St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-28
They Manage to Hammer Prices Away
Down in Spite of Strong Bullish
Opposition.
Grain Markets Open in the Same Disoour-
aging Way-Froduce Markets With
out Foundation.
A Slight Reaction on the Closing
Board, but IL Weak Feeling
Still Prevails.
Decided Falling Off in the Prices OF
Stocks--OtherW Wall Street
Gossip.



pile-driver into requiSitiOn. They were
IN exultant crowd, with the bulls CORE
pOndingly depressed Where the present
tslump' in prices will stop no one is pre-
pared to say. All that the large operators
Enow is that the market wont hold up, and
hey are letting things take their own course.
As experienced a trader as A. NJ. Wright
absolutely refused to express an opinion on
The situation, remarking: ''YOu can't tell
which way wave is going to
roll. can you?" which was rather
an ambiguous way of putting it.
Said George c. Eldridge, speaking of July
wheat: I'VE may have to follow it down
TO IS cents, but l am of the opinion that at
The present figures (about So cents it is a
good purchase" This is the opinion of
other operators, from which it may be in
lerred that they look on the
PRESENT BREAK
IS only a temporary one The only reasons
that the bears advance in support Of their
position are that there is no likelihood Of war
between England and Russia, and that
England bought all the wheat she wanted
during the late furry. They point to the
fact that the export demand has fallen
Off only two and one-half boat
loads going out yesterday. The chief
b. OIL IiiC uOOI Cclllclcu III WiiCdt
pit. where good deal of excitement reigned
at different periods during the morning ses-
sion. The July option had closed yesterday
at 1880, and it opened to-day with con-
tinuation of yesterdays weakness at S94c.
The most of the orders received by the
brokers were to sell, and in a very little
time the option sold down to SS$4c. At this
point local shorts stepped in to cover. and
it reached to seize. The big bears then
started the music. The most noticeable of
these gentry were Henry Warner, j. T.
Lester and Norm Ream. They threw guam
titles of stuff On the already weak market
and broke it down to SS5sc. They were
helped along
IN THE RAID
by c. J. Kershaw, who let a big line of
long wheat The local shorts again COW
cred and sent it back to soc, and after this
lull came, the price holding between that
price and SS5sc for some time. But the
bears were not satisfied and perSistently
pounded it until they got it down to SSc,
and it closed a point above this at 1 p. IN.
Altogether the crowd was rather glad to get
a breathing spell before renewal of hostil-
titles on the afternoon session. This after
noon there was slightly frmer feeling, re-
sulting from some buying to cover short
Z.
The close was steadier, at about 1c below
were: S63sc June, SSssc July,
9O3sc August. 92ac September.
George Brine, in commenting on the state
of the market. said to the GLOBE cores
pondent: ''There seems to be less conf
dence shown on the part of holders, the
continued maintenance of full stocks. with
noindcatiOnS of important shipping inquiry,
forcing upon them the question to which
have frequently called attention, viz: Can
$4,000. 600 bushels of spring wheat be car
ried over in lake warehouses into a new
crop season without
- UNsETTLING CURRENT VALUES?
I have never believed that this could be
done and do not now believe it. Advices
from New York quote actual sales Of No.
spring wheat for July delivery there as
low as 81 &c, and also report no demand
at that figure, except to cover short sales
Hence, whatever may occur later in the sea-
son, can see no reason now to anticipate
Improvement in values, except from such as
must be reached to enable shippers to re-
leve oar markets of the present heavy sur
plus But the Chandler-Brown company
take an opposite view They say: 1.-The
break of the past few days has been severe,
and when the merits of the article are con-
sidered, we think the lower prices unwar-
ranted We believe the outlook for WIN
ter wheat crop 40 to 80 per cent less than
last year, and, with no increase in the acre,
age of spring wheat Sown yet reported, are
points in favor of higher prices which
should induce good buying at this decline,
and an
ADVANCE IN VALUES.
Corn was steadier and frner than wheat.
because there is no such mountain of sur
plus product Overhanging the trade. How
ever large the invisible supply Of this grain
may be in first hands, not enough has come
forward to yet make the load burdenSome.
Hence bears are more tinlid and careful
about selling and bulls are more courageous
about buying and holding. The June and
July options opened only &c lower. The
first sold down &c more and rallied, while
the latter was pretty firmly held around
1910. Receipts were over four hundred
cars, and Liverpool was feeble and
penny per chntal lower, but the
imports OF last week into the
United Kingdom were 55, 600 quarters less
than for the week preceding, and the home
demand continues active. Under these
circumstances, with no more in sight, corn
has good many friends. An increased
movement, however,
FROM THE FARMERS,
is confidently looked for as soon as the
planting season is over. Many operators,
however, are confident of lower prices. and
the bear side has many friends. The close
was steady at 1870 for May, 453lc for
June, 1870 for July, 461Sc for August and
461ac for September. Oats opened with a
fair degree of strength, but the prop
gave way and prices closed. I@3kc
cents lower than twenty four
hours ago. The volume of business trans
acted was moderately active, and fair
share of trading was in the way of settling
outstanding contracts. The June future
sold at 321sc, and fell to and closed at 325Sc
for May and June, $3.50 July, 2s15c
August, 275sc September.
In provisions there was hardly anything
done until after IL o'clock. After this hour
the bear feeling became very strong in the
pit and prices steadily dropped, and at the
decline moderately active trade sprang
up, but it was of an entirely scalping
nature between local traders. Holders of
all kinds of product were
FREE SELLERS
and decline for the day on pork of Csc,
On lard of 10c, and OH ribs of 171Sc, with
barely steady, feeling at close was the result.
Receipts of 10000 hogs to-day, coupled
With the weakness in grain, caused general
uneasiness, and holders were disposed to
throw overheard or largely decrease their
holdings. The close for pork was $40. 471z
June, s10.579 July, $1O.671z August
Lard closed S6.45 June, So 52L july.
$500 August. The latest quotations on
short ribs We're $500 June, $50 July.
$5.S75 August.
At the stockyards the receipts of cattle
were moderate and prices again trifle
lower. Receipts of hogs were excessive for
the season, and with the fresh receipts there
were over 90, 600 on sale. Prices were again