St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-21
No Outside Influences in the Chicago
Market and but Little Business
is Done.
The Wheat Market OPENS at Decline,
With Trading Very Light and
Closing Lower.
Corn and Oats Close Lower, Though
Firm--Provisions Close Shaoe
Higher and Strong.
The Stock Market Acts as 1t Has LOT
Month Past, Closing Weak
and LifeleSS.
Chicago,
Special to the Globe.

vance over the early figures and closeo
fairly steady, though tritie lower than the
opening. Warmer weather and depressing
cable advices regarding foreign markets
gave weak tone to the wheat market, ana
the first sales were &c under yesterday
closing figures. Gables were decidedly
bearish. but they have been so since peace
became assured; and foreign markets are
said to be growing worse. Again, tiieIe
was too much sunshine; TOO rev oraeIs
from the outside and state OF deSpona-
encv on the part of holders conspired TO the
general weakening. Among the other very
depressing stories related was one THAI
wheat had been offered at New York, for
July. at Sc above the Chicago price for
July. AS this would mean that somebody
had been idiotic enough to assume, at the
very outset. a loss of about sc bushel,
when he could just as well have sold at
Chicago for July without assuming at the
outset any loss at all. As this thing began
he, realizing the
RELATIONS OF THE YARN,
finally gave over repeating It, So far as
the DAVIS trading was concerned it was
uneventful, dry and stupid, inside OF very
narrow limits, and there was so little OF 1t
that even the strangers in the galleries
vawned. 1t is claimed in certain quarters
that the export demand, so much talked OF
on the floor, is myth; that the wheat Is
Withdrawn from Milwaukee and other
elevators. which are more or less crowded,
and shipped East to save carrying charges,
sales being made here against it.
They say Norton and Worthington have
about all the cash corn, while Lester has the
Nav and June options. Receipts OF corn are
holding up only fairly well. The scheme
is said to be not to show any signs OF
squeeze in May until so late in the month
that corn cannot be rushed in and thrown
on the market. Any upturn, it is said will
give very handsome profit
In wheat soc for June and Gle for July
were bottom figures. A little raiding easily
got the quotation to that mark, but once
there all the raiding did not effect anything.
This was
NOT EASILY EXPLAINED
either. for the theory of the start was that
if Ole could be touched the rest Of the day
would be holiday for the bears. 1t was
presumed that Gle would pretty generally
exhaust margins. and entail a very whole
sale selling out. But it did not. Bangs
kept his eye on corn, and neither Junen nor
July got under 4715c. The close was bet
ter. Pork was strong for the reason, very
strange to say, that there was no trading
in it.
.."The market" said T. NJ. Baxter, sis
dropping slowly, with very little change of
property. Most of the selling is short sell
ing. With improved weather and duller
cables. our market opened with free sellers
at A@3Sc below Yesterdays closing. July
wheat opened at 91}sc and sold down to
913Sc, when good buying orders from shorts
to cover turned the market, and put prices
up again to 915sc; but these being filled,
and no outside support being received,
gradually sagged down to Ole, rallying
slightly and closing at 917S@91Ac."
SOME VERY DIsCoURAGING
crop kilograms came from st. Louis, but
news from this source has lost all effect on
values here; In fact, the general DISPOSE
ton is to "copper"" all these dispatches
about crops 1t was reported to-day from
Milwaukee and Minneapolis that
farmers deliveries of wheat have
increased largely the past week, and
a marked increase in receipts at aHpoints
of accumulation in the Northwest is eX
pected. If this should happen in the pres
ent exhausted condition Of bull speculation
it would no doubt cause further serious de-
cline Through rates to New York, by
lake and canal, are offered to-day at size
per bu on wheat, and freight on corn could
no doubt be obtained at sc. These are the
lowest rates ever before known in the his
tory of trade here. Ocean freights are also
very low; but still, with all this eXtraordi
nary advantage in the way of cheap trans
portation, there is no adequate export de-
mand for our wheat and the thoughtful
holders are getting quite discouraged over
the prospect and many of them are realiz-
4 4ln 1oa1 OH
tons were SS1Sc May, S91sc June, 914c
July, 931Sc August.
CORN WAS SHADE EASIER
than OH yesterday. There was no material
change in tone, although the range of prices
was lower. Light stocks in store prevent
any serious decline, but heavier receipts are
expected before the close of the month
Our market has ruled quiet and steady.
July corn opened at 475sc, but under the
posting of light receipts and fair buying
gradually advanced to 4Sc. Here the weak
ness in wheat became more pronounced, and
corn sympathizing, sold down to 4715c, but
recovered little, closing at 47%c, being
&c lower than yesterday. The car lots to-
day were light. and all estimates point to
light receipts for the next few days. so that
but for the expected weakness in wheat we
would doubtless have higher prices. Clos
ing figures were 4S%c May, 47Mc June.
475Sc July, 475sc August, 1870 September.
Oats steady and about firm, although
practically lower than yesterday. Little
was done during the morning on the main
floor. On the IL o'clock call May sold at
SAKE, June at 3411c, July at 34Hc and
September at 2S14c. The close of the after
noon session was easy at about these fig
ureS.
PROVISIONS RULED STEADY,
with hardly quotable change in values.
The feeling, if anything, was shade firmer
and offerings light. There is no special in
dication of improvement, but there is no ap-
parent disposition just now to press sales.
The market was fairly active and steady at
yesterdays prices; cables dull and rather
easier; meats and lard Sd lower. Very little
life was exhibited in the market and
trading was comparatively light, but smaller
receipts of hogs tended to strengthen the
prices. July pork opened at $11.2O, adj
vanced to SLIPS, receded to $11.2214, and
closes at the outside prices. Lard and ribs
dull and unchanged.
At the stock yards the market was fairly
active, the receipts of hogs being somewhat
larger than yesterday, the quality good, and
prices well maintained. Both shippers and
packers were active buyers. The cattle
market was slow. though steady, at about
yesterdays prices. The sheep market was
weak and lower. Freights were dull.
Corn and wheat, by lake to Buffalo, NOM
inal, at 1Ac. All rail to New York
quoted at 13c per 100 pounds for grain,
and 15c per 100 pounds for provisions.
Lake and canal to New York So cents for
wheat and size for corn.
CHANDLER-BROW CO.,
Chicago and Milwaukee Grain and
Provision
Commission Merchants.