St. Paul daily globe., 1893-04-30
s.
Grain and Provision Markets
Close Evidently Strong
and Hopeful.
Little Fluetuation in Prices
of Wheat, but Pork Is Still
Moving Up.
} Cashier Anderson Talks Inter-
eStingly of the Silver
Question,
Analysing Some Of the Most
Vital PointS--Speeula-
tion Ceases.

4 strong. feeling was evident at the
CLOSE of the grain and provision mar
ketS Yesterday. Wheat prices tluctu-
Rted very little during the weak, closing
at 74l4 0749s cents for July. Provisions
have shown decided advances, mess
pork beng from 81. .42l5 tOSl.6O per barrel
higher than one week ago.
The rains last week caused further
delay to seeding in the Northwest.
Trading has been restricted, and coun-
try merchants do not look for much
trade, aside from the demands for
urgent needs. until seeding is over. Col
lectiOnS continue rather slow. but most
OF the wholesale merchants look upon
that as a natural consequence OF the
conditions which have been prevalent.
Concerning silver.
\. c. Anderson, cashier of the st.
Paul National bank, returned recently
from Chicago. and took time yesterday
to talk about silver. as follows: The
" est has now less use for free coinage
OF silver than any other part Of the
country. IT the United States had gone
Oh 10 silver basis five years ago free
silver coinage would then have meant
cheaper currency, and consequently the
paving of Indebtedness in a currency of
smaller value than that in which it was
contracted. The rapid Western develop
ment makes borrowers, but during the
past five years our mortgages have been
drawn and payable in gold, almost with
out exception. Free silver coinage
means possible premium on gold
OF 80 to 30 per cent. The man who has
borrowed $1,000 in gold or currency at
time when they were equal in value
would be compelled to purchase gold
with deprecated currency and pay
the premium, whatever it may be, to
lQuidate the Indebtedness.
The farmer who owes a mortgage of
$1,000 would probably have TO pay 81. 800
10 liquidate lit. There was time when
the owners of silver mines, by showing
the desirabiliiy of
A.Sheaper Currency.
had the backing and support of the ag-
ricUltural classes of the West, but the
agricultural and debtor classes hav9
seemed 10 lose sight of the fact of late
that the conditions have changed, and
that any further support Cf the silver
Interest on their part looking toward
the free coinage of the white metal is
wholly in the interest OF the silver
mines, some of which are producing
their silver at less than 80 cents per
ounce. and in one instance at less than
20 cents per ounce, and free coinage
means the taking of this silver by the
government at S1.29 per ounce.
Any farmer in this country would
consider 1t very advantageous if he was
able to produce his wheat at an average
e0St Of less than 80 cents per bushel.
and have the government take it off his
hands at Sl.29 per bushel The advant-
ages OF such an arrangement would be
obvious. And this is precisely what the
silver miners are trying to do with their
product. With reference to the East
ern rumors of financial trouble today,
look upon it as mostly the talk of bears
who want to cover their short lines in
securities"
Exchange Closed Quiet
here yesterday at about par on Chicago
and p to 80 cents premium on New
\ Ork between banks. While money is
In good demand, yet it is being fur
nlShed for legitimate business. Specu-
latlEe deals are not encouraged and tull
rates are being paid on loans.