St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-27
IT WOULDN'T WORK.
Again is it Demonstrated That THE Best
Laid Plans o Mice and Men Gang
Aft Aglee."
And So the Scalpers Found When They
Tried to Upset the Chicago
Wheat Market.
Wheat Opened Firm, Declined Under
Heavy Offerings, But Rallied
and Closed Steady.
A Weak Feeling in Nearly All Lines
of Stocks on the Wall Street
Exchange.
Chicago.
Special to the Globe.

Special to the Globe.
Chicago. June &c. The markets were
active, nervous and unsettled all day.
Warm, muggy weather on the board. Inc
traders being hot and uncomfortable,
thought the country must be in the same
condition and concluded this was strong
bear argument. The scalperS in the wheat
pit hOWled and shouted themselves hoarse,
trying to break the market, and as cables
were reported quiet and unchanged the
whole local crowd started in as free sellers.
So they paved and hammered and claWed
the market for dear life, acting as II that
was their last chance to sell. All the Drum
crowd acted as if they had eight paws in
stead of four, and some members appeared
to have sixteen. The object was to break
August wheat below 90c, the argument be-
ing that when this result was accomplished
there would be so much stuft thrown on the
market that it would break prices badly.
Well, by sheer force they passed the rubi-
con: August wheat was forced down to
S99Ic, and one big bear stood in the pit
selling freely at that, while buyers were
bidding S97Sc and 9Oc all around him, and
yet. instead of bringing out an
AVALANCHE OF LONG WHEAT,
the whole selling to-day was by the shorts,
and only increased their line, and the re-
suit of the days racket sums up as follows:
Pork axe higher; lard, ribs, corn and oats
the same as last nights closing, While
wheat is only 15c lower. This is but
small return for the strenuous efforts put
forth. and when it is considered that the
great bulk of the selling was by the shorts
and must some day be bought back again,
it does not seem that the bear crowd gained
much of victory. Wheat opened steady
at yesterdays closing prices on a steady
foreign market and additional short crop
reports. The Milwaukee statiStician, whose
information is said to come from the same
sources as that of the government being
only about ten days earlier, gave an eStl-
mate of 100, 900, 600 bushels for the spring
wheat crop of the country. This estimate,
though it helped to strengthen the market
for brief time, did not shake the bears
very much. Some of them doubted whether
the crop would run much below $50, 600, 600
bushels. They were encouraged later by
kilograms from Kansas that the
WINTER WHEAT YIELD
was 25 per cent. larger than had been eX-
pected The Ohio reports were also more
favorable The bulls had kilograms about
the crop that renewed their confidence, but
the crowd was nearly all bears and quickly
ran prices down 15(0Mc, August opening
at 903sc and selling down to S91sc and back
quickly to 90@9015c, closing at 9015c. No
amount of pressure seemed equal TO the
task of getting the market under soc. The
close was unsettled and tame, and the pit
was almost deserted at the last hour. The
August option is now the favOrite in wheat
and the closing was strong at 9OAc, though
trading was almost exclusively confined to
the floor men. The outsiders have cyl
IDENTIFY concluded to take a rest for few
days, and no orders of moment were re-
ceived. The figures for all months were
673sc June, SSc July, 907sc August, 9214c
September.
CORN WAS EASIER,
in sympathy with other grain, and ruled
weak and lower. Prices were without ma
terial attraction, but the feeling throughout
the session was tame and the volume OF
business transacted was more moderate
than for some time past. There are no
new features to note respecting the situa-
ton. The market was fairly steady, and
what the crop may be in July and August,
the opinion prevails that it will be short,
which feeling has given an undercurrent of
strength to the market, though traders are
not disposed to take hold freely while wheat
remains in its present uncertain condition.
The close was slow at about 38c under yes
terday, quotably IKE June, 465sc July,
1870 August, 1890 September.
Oats under more liberal offerings were
slightly lower and participated in the gen
eral weakness. Speculative business was
mainly confined to local operators, while
shippers took their share of the car lots.
The close this afternoon was steady and
quotations were almost without alteration
from yesterday afternoon, at 1890 June,
321lc July, 2739c August, 263Sc Septem-
Der.
Heavy receipts of hogs at the stock yards
had influence enough to make the provision
market sluggish and one operator was
heard to wonder: ''Where in Shesl do all
these hogs come from, anyway" The de-
mand was wholly speculative and business
was chiefly confined to turning over July
contracts to later months. The opening
was trifie higher for pork. at S10.29H for
July, closing at the same figures. Lard
closed unchanged at $685. for Jnly, and
short ribs at $40, the same as yesterday
for the same month