St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-15
AGAIN THE BEARS.
Bright Weather and Light Trading
Proving Too Much For the Chi
cago Grain. Bulls.
Markets Less Active, Prices Generally
Weak and Closing Lower Than
on Yesterday.
Yesterdays Buyers Heavy Sellers To-
Day, and Lack of Outside Sup
port Causes the Decline.
Lackawanna Stock Going Down Al
most as Fast as it Went Up
Wall Street Gossip.
Chicago.
Special to the Globe.

Chicago.
Special to the Globe.
CHICAGO, May 14.-The bears were on
hand early to-day on change and talked
fine weather to some little purpose, but
their three or four raids, which were made
during the session, did not make the big
break that they have talked about lately.
The wheat market opened easy on bright,
sunShiny weather and weaker cables, and
the bulls were not in the best of spirits
sit bulls hard" was what the wheat hold
erS said this morning, and so it did bull
hard. Following the sharp rally Of yester-
day, caused by the covering of Ream and
his friends, there was steady decline.
The July option, which is now the favorlte
one, sold at 927sc, about last nights closing
price. 1t sold down under heavy
selling by George Smith, who was
reported to have bought in more than he
sold on the decline. This firmed the mar
ket up for time, but it yielded again on
heavy selling by Ream and his followers.
The decline during the morning session
only amounted to &c. with the market
active. The wheat market was very unin-
teresting throughout, and, barring the
heavy trading of a few operators, was
DULL AND HEAVY.
The opening was weak, about &c below
the closing figures of yesterday, but under
good demand chiefly to cover short sales,
the decline was checked, and rally OF
about sc occurred. Offerings increased at
the advance and when the urgent require
ments of short sellers were satisfied, the
market receded rapidly, with the close at
1 o'clock, at the lowest point Of the
day. The feeling for a short time was
quite strong under bogus reports OF re-
newed European political complications,
which in an underlined way obtained cir
eulation. Cable advices were unfavorable,
Liverpool dispatches quoting 1@2d lower,
with heavy tare, and that from London
advising a weak feeling, with the market
against sellers. New York advanced in
sympathy with our market, but receded
quite as rapidly later, reporting no inquiry
whatever for export. AdviceS from the
West indicated increased farmers deliveries
in the near future, and when seeding is
completed it is thought there will be a no.
ticable increase in the receipts. This after
noon the tone was
AGAIN EASIER
and the price dropped IS cents under the
mornings close, from which there was a
slight reaction, with the last quotations
only shade above the inside point of the
day and nearly lie below those of yesterday.
The fluctuations of July, the favorite OPP
ton to-day, were at wide ranges. The
opening was 923lc, declined to 923sc, adj
vanced to 93Zc, only to break again to
g2Ac at the 1 o'clock close. A weaker
feeling prevailed on the afternoon board,
the market closing &c lower all round.
The closing figures were $3.50 May, 90c
June, 92Ic July, 9477Sc August. In the
absence of war news and varying crop re-
ports, one apparently as reliable as the
other, it is refreshing to compare the pre-
dictions of the different operators. The
Chandler-Brown company say:
''We believe that about all the wheat
that will come out was sold on the break to-
day and that the market is in shape to adj
vance again, this position being backed by
largely increased short interest.
Hamin & Brine are quoted thus: s'We
think that, with the continued absence of
shipping demand, the outlook strongly
favors lower range of prices"
GEORGE SHEPPARD,
of Bacon & Sheppard, said tonight: ''The
bulls on wheat may have to possess their
souls with patience for time yet, but in
July and August, when our bearish friends
on receipt of new wheat, I think the re-
ceipts will materialize in such a small
amount that 9Oc wheat, instead of appearing
high, will look very cheap, and the visible
supply will begin to cut small figure in
the trade. There have been many estimates
and figures put forth, showing large
amount of wheat still in the country out of
sight. The figures of receipts at the
primary markets show that an unusually
large proportion of the crop has been mar
keted, and | claim that prices of wheat at
interior milling points also proves that the
invisible supply is much less than is gener-
ally supposed"
A. NJ. Bodman, representing Milmin e,
Bodman u Co., says: 1--WE are no bulls in
wheat yet, but hope to be along in July.
There is too much wheat and too little ex-
port demand to bull it successfully at pres
ent, but higher level of values will be
reached eventually"
Here you have a variety of opinions from
well-known, ShreWd operators, and the
readers can
TAKE THEIR CHOICE.
Corn opened at 4Sc for the July option,
which was the closing option last night. a
fairly active trade, with no noticeable fea-
lures, ruled throughout. The same infiu-
ences were at work as those of yesterday.
the principal feature being mild weather.
a large amount of changing of June corn
into July was done, and the difference in
the options widened out &c: The desire to
change caused a weak feeling, which car
Tied July down to 47%c; but at the
decline the local shorts covered and the price
went up to the opening figure. The July
option closed at 473sc. This afternoon
there was an easier tone, and slightly lower
prices were realized. The market seems a
heavy one, requiring continual outside
stimulus to maintain current figures, and
declining tendency in the future is deemed
probable. The range for the day was not
wide, comparatively, but the close was
about lie below the opening. Later figures
were, 46Te May, 1870 June, 4Fc July and
4qS6c August.
= Oats were without important change.
There was only moderate business doing,
ana this was almost wholly confined to
light local speculative transactions. On the
afternoon board there was marked weak
ness, with free offerings. The close was
heavy and about sc below that of yester--
day. There appears to be nothing to war.
rant an advancing tendency, and shrink
age Of values, as the season advances. is
looked for. June and July kept well to-
gether, ranging 34A@S415c early, but on
the afternoon board prices were x@Ic
lower, closing 341sc June, 34e July. Au-
gust closed at BOO and September at 2S15c.
Provisions were a little more active to-
DAY on the rush Of shorts to cover, but the
market presented no noticeable features.
Inc statements of the Cincinnati Price Cur
rent, That there was decrease in the num-
per Oh I, hogs handled last week, compared
with the same week last year, also tended