St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-06
Prices Bobbing Up and Down With the
Usual Element of Uncertainty
Prominent.
General Weakness and Feeling That
the Sag Will Continue During
the Week.
The Closing Board Forces Prices Up
to a Respectable Footing, But
Don't Bet on Figures.
A Fair Amount of Strength in Stocks
Awaiting Action of the Chi
cago Meeting.
Chicago.
Special to the Globe.

CHICAGO, May 5.-The markets on
'change to-day were characterized by dull
ness and drop in prices all around.
Trading was less active. if anything, than
yesterday. The boys i'll the wheat pit IN
dulged in the pastime of scalping each
other as there was dearth OF orders from
outside. June wheat opened at SS7Sc,
which was &c lower than last nights close.
AT the start there was lot OF long stun
thrown on the market, which added to the
weakness at the opening. The option
quickly sold down to S7Mc. The local
shorts then rushed into cover, and the price
was showed UP to SS15c. The See-Sawlng
game kept up. The second drop, which
was to S715c, was caused by New York
parties selling. There were no large lines
thrown out Everybody took a hand in the
game of battledoOr and ShuttlecOck, but
only dealt in small lots. Crop reports re-
ceived were to the effect that warm rains Ill
some sections were bringing out the spring
wheat. These reports, however, had little
effect on the markets. The decrease in the
visible supply was not as large as was eX-
pected. 4 few large traders got
THEIR HEADS TOGETHER
in one of the brokers' offices and spent the
llllc III uSu Qul SilS P1OoPNNe' ~
future. They carefully compared the price
of June wheat at this time last year and the
present price. They found that from May
5 to 70. 1884, it sold from 93e to 95c ;
but about Nav Is big break came, con-
sequently they argued break might come
soon this year. provided, Of course, there
is no war. AS to cause for break they
said that some of the wheat which had
lately been shipped to New York was re-
ported to be musty. and it would not take
much for interested parties to start cry OF
hot wheat. which could be made so loud
that it would affect the market. Toward
the end Of the morning session news was
received of a report on the London stock
exchange to the effect that Earl Dufferln
had resigned his position as viceroy OF In
dia. This meant further foreign compiled
tionS and the shorts all started in to buy.
In consequence the price of June wheat
Jumped suddenly up to S9c, and the option
closed nervous at SS15c. During the after
noon the market firmed up, and the clos
ing figures were but a few points below
the highest of the day. May wheat closed
at S63lc, June SS3sc, July 90$4c.
WAR NEWS,
unless we can hear the guns, will not cut
VI Il lSu1C III tllIo llltllASo III DOAiAS
time.n said Charles Councilman. ''It
comes right down to this point: If England
had wanted any of our supplies, she would
have bought heavily when the excitement
was the highest, and it was possible hOStil-
tiles might begin any day She evidently
didn't need them. and the consequence is
there is a lot OF stuff af1oat, sent over on
speculation. that is liable to be bought in
at any figure, and cause additional depres-
siOn."
Twill the next move be on the bull side?"
was asked. of broker with bovine procliv-
tiles ''Yes. but not for day or two. The
market will be allowed to ease Off for two
OF three days, or perhaps all the week, and
then if nothing comes from over the pond
there will be the liveliest lot of disastrous
crop reports you ever heard OF. In my
mind there will be
LESS THAN HALF
a field of winter wheat and there is every
reason to believe all the wheat in the North
west will be blown out Of the ground by the
blizzard. These items of information may
not be available as war news, but they will
be fully as reliable and may help some"
Corn opened with weak feeling, which
was due rather to continuation of yester-
(ldS > 1dCh VI SUlSilSll duly uCW C1O-
ments. What adviceS and dispatches were
received would naturally have made a
firmer feeling. The receipts were less than
were counted on, and there was a large de-
crease in the visible supply, but still the
market did not respond. The crowd an
ticipated the free selling had exhausted
margins, resulting in nearly the lowest
prices of the day at the short. The first
trades in June option were at 1910, it hav-
ing closed &c higher. The shorts were
eager to take advantage of the situation
and bought freely, with the effect of adding
a little strength to the market and June sold
up to 1919.
THE WEAKNESS IN WHEAT
and heavy selling On the pant Of Dave Long,
George c. Eldridge & Co. and II. D. War
ner & Co. broke down the price to 46c At
freely. In sympathy with the Dufferin
dispatch options sold up to Al 1sc and closed
at 465sc.
On the afternoon board the feeling was
steady, and prices closed at nearly the high
est point and about &c above those of yes
terday. The latest figures were 47sssc May,
47c June, 4711Sc July, 47%c August.
Oats were quiet and shade easier, with
no especial features noticeable, The clos
ing figures were 3433s May and June, 35c
July, 304c August.
The traders in the provision pit stood
looking at each other all the morning, and
found the game of matching silver dollars
more profitable than dealing in the stuff.
Almost nothing was done. Still the inclin-
alton was to hold the market firm on the
strength at the yards and a falling off in re-
ceiptS. 1t was the opinion Of one trader
that the country holds all the stuff and re-
fvSeS to be shaken out, even though the
operators continue to
HAMMER THE MARKET.
June pork opened at $11.15, which was
sc higher than. the close last night, sold up
to S11.271l, and closed at S11.20 seller.
On the afternoon board the figures were
unchanged and the situation about the
same. Taken all through the market was
steadier and about 10c higher for pork.
The close was S11.2O for May and June
and S11.30 for July. Lard was shade
stronger, closing at Sc. 80 for May and June
and $500 for July. Short ribs were firmer
and closed steady at S5.70 May, 5.7215
June, S5.S2H July, S5.92H August.
At the stock yards receipts were not so
large as yesterday, but fully up to require
ments. The quality was good, all parties
buying and the market was active and firm.
The cattle market was active and steadier,
with slight increase in prices noted.
Sheep receipts were light and the market
slow and lower.
CHANDLER-BROW CO.,
Chicago and Milwaukee Grain and
Provision
Commission Merchants.