St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-30
A TUMBLE TN PRICES.
Heavy Receipts of Grain and Active
Trading Weaken the Bullish
Influence.
4 Heavy Decline in All Cereals, and the
Provision Market as Well,
Recorded.
No More Trading Until Monday
Diversity of Opinion as to the
10 Course of Prices.
& Wide Difference of Opinion Over
Deacon Whites Tactics--Gen-
eral Gossip.
Chicago.
Special to the Globe.


Special to the Globe.
CHICAGO, May 29.-The bear raid was
continued to-day and resulted in hVely
shaking out of weak holders and the eA-
tension of heavy short lines in wheat, corn
and provisions. The largest sellers, now
ever, are the cOuntrymen, who nave paGhe. !
their knowledge of a short crop OF Wheat
to their fullest extent, but were unable 10
Withstand the continued fierce onslaught OF
local traders. Although trading was actlve.
it partook mostly of local character. ne
opening figures were the highest ana tne CLOS
ing almost the lowest, recording uecllle III
the entire speculative list. A TWO Gays
continuous holiday on change at any time
is usually SufnclenI 10 AiaAe
he grain market mconsequentlai
and feeble as no large traders
.are to indulge in very heavy transactions
With snch AN interval of vacation hanging
nver them In these times especially, no
Dne knows what forty-eight hours might
nroduce in the way of events which would
materially influence prices. But the trad
ing of to-day was an exception for the most
mart to this general rule. The tendency OF
things was so great toward weakness, in
spite of the worst kind OF
CROP REPORTS
from California and all the winter wheat
states, that the market could not stand the
pressure. The feeling is that the large sur
Mus of old wheat which will be left over
next September. added to a good yield OF
spring wheat, will together make up for the
threatened deficiency in the winter yield,
and 1.-THE total outcome will be fair
average amount of wheat on hand at the
conclusion of the next harvest. This view,
however, which is widely entertained, lg-
nores entirely any accidents which may
happen to the spring yield, as well as to
the winter crop. and all possibilities OF
shortage in foreign harvests as well as IN
our own. But the English markets are
about as sick as they could be and live.
Liverpool was very heavy and penny
Der GENITAL lower. and London cargoes were
easier. slow and inactive, at a decline OF 3
pence per quarter all round. Here, June
and July opened &c lower, swung gently
back and forth between range OF A@9sc
and then gave way before a torrent OF offer
iDgs. The put price failed to stem the tide
and
DOWN THE MARKET WENT
Ike before it came to halt. New York
and st. Louis opened steadily and after
ward declined with our market. The
weather at the latter point and the farthest
west was reported to be fine. Rains IN
Oregon have greatly helped the crops there
but continued drouth and the FESTIVE hop
per- were reducing the average Ia Call
fornia The down turn was hardly looked
for, but came as necessity OF the Sltua-
ton. The wheat market opened steady at
Yesterdays closing price, and ruled steady
for time, but finally weakened uuder
further sales of long wheat by weak hold
ers and vigorous hammering by the bears at
SS@SS15c. July puts sold yesterday at
this price, sustained the market for
a time but when this demand was
supplied another decline was inaugurated
July selling down to S71sc, and reactlng
from this point the closing was steadier at
S7%MS715c. Other closingS were S55sc
June, S91lc August 81 55c September. The
close was about 135c under yesterdays
latest figures. After the afternoon board
the GLOBE correspondent circulated among
the different traders seeking information as
to the possible range of prices on Monday.
The
FOLLOWING INTERVIEWS
were obtained: Said George .Bodman:
''There is no support to the market IN the
shape of outside orders. In fact, the drift
of unloading, and the process will be con-
tinued until outside holders are all shaken
out. The June decline is hard to
check always, as at that &ne the force
of the new crop is felt and exporters seldom
move large lines of any kind of grain in
June. There has been a great deal OF
money lost on the decline already, and a
great many holders have been compelled to
sell from inability to margin longer. In
this way the holders will be forced to accept
the situation 1.-The decline of the past
few days has been the result of reaction
from the late war excitement" said George
Sheppard, land a freer movement from the
country, consequent upon the completion
of spring work by the farmers. This in
creased movement cannot be expected to
last long, and as weak holders are now well
sold out, any further depression can only
be the result of increased short sales, which
have already been excessive. look for
DECIDED REACTION
from the present decline" Prices have
reached bedrock" say Hamill & Brine. s'The
decline of the past few days isjunwarranted
in the face Of bad crop reports and worse
weather." In a general way more interest
conferred in corn than any other grain.
Martin and Bennett covered about 200, 600
bushels shorts at various prices, which ac-
ton had a temporarily steadying effect on
the market Pool and Sherwin were good
sized sellers, but bought considerable at the
bottom toward the close. Dwight, Gillette.
Lowe, n. B. Ream and j. A. Ellis all let
go of good deal of corn, making the deal
interesting and attractive. The market, at
the opening, was remarkably firm consider
ing the fact that the daily receipts here have
IL 14I 0f 1ofo irn
of much more to follow; but this phenom-
enon is partly explained by the large short
interest out, which has bought up the cash
receipts for the purpose of delivery on out
standing contracts. The June and July
options opened steadily at sc lower, and
continued for little time to whirl around
IN A SMALL CIRCLE
of variation; but after wheat broke corn
followed suit and July dropped nc under
the weight of offerings and the prospects of
an enlarged movement. Liverpool was de-
pressed and penny per Genital lower, and
the cargoes of American mixed for prompt
shipment were 6 pence per quarter, in
company with wheat. The whole situation
in grain is an overabundance of material on
hand or in sight and absolutely no demand
for it abroad. Our store is full of goods
and no one wants to buy. June corn opened
at 1870, advanced 11sc and then reacted to
443sc. The close was nc higher, at 4455sc.
July opened at the same figure as June, but
closed &c lower. The transactions in May
were higher to-day than usual. The market
opened re off at 46Bc, closing at 44slc.
The decline brought out considerable long
June which parties had been carrying in the
belief that a squeeze was in prospect.
Oats were active but weak and lower on
account of large receipts and the depression
in wheat and corn circles, and prices had to
be shaded A@1sc. The receipts yesterday
and to-day add up $50 carloads. No. 2 for
June started at 321ac and