Daily globe., 1883-05-21
WANT OF CONFIDENCE
A Marked Feature OF Yesterdays Trad
ing at Chicago.
GENERAL FALL IN PRICES.
Wheat Leading the Downward Ten
deney Of the Market.
Especial Telegram to the Globe I

Especial Telegram to the Globe.l
CHocAGo, MAY 19.-There was little
to-day. A temporary firmness at the open
iNg was the only redeeming point. Nearly
all articles slightly appreciated, but the
strength was of short duration. For
time there was good demand to cover
shorts, and the usual buying for an up
turn by local operators who thought that
the deliveries of yesterday would bring
free buying orders, but their hopes in this
respect were not trealized and off went
prices again. The main trouble was
the general absence of confidence on all
sides. The bearish feeling which started
with the week has continued without a
check to its close. The course of values in
all markets has been downward. Corn
and oats, it is true, have
shown exceptional strength, but
have finally been impregnated
with the general weakness, and to-day
both lost their small advantage over their
prices at the beginning of the week.
Wheat and pork were of course the worst
sufferers. Their decline has been rapid
and considerable, and thousands of small
operators have been forced to close out
their deals by exhaustion of the margins.
The longs have become few in number,
the members of the Armour syndicate and
few of the more persistent leaders being
about all now left. The more deferred
futures have lost most heavily in the
break. AS compared with the closing
prices of last Saturday May wheat is this
evening 58c and July 524c lower. The
weeks decline in the other markets is
about as follows: May corn &c; July
corn lie, May rye &c, July rye 315, May
pork 35c, July pork 81, May
lard soc, July lard 45c. July
oats are 58c cheaper than they ended last
week, but the May option is just where it
was then.
The shipments of wheat out of Chicago
are not increasing, but the movement of
corn holds up well. To-day the vessel
capacity chartered for the carriage of corn
aggregated 275,000 bushels. The commit
tee on east bound traffic reports the ship
ments by rail from this point during the
week ending to-day to be 4,176 tons of
-four, 14,761 tons Of grain and 6,218 tons
of provisions.
On the board to-day the wheat pit was
the scene of a greal deal of animation. A
weak and unsettled feeling was developed
in the market. The demand was fairly
active, and the aggregate business tran
sacted was quite large and specula-
tive offerings were liberal. Early in the day
the market ruled shade lower and later
developed some strength, prices advancing
8@3c but later under free speculative
offerings declined 1@115c, fuctuated and
finally closed 58@1c lower. Little was
done in other grades than No 9. Winter
wheat was very quiet, and spring was low
er than On yesterday.
Trading in corn was active, but the tone
of the market was weaker and quite un-
settled. The demand was quite active,
and speculative offerings liberal. Early
in the day the market showed signs of
frmness, and prices were advanced about
go but the advance brought out liberal
offerings and prices declined $8@8c below
outside prices, then factuated and finally
closed 1@ 18c lower than the closing fig
ures yesterday. The receipts were larger
while the shipping demand was not as
urgent. There was firm trace in June
and July oats, but aside from this the
market was quiet. Closing prices were
A@12c easisr and quiet.
Rye was quiet and rather tame and about
10 lover.
Barley was very dull, and easier, espe-
cialIy for common grades.
There was good speculative business
transacted in hog products, but the feeling
was somewhat unsettled and prices irregu-
lar. Early in the day the market exhibit
ed some strength, and prices were slightly
advanced. The offerings were largely in
creased toward the middle of the session,
and prices gradually receded to the inside
range, but toward the close the feeling
was steadier. The offerings of pork were
quite liberal, and the demand was active.
Prices ruled steady early but toward the
middle of Change declined 20c and closed
comparatively steady. The demand for
lard was brisk and the offerings quite
liberal. Prices were 5@10c per
100 lbs. and closed steady. The impression
prevails quite generally in the provision
market here that the sudden downward
tendency of the market during
the past week was an effort
to shake off the followers of
the larger operators and force them to dis
pose of their property or submit to heavy
losses. The market has ruled decidedly
weak, and at the close indicates no partic-
ular element of strength. The shipping
demand has slackened, SO that the market
of the past week may be regarded as
speculating one. Trading for future de-
livery has been somewhat extended but
there appears to be in general way, less
confidence in the maintenance of
future prices. The shipping interest is
purchasing its supplies at points farther
west where they can obtain more reasona-
bic freight.