St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-05
Values in Wheat Declining as the Chances
of War Are Dissi-
pating.
The Fur-ooated Coterie Making Things
Lively for the Long-tailed
Crowd.
Markets Close Weak and Lower,
Mainly on Account of Higher
Consols.
Wall Street Struck by the Long
expected Break in Sto cks--
Financial Gossip.
Chicago.
Special to the Globe.

corner is at times actually empty. The
corn crowd is only handful of mute-look-
inc men, huddled on one edge of the pit.
The wheat crowd is always about so large,
with business good or bad; but just now the
bidding is not animated enough to help
wake the echoes with which the big hall IS
filled. Buyers and sellers have been under
the extraordinary stimulus of the Russian
English Quarrel. The stimulus has been
withdrawn, and the men who pay the
commissioners and the men who charge
them feel as depressed as if they had sud
denly come out from under Quinine or
whisky treatment The result will GER
tainly be that business will be slow, and
Just as certainly that prices will go consid-
erably lower. Sid Kent is just now out OF
the market, This removes an enllvenlng
element. New York has all at once
TURNED BEARIsH,
and so has the Milwaukee syndicate,
which has been trading here of late with its
old-time success and vigor. There has
been this much change in the sentiment
about the wheat pit, that roc for cash prop
erty is not talked any longer, but soc,
sooner or later, with the progress toward
peace abroad as rapid as it has lately
been. is on the other hand very
generally believed in at times.
The premium on May corn has disappeared.
When at first the deliveries of this grain
were so small, it appeared again, and talk
of the Lester May corn corner started up
again. But there will be no corner. Jack
Lester doesn't run corners, although with
butcher and Tom Eastman, and Sam Aller-
ton. and the other Wheeler crowd at New
York behind him, he certainly could very
easily raise the money for squeeze. The
present situation illustrates that if there is
any merit i'll the stuff it is easier to adj
vance the price without than with a corner.
1.-The war news is of an entirely too peace
full a nature" was the epigrammatic way in
which Wagner of Eldridge & Co. put the
cause of the break in prices on Change to-
day. The markets were
DECIDEDLY OFF.
June wheat, which closed at 915Sc on the
board Saturday, and sold up to 92c on
the curb after session, opened up to-day
at 9O14c and soon broke to 9Oc. Other rea-
sons were quoted for the break. 1t was,
for the most part, scalping market, and
consequently there was a lack Of heavy
transactions. It is said that the country
holds great deal of wheat and that the
boys thought that by opening the market
away down they could shake the country
out. The game failed to work, however,
for the most of the orders received from
the outside were to buy and not sell. The
holders of the wheat are pinning their faith
to bad crops and the rrlmOr that the
report of visible supply would show de-
crease of about 1850, 900 blu had a bracing
effect, and it was impossible to break the
price below 9Oc, it touching that point
only once up to 1890. After traders had
eyened up as far as was possible, everything
dropped and the day was barren of notable
transactions. The feeling prevailed that
A GREAT SAG
was imminent, and it was feared that ante
war quotations might be reached again be-
fore there was a reaction. Steady pound
ing was having an appreciate effect when
the strength of Russian securities was
quietly circulated, as well as the additional
rllmor that Russia had agreed to submit ev-
erything to arbitration and withdraw from
Penjdeh in case the decision was unfavorable,
the objective point of the bears was reached
and instantly the pit was the center of the
widest excitement seen in the new room,
and there was wild desire to sell. 1t was
either from the fact that the crowd found
they had loaded UP too heavily and were
afraid to carry the stuff, or that they
At any rate the market was hammered per-
sstently, and broke down to S9%c, where
it closed at 1 o'clock. On the afternoon
board the opening was characterized by a
grand rush to sell, and
THE BOTTOM FELL OUT
in a short time. May wheat closed S6%c,
June SSsgc, July 9Olc, with the feeling
very weak. and closing prices the lowest of
the day. The feeling is that a further de-
cline is inevitable should present peace indi-
cations be confirmed.
Peace and higher consols caused very
weak feeling to prevail in corn before the
opening, resulting at the tap of the gong,
in grand rush to sell. May opened at
4S19c, and June was sold all the way from
4S19c to 1870. After the rush to SELL
desire TO buy came over the operators. and
throughout the session trade was fairly
active. The shipments posted, in round
numbers were roo. 900 bu.. and alOoked-for
decrease in the visible supply made the
market irmer than it would have been
otherwise. The expected decrease is put
at 1000, 900 bu. Lester bought largely of
July, and Fleming and Boyden took in
goodly quantity of May. At the start
Geddes sold a good deal of June at 4Sc.
JUST BEFORE THE CLOSE,
Nathan Ream, Schwarz & Dupee and Brego
sold freely and the
MARKET BROKE DOWN
to 471lc for the June option. The close of
the afternoon was still lower and the feel
ing nervous May was quoted at 1880.
June 463sc. July 47Tc.
Oats opened easier under free and realh-
ing sales, sympathizing fully with the feel
ing in other speculative articles, and at the
close were dull and heavy June opened
at 30 6c, about 1c lower, but soon sagged
Off, closing at 341ac. May closed at 345c,
and July at 345sc. Trading was very light
all day.
Provisions continued weak with no fea-
lures to note, and together with the fact
that there was large supply of hogs re-
ported at the yards and also in sympathy
with the grain markets, pork dropped
steadily. The June option, which closed
Saturday at S11.65, opened 15c lower, and
closed at S11221S. On the afternoon board
further decline of 10c was noted. the mar
ket closing at S11.05 May, S1112% June.
S11.2219 July. Lard opened S6.S7L for
June, closing at $685.. Short ribs for
June opened at S5.821S, and closed loo
lower. The demand in both lard and ribs
was wholly confined to short sellers.
At the stock yards the receipts of cattle
were moderate, demand fair and prices
shade stronger than Oh Saturday. Receipts
of hogs were heavy for the season, about
$4,000, and quality never better; trade &C
tive, and prices strong Zoe lower. Re-
ceipts of sheep fair. The demand was
good and prices steady, as compared with
last week.
CHANDLER-BROW CO..
Chicago and Milwaukee Grain and
Provision
Commission Merchants.