St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-13
An idea That There May be Some Winter
Wheat Causes a Slight
Weakness.
Belief That the Decline Was Solely to
Induce a Fresh Crop
ofShorts.
These Being Now Obtained an Ao-
vance of Few Cents is Again
in. Order.
No Visible Reason for an Advance in
Railroad Securities--Anot
War Threatened.
Chicago.
Special to the Globe

Special to the Globe
CHICAGO. May 12.-The raid OF the pears
ON 'change. instituted yesterday, continued
to-day and resulted in partial success. Inc
same parties who headed it yesterday were
noticeable again to-day. Their efforts to
make a big break in prices, however, were
thwarted by reports of bad crops, OF which
the following two received by l.. Eyerlng-
ham & Co. are a sample: ''Fields are turn
ing yellow. If we harvest tlye bushels 10
the acre we are doing WELL" The most
discouraging reports yet received on wheat
came to-day from different sections OF Kan
sas. Both these dispatches were from
Kansas City, Mo-, and referred to Kansas.
Wheat opened at 911sc for June, the
closing price yesterday. There was a
good disposition to buy at the
start. and the feeling lasted for
a few minutes, when the bears made an
onslaught. They were headed by Norm
Ream, Nat Jones and Hancock. June
wheat soon sold down to 905sc when some
of the bulls, who had sold out on the ad-
vance, appeared as buyers. An advance OF
few points resulted, but 1t was again by
the heavy selling of Norm Ream and George
Smith. At this point the shorts came IN
and covered and the
under this influence, the June option reach
ing 90Ac. New York was reported strong
and higher, and this had some tendency to
make the market firmer. The bears again
scored a point on kilograms that the Min
neapolis mills were closing for lack OF or
ders and the increase in freight
rates. The principal feature that
kept the market from breaking badly
was the decrease in the visible supply,
which was nearly 100000 bushels
Prices eased off toward the close OF the
morning session on further heavy selling by
the bears, June closing at904c. 1.-The sun
was shining on lot of wheat fields in
Southern Illinois this morning." observed
broker. land the result will be the impress
sion that the winter wheat crop may not be
a failure after all. You may look for
a weak Market" and he was right, for this
afternoon the feeling was again weaker,
with the lowest point of the day reached.
The close was barely steady, with buyers at
inside figures, S715c May, S95sc June, 92c
July and 94c August.
EXPORT INQUIRY
in New York shows no improvement, nor
can any shipping inquiry be noted as eX-
listed here. There has been very strong
effort made to break prices and large line
of short wheat has been out, which has
placed the market in position to advance
sharply on any favorable news. AS an
illustration of what may occur, at this after
noon's close June was offered at 90c, but on
a report in the evening papers that Russia
has ordered the equipment OF 200, 900 re-
serves, prices Immediately advanced in the
open board to 90A@90%c June, closing at
9075c.
Corn opened stronger on light receipts
1888 cars-and liberal shipments 900
bushels-reducing the supply in store to less
than 700, 600 bushels. The decrease in the
visible supply, amounting to over 1000, 600
bushels, also tended to strengthen the mar
ket. There was fairly active trade. After
the first orders were filled the market eaSed
off on the room-traders realizing and the
POUNDING OF THE BEARS.
The June option opened at 477sc, point
over yesterdays close, and sold down to
47%c. At the decline Lester bought freely,
as did L. Everingham & Co., the latter be-
ing good buyers all through the session.
Other houses followed suit, and 4Sc was
reached, but the market dropped again, and
June closed easy at 475sc, in sympathy
with wheat. On the afternoon board there
was a weak feeling continued, with the last
transactions at the inside figures of the day,
QuOGdDly dG 4G 1SC hdy. td/2C CullC, tG4
July, 4S1sc August.
Oats for future delivery were rather quiet
although steady and firm, 7S@Ic better
than yesterday. On the afternoon board
the market was little easier, though the
close was firm at 341sc May, 34Ic June
andIJuly. SOC August.
Provisions still are exceedingly dull and
lifeless, dragging along at most uninter
eSting pace. 1t was rumored that the de-
cline was carried by the bearish feeling of
the packers. The opening was steady at
full closing quotations of yesterday after
noon. When
WHEAT WEAKENED
there was increased desire to sell the whole
line of the product, and there was some
decline in pork and ribs, while lard remained
essentially unchanged at the close of the
morning session. This afternoon there was
continued disposition to sell and prices
ruled lower, with the closing figures the
lowest Of the day. The decline in mess
pork was 15c, lard 2115c, ribs 1Oc, and the
closing figures were S11.O5@11.1 Is June and
July pork; S6.s215@6.92 June and July
lard; S5.65@5.721a June and July short
ribs.
At the stock yards the receipts of cattle
were again heavy and prices 10 to Is cents
lower. making uecllHe oI ID 10 ~ cents
for the week so far. Receipts of hogs mod
crate; trade slow and prices easier. Re-
ceipts of sheep liberal, demand fair, with
prices 90 to 25 cents lower than last week.
A petition was circulated to-day and signed
by a majority of members of the clearing
house, asking the board of directors to
abolish the call of grains. The first call
was made to-day and was responded to by
the wheat crowd, but the crowd did not
take kindly to it and not much was done.
The opposition to the call say it interferes
with business Oh the board, but if the call
was made after regular hours they would
not object. Ed Bangs heads the opposi-
ton.
cHANDLER-BROW CO..