer is
the one who bears the burden. The practice
of dealing in options encourages young men to
get livelihood by their wits instead of by
labor.
The Custom House will be closed for bust
ness to- morrow.