St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-29
ANOTHER SHORT" DAY.
Grasshoppers and "Shorts" the Principal
Oenters of Attraction on Chi
cago Change.
Wheat and Corn Markets React Little
From Yesterdays Long
Drop,
But Most of the Advance was Lost
Later, the Market Closing
Very Quiet.
A Dull and Quiet Day in Wall Street,
the Market Closing Unsettled
and Lower.
Chicago.
Special to the Globe.

Chicago.
Special to the Globe.
CHICAGO, May 2S.-A natural reaction
after two days of bear hammering, reports
of a new export movement in New York,
the end of the month and an approaching
holiday all combined to make the shorts un-
easy and caused the wheat market to open
steadily and advance sharply this morning.
The July option opened at $3.50 and sold
up 89Hc, with hardly stop by the way,
but around soc the upward movement en-
cOuntered such storm of selling that the
market broke and slowly sagged downward
again. Liverpool said downward tend
ency" and cargoes off the coast and On pas
sage were ''slow and inactive" No lower
quotations, however, were given. New
York opened 1s@4c higher and advanced
early, but ST. Louis was quite backward in
responding to the better feeling here. A
later private cable said that Liverpool had
advanced the price of California wheat, but
its authenticity was doubted. The reports
of one operator said that the condition of
winter wheat had gone from bad to worse
during the last fourteen days, and that the
general average was now reduced to SO per
cent, as compared with last year. But the
bears are
VERY SANGUINE
and very demOnStratlve, and all expectation
of larger receipts next week, coupled with
an absence of foreign demand, is too much
for the strength of the market. 1t is very
surprising to see the almost utter apathy
that reigns across the water on the question
of future supplies, and so long as this re-
mains true we cannot hope for advancing
prices on our grain. AS one trader remarked
this morning: ''The bulls have everything
On their side, except a foreign demand, but
the absence of this link is fatal to the
strength of their chain" In wheat there
was large line of shorts out, all anxious
to take advantage of the steady opening,
and being in before the arrival of the adj
vances they saw coming in the distance, but
only few got in at the bottom and they
were the ones who waited until about the
close of the morning session, when values
were at their ebb. Leopold Bloom gath
cred in about 5OO,O bushels, while
enough to
FILL SEVERAL ELEVATORS.
were taken in small lots by the crowd gen
orally. forcing July to S94c. From this
point the reaction, after the sustaining in
fluences were withdrawn, was 1c, the close
in July being SS14c. June closed &c lower
at S61sc. August &c lower at 90Ac, Sep
TENDER ne off at 92Bc.
The rally in wheat to-day is said to be
largely due to the carrying of large lines of
short July wheat out above 92c by Nc
Geoch and Plankinton, at Chicago and Mil
waukee. McGeoch'S purchases at the
Cream City have been so large within the
erxx j Ll,.%4 I,o,, q
considerable discount, has been brought up
almost abreast. 1t is part of almost the
same gossip that Wells, McGeogh. Plank
mton and Mitchell are at it again with their
Old-time vigor. In commenting on the state
of to-day's market, George Milmine, repre-
senting Milmine, Bodman q Co., said:
'sThe tirmness to-day was merely little
reaction from the extreme depression of
yesterday, that is all There is nothing in
the legitimate situation warTanting any
BETTER PRICES.
''There is nothing doing in the way of eX-
port business as yet. The market is no
doubt largely short but it is in the hands
of the large professional operators, who
will most likely follow the opening they
have already made, so long as they can
keep the decline going. About the only
good bull argument we can see is the fact
that everybody is bearing it. 1 think the
market must gradually decline until we
strike an export basis"
The festive graSshopper exercised his old
time privilege of moving the market to-
day, after a lapse of week OF ten days,
during which he has kept a little shady
Among early kilograms, with which the
board is daily flooded, was one from To
peka. reporting the weather wet and cold,
and saying grasshoppers were again eating
up everything green in Kansas. 1t had its
scOffers, but also its believers, while the
GENERAL EFFECT
was to bull July corn from 4519c, the OPEN
ing to 46Ic, the highest point, where
many big and little holders sold out, carry
ing values irregularly downward again to
1890, which was the closing price. Love
was big seller and so was Kammerer &
Stauffer. Henry Norton bought June eX-
tensively, while Dwight and Gillette were
large operators on both sides. When the
break began it was helped along rapidly by
the reports of to-mOrrOw'S arrivals, put at
600 cars. Trading was active, but not up
to yesterday in point Of heavy trade, a
number of those being well up to the milf
ons. 1t is pretty generally believed that
with the end of May the receipts will drop
down again, and that the holders Of June
will be winners. Closing quotations were
46Ic May, 1870 June, 1870 July, 455sc
August, 1890 September.
Oats were tolerably active, but the feel
ing was somewhat unsettled. The market
opened firm and re higher, then there was
break of nc,
FOLLOWED BY A RALLY
of &c, the figures at the close being a
duplicate of those current twenty-fOur hours
ago. Spectators were the principal opera
tors in No. 3, and there was fair amount
of realizing. The June future ran from
33c down to 321Sc, and closed at 80 nc.
Sample lots on track met with a good in
quiry. July closed the same as May, 2S14c
August, 275sc September.
Live hogs advanced about 10c at the yards
this morning. and for this reason, aided by
the short covering in wheat, nearly the
whole provision list made an advance.
Pork sold up zoe, but later lost 15c of it and
closed exactly at Wednesdays figures
S1O.571S for July. Short ribs were a point
higher at 1925 for June, $685. for July
and S5.4215 for August. Lard was slightly
stronger at the close. Quotably $6.4715 for
June, So. go for July and $6.65 for August.
At the stock yards the receipts of cattle
were liberal, trade slow, and prices again
quoted shade lower, making a decline of
15@20c on the ordinary run of fat steers,
while COW stock has dropped 20@25c.
Hogs continue to arrive in extraordinary
numbers, showing an increase of about
Al, 900 as compared with the same time last
week. Prices again dropped 5@1Oc, max
ing decline of 40@5Oc per 100 lbs during
the last seven days. Values are now about
zoe lower than the lowest in 1884, and
nearly as low as panic prices in May of
1878 and 1879.