St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-07
A Large Crop Of Shorts and Unfavorable
Crop Reports Stiffen Wheat
and Corn.
Considerable Life and Heavy Trading
Exhibited in the Grain
Pits.
The Close Easier All Around Owing
to Peace News and Good
Weather Reports.
Railroad Stocks Open Pretty Firm
But the Tone is Little
Uncertain.
Chicago.

the start, there were no INDICATIONS lIldt any
serious break would occur. A strong bear
feeling was manifest, but was kept in check
by crop reports that brought such contlnu-
Ously discouraging adviceS with regard 10
winter wheat and spring seeding, that some
were inclined to be Sceptical as to their au-
thenticity There was rather more activity
in the corn and wheat markets than there
has been lately. though the bearish feeling
continued on the higher quotations OF con-
soils. June wheat opened at SoAc, Denlg
sc lower than at last nights close, Dut
it was soon apparent by glancng over
the pit that the leading firms had
placed brokers there with orders to take in
everything that was offered. This was due
to better cables and the fact that the New
York market was sc up. The condition OF
affairs was lively for while. The option
steadily worked up to soc and held firmly
there. Leading local shorts tried hard to
HAMMER THE MARKET DOWN
by throwing quan';ties On it at the top fig
ure, but their ef rts lid not meet with the
desired success. Oisetting this desire to
pound the market was the fact that New
York still evinced desire to buy, and
orders came in thick and fast, and the local
crowd could not keep the price down. The
option sold up to S93sc, but just before the
close of the morning session "GOur' Hobbs,
Billy Linn. Scott Linn, Norm Ream and
other prominent brokers threw lot on to
the market and succeeded in easing it off to
SS%@SSXc, where it closed. ..
On the afternoon board the feeling was
again weak and heavy and the market
sagged off to the lowest figures of the day,
and the close was at that point. The Situa-
ton looks weak and the supply and demand
now appear to be the controlling factors,
without the influence of war kilograms or
ugly crop reports. The close was triie
higher than the opening, but below yester-
days latest figure, Quotably S61a May, SS2s
June, 9015 July. 90 August.
Corn, as has been the case for some time
past, presents interesting features. There
is steady demand for it, which imparts
strength which is lacking in the other
SPECULATIVE MARKETS.
It opened with bang this morning, as
Alex Ray expressed it. The strong feeling
was due to lighter receipts and large out
ward movement. The receipts were only
$50 cars, while the shipments were 600, 900
bushels. The first sales were at 47c for
June-last nights closing prices-while
July was sold at 47s6c. There was all
eager desire to buy from the start. Prices
quickly advanced until June was quoted at
471ac and July at 4754c. Here the market
held for some time On continued good buy
ing and a better general outside business
than there has been for some time, and a
further advance in the June option to 47$4c
and in July to 4S15c was noted. For the
first few minutes there was no trade
in May corn, but after little
there came demand for it.
The first sales were at 4715c, with July at
473lc. In view of the fact that close OBJ
servers still believe corn is being manipu-
lated, these figures prove interesting. A
little later May sold at 1880, while July
was only bringing 4S1sc. Lester and S.
Everingham q Co. were among the most
active
TRADERS IN THE PIT
In June and July options. The active
trade induced nearly all local holders to
increase their lines. Toward the close
parties who had bought early commenced
realizing, and the market eased off to 4739c
for June, where it closed at 1 o'clock.
The feeling was rather easier on the after
noon board, and closing prices were shade
lower than those of yesterday, quOtably at
4719c for May, 47c for June, 4714c for
July, and 473lc for August.
To-day prices were fully per cent.
higher than those talked when the present
corn crop came in, and operators who ex-
pect any permanent advance now, will later
on be found to have been equally mistaken
the other way. This grain is relatively
higher than other speculative articles, with
no apparently good reason for it. Incl
dentally it may be mentioned that Mr..
Lester and his crowd are credited with
desire to run corner in June corn, and
are supposed to own goodly portion of
that cereal now in sight.
Oats were fairly active, with the major
part of trading speculative, prices ruling
shade higher in the early portion of the
session, and finally closed easy at the inside
figures of the day. June ranged from 34%
@3514c and closed at 34$lc. July sold at
35@354c and closed at 35c bid. August
closed SOC bid and September 29c bid.
PROVISIONS
opened UP very heavy, though June pork
was sold at S11.25 which was an advance
OF sc over last nights close. The trade in 1t
amounted to almost nothing up to, 1880 p.
M, the price being pushed up or down with
the fluctuations in wheat, but after the
hour mentioned Nat Jones thought he
would have little fun with the boys, and
stepping into the pit, commenced to sell
right and left with the effect of hammering
the price down to 11.1215 where it closed.
There was no noticeable cause for this
sharp decline, as there was rather more
than the usual demand from short sellers.
which absorbed the offerings, but realizing
sales were too much for the existing gen
eraI weakness, and no effort was made to
check the decline. The close for every
thing was at the inside of the dyy, with
continued weak undertone. The afternoon
quotations were still lower, and the close
was weak at S11 May, $11.05 June, S11.15
July, S11.27% August. There was more
activity in short ribs than in anything else
in the
PROVISION LIST,
the packers selling freely all through the
session, making tendency to lower prices
prevail. The latest prices We're steady at
$500 May, S5.65 June, $5.7215 July, SIS. so
August. Lard was quiet, closing unchanged
at 1913 May, $3.50 June, S6.S719 July,
$685. August.
Lake freight were dull and steady at 214c.
c. for corn, and 279c. for wheat, to
Buffalo Yesterday room was taken for
$4,000 bushels of corn to Midland, at axe.
and for $4,000 bushels of corn to Sar-
MA, at 2 C. To-day a steamer was
chartered for Buffalo to carry IS, 600 bushels
OF corn On private terms Railroad freights
were unchanged on a basis of Is C. per
100 lbs for grain to New York.
AT the stock yards the receipts of cattle
were again moderate, the demand fair, and
prices stronger, making an advance of 10 "a
Is on the ordinary run of shipping
and dressed beef cattle for the week so far.
Receipts Of hogs were liberal for the season,
the demand active and prices strong sc.
c. higher than at the close yesterday.
Receipts of sheep light, trade slow. and
prices about the same as for the previous
days of the week.