The Saint Paul globe., 1897-05-19
MARKET SUMMARY.
FINANCIAL

CHICAGO, May 1S.-The grain and privlsion
markets were again rather weak TO-DAY.
wheat fell the farthest. being affected by weak
cables first, and disappointing worlds visi-
BILE decrease later closing at 11sc decline.
Corn and oats closed at 1sQAc lower. Fro
visions opened lower but closed at substan-
TALLY unchanged prices.
In wheat Liverpool showed a severe break
at the opening, the first quotations from
there showing I'D decline and later record
ing Id break That would have been enough
of itself to have started this market weak,
but. with the almost perfect weather and 6zz
carloads of wheat received at Minneapolis ana
Duluth. in addition, there was apparently no
hope for the market. The first trades FOR
July, made simultaneously in the pit, were
over range of from Tic to 705sc-principally
at 702.c. Yesterdays closing price was 71Ac.
Some heavy traders were satisfied with such
a nice clean profit overnight on large lines
and were about the only class Of buyers to be
found. This was sufficient to steady the
market, however, and trading for the next
hour was done at from kc to 14e higher than
the bulk of the opening transactions. Buying
later became more prominent, the fact OF the
market receiving such support in the face OF
the discouraging news, unsettling the conn-
dence of the smaller shorts and causing them
toe to become buyers. The result was an ad-
vance to 711bc. New Yrok reported clearances
of wheat and -four at more than 100000 bu
for the day, and late cables brought buying
orders. The market held comparatively firm
until the receipt of Bradstreets report of the
worlds visible, showing decrease Of 19o3,-
600 bu, whereas 3,00O coo bu or more decrease
had been looked for. The decrease in the
worlds stocks the week before was about
< M hI Mo DIh1 nf
ures caused decline to 701ac. Rumors Of
heavy export business at the seaboard caused
q slight stiffening of prices just before the
close the final quotations for July being
709sc.
Corn was easier, but showed more
strength than was expected, in view of the
fine weather and the weakness of wheat.
Shorts were liberal buyers ON the opening
break. This was the sustaining feature of
the market. Elevator people were sellers.
Exports were GOO bu. July opened 1sc
lower, at 24S4c, sold between 247sc and 245sc,
closing at 245s@24S4c. The market for oats
was uninteresting, and small business was
transacted. Prices were almost at standstill
for some time at the opening, but when wheat
commenced to go down oats did likewise
There was a good cash business at lower
prices. July opened at Nc lower, at 17Ac
1t advanced to 17%@1Sc on covering by shorts,
then declined to 17a4c, where it closed. Pro-
visions were rather puzzling, some dealers
buying the market then selling it off with
apparently other object than to keep the
market moving. Opening prices were weak
and lower on the heavy hog receipts West.
Packers gave the market good support. At
the close July pork was unchanged at $SS21a;
July lard unchanged at $3.50, and July ribs
21hc lower at $44712 Estimates; Wheat, 6;
corn, 125; oats, 200; hogs, $1,000 head.
The leading futures ranged as follows: