St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-05-01
REPRESENTATIVES of the Bulls Who I'm
Oaded Last Week Free Buyers
at 81 LIE for June Wheat.
The Shorts and Scalpers the Principal Buyers
of Corn at &c Below Yesterdays
Closing.
Wall Street Mixed, the Strength Being
Mainly in the Changers, Western
Union and Union Pacific.
CHICAGO
Especial Telegram to the Globe

yesterday being followed by 4 further severe
decline in prices. The factors calculated TO
influence prices were chiefly of weakening
character, the weather being all that could be
desired for agricultural purposes, crop reports
good and the eastern seaboard and European
markets unfavorable to sellers, These adj
vantages were turned to good account by the
clique, who were recently bulling the mar
ket, and having sold out on the bulge, they
are anxious for a break in which to buy
back, and with this end in view they
we're persistently hammering prices during
the entire session. wheat being their specially
and other grains naturally following. But
the present fine weather and splendid crop
prospects might be expected to have, and
naturally should have, depressing influence
OF the prices of long futures, though there is
no reason why this should have d materially
depressing influence on deliveries this side
Of August, rs no considerable supplies for
consumption can be looked for before that
period. On the call the reported failure
of James Keene, of New York,
had weakening effect, though the
report was hardly more than a
rumor. All grains were heavily offered, and
dropped by quarters, the final sales being on
a weak and demoralized market Provisions
were only moderately active, but prices were
less influenced by wheat than for some days
past. Opening sales showed a matsrial de-
cline, which was all recovered towards the
close. There were, however, no factors cal
culated to inspire an advance. The receipts
of hogs were the largest of any day this
month, the estimate being $4,000 head of
good quality, and prices were 10c per 100
pounds lower. The consumptive demand
for all speculative articles of provisions was
small.
Wheat opened weak and 114c lower, values
being expressed by bright warm weather,
good crop reports, dull English markets, and
& lower opening in New York, the latter
market showing Il still further decline as the
day advanced. There were also increased
efforts made by the members of the late bull
clique, who had unloaded their holdings on
the lambs at the sharp advance that occurred
the close of last week and
on Monday, and now being anxious
to get the wheat back at much lower
prices, used every means at their command
W SuOhC Out UllG ldllOIS MLO III all duIcllpG W
follow them last week had been really sad
died with wheat at top prices. The first
sales were at 94c for June, from which it ap-
preciated to 9414c, broke rapidly to 93Ac,
and after repeated and rapid fluctuations
between 9318c and 94c, closed at 934c. 1t
was observed that every time prices touched
934c there was active buying by brokers
who are known to represent the late bull
clique, while the selling was of a miscella-
neous character and chiefly included wheat
held for outsiders Or timid local bulls, the
latter fearing another Iowa raid based on the
fine weather and other causes above noted
The shipping demand was light on the call
and the tone was weak on reports of Keene's
failure, and wheat declined q @ 5sc, clos
ing at 9213c for June, while on the curb the
weak feeling still prevailed and a further de-
cline of Is @ 1c was scored.
A well known broker this morning made
the following explanation of the recent
course or the market When Nose Tralev
saw that he must go under he went to see his
brokers and very quietly told them he was
done for. He operated through something
like dozen firms, and was short on an i'm
mense quantity of wheat and corn. Well,
when his brokers learned how he stood they
went to work at once buying in his shorts
This resulted in active demand from
every direction and consequent advance
in prices. Lots of outsiders saw the mar
ket rapidly advancing and loaded
up with long stuff. Now, when
Nose Traley's shorts had been bought
in and the markets were at their highest
point several heavy longs who had caught
on to the racket, so to speak, sold out all of
a sudden and went as much short as they
had been long. I've an idea Billy Lime or
Roche can tell you all about this little bust
ness. If they can't, Froby's brokers can
Whoever it was, they have made money at
it and deserve credit for lots of horse sense,
unlimited pointers, or no end of luck You
can readily see how all this would effect the
markets. Everybody who had been so anx-
ious to buy was now doubly anxious to sell.
They all jumped onto the thing at once and
# had to go down.
Corn was moderately active, but Evalues
were affected by the same causes influence
ing wheat, including lower quotations from
1NCN 4olh anu LlNeTpOOl, anu encouraging
progress toward planting large crop. The
demand was also moderate shorts and scalp
ers being the principal buyers, and neither
showed much anxiety to operate except when
prices suited. The market from the opening
to the close of the regular session was al
most steadily downward. The opening was
weak at PC decline from Yesterdays last
sales, being at 57Ic for July, from which
point it receded to 56%c, and closed on
'change at $3.50. There was a better supply
of low grades, prices were easier and the
shipping demand moderate. Corn was LA
&c lower on the call, but firmed up trife on
curb trading.
Oats were lower, but a good speculative
trade was carried on. There were free offer
ings of May and fair demand existed for de-
ferred futures, as the longs were Transferring o
contracts, and this caused an increase in the
premiums for longer deliveries. Prices de-
cIined 15c, and closed on basis of 33c for
June.
Trading was only moderately active in the
provision market, and an unsettled feeling
prevailed at the opening. The offerings
were fair on speculative account, due chiefly
to the liberal receipts of hogs, and prices
ruled lower on all the leading articles. Later
the market showed a little more strength and
the decline in prices was recovered. The
shipping demand was very light, though