St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-20
The Banks Not Disposed to Ad-
vance Money for Specu-
lative Purposes.
Operators in Corn and Wheat Busy
Changing the May and June
Options to July.
Stocks Were Unsettled at the Opening, Be-
coming Firmer as the Day Wore
Away, Closing Buoyant.
CHICAGO.
rspecial Telegram to the Globe !

Especial Telegram to the Globe
CHICAGO, May 19.-The markets on change
to-day were somewhat nervous and prices irreg-
ular Al 4 lower range than on yesterday. Out
side orders were light and local operators show
ed at increased desire to close trades get out of
deal and find where they stood. In consequence
the bulk of the business was in the way of liqui-
dation. The decline 10 close up deals in
creased by the wide margins demanded by the
banks, who are carrying property for both out
siders and irregular customers. The general
feeling among bankers is that is injudlcious to
foster speculation by continuing to advance
money freely on property that would long since
have been forwarded to consuming points had
not manipulation kept prices far above the fig
ures at which the same articles could be bought
in other countries which compete with ours in
the food importing sections of Europe.
The decline in stocks and the failure of anoth-
er stock firm during the closing hour of the regu-
lar session was also demoralizng influence, as
it showed that the early predictions that the nan-
cial troubles in Wall street were over were not
justified. The result was that the grain crowd
were less bullish and the market weak. Pro-
visions were without legitimate support, the
market dull and lower, and the demand for all
classes of packing house products, either for
speculation consumption, small. 1t was evil
dent that further decline in pork, lard and short
ribs was only prevented by the refusal of those
who held the bulk of the property to offer it
freely.
Wheat was dull and irregular and Liverpool
quotations were dull and weak The New York
market opened shade easier, but there was
little encouragement from other sources, St.
Louis and most of the other markets being low
er. There was scarcely any outside demand,
.St1,
fayoring features were the liberal Withdrawals
from store compared with the receipts, the for
mer amounting to 1O3, 900 bushels, while the in
spection into store was only twenty-sx cars 1t
was freely predicted, however, that the receipts
will increase at an early day. The situation of
the market also weakened by the
heavy charge for carrying May
and June into July, the premium for transferring
May to June being 1 q G2c and into July 32l D2c.
July opened at 9015 @90Ac, or A@Kc under
Saturdays close, and advanced to 90%c, but
weakened under the free selling of longs, who
were anxious to get out of the deal, as they saw
little in the outlook to encourage holding, and
declined, after numerous slight fluctuations, to
to 8914c, rallying afterwards and closing on the
regular session at 892l @S9%c On the afternoon
session trading was light but the feeling was
stronger and prices advanced &c.
Corn dull and weak, and but a moderate
business WIS transacted, which was largely in the
way of transferring May and June to July, par
ties to whom the grain is going on this and next
month not being disposed to take the risk of its
delivery while money is so close, and the banks
who make advances demand such wide margins
as u safeguard against shrinkage III values Out
side holders were also more inclined to unload,
and there were few features calculated to inspire
Slo,, =.
cars, against 12O Saturday. There was also an
improvement in quality; AZ cars of to-day's arri-
walls grading contract. The railroads reported an
increased demand for cars from country ship
pers while the freight contracts by vessels were
for but 1O4, 900 bushels. Opening sales of July
were 575s @5724c, from which point prices rece-
deded to $3.50, and closed at 57@571sc. There
was stronger feeling on the afternoon board
and prices advanced 18@Ac.
Oats were weak and lower being without sup
port from any source, and the heavy receipts, 2S9
ears, checked all speculative buying for future
delivery. The closings were 5sc lower on July
and z lower on June, as compared with the last
quotations Saturday.
Provisions were only moderately active, and an
easier feeling prevailed. The offerings on specu-
lative account fair, but the demand was
limited, and confined mainly to shorts. Prices
ruled lower all the leading articles, and the
market ruled easier at the close
The offerings of pork are not large, and the
demand was light. The market was weak dur
ing the greater portion of the session. and prices
receded 10000 on the whole range, and closed
rather steady at S17,4O for July, or 121sc below
the last quotations Saturday. Trading was chiefly
confined to this option.
Lard showed more activity and prices fluctua-
ted somewhat within amoderate range Offerings
we've rather free and the speculative demand mod
erately active. Prices declined 5@g1Oc and closed
rather firm at SS.071s for June and SS22% for
July, or sc under the last quotations Saturday
On the afternoon board somewhat stronger feel
ing prevailed and prices advanced 21sc.
Short ribs were in moderate demand, with the
offerings not very large. Prices were easy and
declined 12R @15c. The close was 1O@15c be-
low Saturdays last quotations.
The hog market was slow and prices weak and
unsettled from first to last, the market closing
dull and 5@10c lower, with large number un-
sold. Regular buyers had no orders and specu-
lators fancied they could see nothing in the near
future wherein they could make any money by
buying at the current rates.
The shoe market was dull and dragging from
first to last. Shippers were out of the market
and the local demand was limited. There were
but few sales.
There was a good demand from all sorts of fat
cattle. Shippers and buyers for the dressed
beef trade were the principal buyers. The ex-
port demand was limited, as the advices from the
British markets were rather disc, uraging. At
an early hour the pens were well cleared, the
markets closing steady There was a liberal
supply OF distillery cattle. AS compared with
Friday or Saturday there was little or no change
In prices Butchers stock will soon begin to
sell at lower prices, as grass Texans are begin
ming to arrive. A prove Of the latter sold at low
figures to-day.
w. IL. Minor " Co. say: s'The wheat markets.
still nervous and very easily Influenced. and in
apositlon where an opinion has to be given more
as chance than fair product The corn mar
ket will, no doubt, hold fairly steady until there
is an increase in the volume of receipts. which
we think is quite probable very soon. While the
demand for oats is good and stocks small. there
seems to be disposition to put prices lower in
the belief that there will be enough to 20
around
O Milmine Bodmen s. Co, say. 'The scarcity
Of OUTSIDE orders was especially noticeable, We
think everybody now disposed to sail close TO
shore, and those having open bibs are disposed
to close and await the turn Of events in financial
circles at the seaboard. The banks here are
calling in loans daily, and to-day spot and May
lard are selling zoe under June. The is also
great pressure to sell cash and corn, and buy
June and the difference now represents large
interest for the time. This is a new element of
weakness ia the general situation and very
serious one, too There is no improvement ia
the legitimate demand for our bfeadstuffs and
receipts Of wheat show slight increase. Crop fs-