St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-20
The Situation in the Grain and Provision
Markets at Chicago Not En-
oouraging.
Wheat the Leading Center of Attraction,
With Other Cereals Following its
Fluctuations.
Wheat Opens Strong Under Colo
Weather Influences, But Closes
Lower.
Railroad Stocks at New York re-
main Devoid of Interest and
Activity.
Chicago.
special to the Globe.

Chicago
special to the Globe.
CHICAGO, May 19.-The grain markets,
although moderately active In the way VI
speculatiye trading on local account, were
destitute of new or striking features, eX-
cent an increased weakness at the close.
Wheat. as usual, was the chief center Oh
attraction and governed prices Tor the re-
mainder of the list, and they followed all
its various changes. There were no prOml-
nent factors of a sustaining character eA-
cent the threadbare stories regarding the
denlorable condition of the winter wheat,
although the cold, damp weather was more
encouraging to the large bears who were
short. Despite the absence of supporting
news and the lack of outside buying orders.
the bulls made a stubborn resistance, and
after the first charge OF the
hears prices were advanced 56c
over the opening figures. But the desire to
realize. coupled with vigorous hammerlng
by few heavy bears who commenced sell
ing freely on the bulge prices, again started
prices downward and they closed at the
lowest figures of the day, showing decline
of sc on wheat, and corn unchanged from
Yesterdays last sales. Provisions were al
fected at the start by the weakness In gram,
but rallied and showed considerable steadl-
ness, closing sc higher on pork and lard
and unchanged on short ribs. The fear OF
cash stuff is inducing spectators III gram
and provisions to transfer trades from June
TO July as rapidly as possible, and new
trades are largely for the latter delivery.
WHAT THE OPERATORS SAY:
ssIt is safe to say the reports coming in
here now,n said A. NJ. Bodman, ''show no
Improvement over the reports of one month
ago, and in most cases they are worse, and
this is all there is in the situation at this
time to bull the market on, for there is GER
tainly nothing in the way of legitimate eX-
port demand for our wheat now. 1t IS
thought receipts will soon begin to show
some increase"
George Everingham said this afternoon:
81 believe the outside traders are now
pretty well loaded up with wheat, and
think local dealers are as badly Short and
as they will continue to pound the market
it will take good outside support and con-
tinuous buying to maintain prices; and IN
the absence of war rUImors or other exciting
news. break of a cent or two is in order
before higher prices can be expected"
The Chandler-Brown company say: 1.-The
chief argument advanced by the bears is
that we have had all the news of buillSh
nature. such as war scareS and crop dam
age. which we can get, and from this time
forward any new features will more than
likely be of bearish character. The re-
suit OF this reasoning is free short selling,
which has placed the market in good shape
for an aGsance should crop reports not
show the expected improvement"
George w. Shepherd said: Il see no new
feature in the trade, and look for it to re-
main Scalping market for some time,
with chance in favor of lower prices for
the next few days"
THE WHEAT MARKET:
With steadier cables and unfavorable
weather, together with a reported decrease
of go, 945 bushels in the visible supply, our
market opened strong and rather higher,
July wheat selling at 921s @924c, and
under good outside buying orders advanced
steadily to 9219c, but when early orders
were filled the market became rather stag
nant and prices gradually sagged to 92Ac
untlsf rveryoflight trading. Here some
rumors of further complications between
Russia and England were received, which
sent the market up again to 9215c, but the
rumors being unconfirmed, and New York
declining 1c and St. Louis &c per bushel,
the local scalperS all turned sellers, and in
the market gradually sold down to 91Ac,
closing heavy and dull at the lowest point.
There is fair shipping demand, mostly
from Milwaukee and Duluth, and $50, 900
bushels were taken at the former place to-
day and rtlmorS Of so, 600 bushels here.
Shippers however, are hardly likely to buy
. here, as long as they can buy equally good
wheat at lower prices at Milwaukee Their
stocks, however, are gradually reduced, and
their prices to-day were within a fraction of
our own. June wheat, in which but
LITTLE TRADING WAS DONE,
opened at 901sc, advanced to 9015c and
closed at S9%c, the lowest figure of the day.
Nav closed at SS3gc and August at 90 &c.
Corn was strong early under good de-
mand from short sellers. Slightly improved
prices were realized for all deliveries, but
these were not sustained, the market reced-
ing somewhat when wheat weakened. In
creased receipts were talked of by many
who were supposed to have trustworthy in
formation, and on the whole the tone was
weaker than for some days past. 1t was
said with some degree of probability, that
Western shippers, having heard rumors of
manipulation for this months delivery,
were preparing to take advantage of the
higher prices expected towards the close of
the month, and that receipts here would
soon show the effect of such inducement
for more liberal movement. The open
ing was quite lively, and the decrease of a
million and a half bushels in the visible
supply, and cold weather, gave the bulls
courage. The manipAators worked
May, it being the easiest advanced On &C
count of the light offerings,
AND ONE SALE
was at soc; at the same time June reached
4S5Sc and July 4S115c, the highest of the
day. The demand then fell off-anxious
shorts had flled-and May declined to
1870, June to 47Ic and July to 47%c.
under larger offerings, and closed steady at
!. 4Sslc May, 479@48e June and 4SXc July.
1t is generally believed that the advance
was engineered by the bull clique to unload
on. On the call trading was fair. Sales
aggregated 200, 900 bushels.
Oats were quite active and strong early at
higher prices, but toward the close the de-
mand lessened and all but L0sEc of the
advance was lost. June sold at 341S@34Ic.
and closed at 34%c. July closed at 34%c.
and sales were made at 3415@345sc, Au-
gust closing Is higher at 2915c, September
unchanged at 2836c.
Provisions were a shade higher all round.
mess pork having been in the greatest rela-
tive demand. Outside prices, however.
were not sustained, the market closing with
the advance almost wholly lost. Business
was
ALTOGETHER SPECULATIVE
and received some early stimulus from the
strength in wheat, but when the latter
weakened, provisions also promptly receded.
The close, this afternoon, was quiet, trad
ing having been in light volume. and with
out special feature. The movement was
almost exclusively local. Mess pork, fol
July, opened at S11.2O, fell to $11.17H,
advanced to S11.30 and closed at 81. 20.
Lard. for july ODened at S6 35 and cold II,