St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-14
THE DAY ON CHANGE.
The EARLY Market Dull and Feature
less and Wheat Takes a
Tumble, ..~...-
But Discouraging Crop Reports Cause a
Decided Reaction and a Firmer
Feeling Follows.
Other Cereals Close Stronger in SYM
pathy, But the Provision Market
Still Remains Dull.
Trading Wall Street Not Particu-
larly Active, but Closing Figures
are Firm and Unchanged.
Chicago.
epecial to the Globe.

ChIcaSOs
special to the Globe.
7CHICAGo, May 13.-The prediction OF
the wheat bears that very little sun
shine through the big windows of the new
exchange would put the bulls to flight. was
realized this forenoon. There was great
deal of sunlight. 1t streamed through the
windows and set all the traders perspirng,
and then, sure enough, the bulls turned tail.
June wheat dropped from S9$lc to $3.50 IN
less than thirty minutes. The market was
dull and featureless, but, such as it was,
was led by wheat Norm Ream, Nat Jones
and John Cudahy have been raiding wheat
for the past few days. and have put
out several million bushels. Ream was
a seller to-day on small scale.
The market looked very soft until S99sc
was touched, the figure at which put it sold
last night. Then the feeling became more
bullish. 81 never saw such bad crop re-
ports BEFORE" remarked Charley Counsel
man, shortly after the opening. These re-
ports. which were sent out from st. Louis,
flooded the board of trade floor and etfectu-
ally checked the raid made by the bears the
past two days. Then prices
COMMENCED TO GO Up,
and on the advance the heavy traders sent
their brokers into the pit and took every
thing they could get hold of. Ream went
into the pit and bid S95sc for any part of
500 900 bushels of June. Leopold Bloom
took his place just as soon as Ream disap-
peared. and declared that he wanted
500, 900 bushels of the same option
at the same figure. Neither bid
remained very long, so that they got no
grain, but did firm up the market some
Later it was declared that Ream got up
ward of 2. 900, 900 bushels. As the day wore
along it became apparent that while the
Ream crowd had very cleverly monkeyed
with the market so that nobody knew what
they were about, the truth was that they
were covering their ''ShOrtS" as fast as they
could. When this became apparent tele-
grams were sent all over reciting the fact
Then came in buying orders from the peo-
pie who wanted to tail on" and wheat
advanced re in twinkling. The top fig
ure for June wheat was Gle. and for July
93c At the 10 o'clock close there were tele
grams of all descriptions from
ALL POINTS OF THE COMPASS
to influence the prices of grain. There
were dispatches on the board early in the
day, stating that Duluth had arranged to
ship 1000. 900 bushels Of her wheat, and
that 900, 600 bushels were to go to Canada,
helping prices any, for the lowest figure of
the day was touched after everybody had
the news. William Dunn & Co. and j. T.
Lester & Co. both had dispatches from Du-
luth, saying that a reliable authority showed
that there had been 30 per cent. fall re-
Gently in the condition of wheat in Dakota.
ST. Louis wired here that there were bugs
in the Missouri wheat, and worms, too.
Then there was the dispatch from
Washington announcing locuStS in
the winter wheat in certain quarters, but for
some reason these dispatches failed to have
a marked effect, and the wheat market ap-
parently held its own, regardless of the nu-
merous kilograms. But there seems to be
nothing to warrant a material advance in
the absence of shipping inquiry here, and
lower rather than higher prices are to be
looked for within the next month. Stocks
here must be
LARGELY REDUCED
to render permanently higher range pos
sible, as without this current carrying
charges on this lake alone of fully 500, 900
per month Will be apt to absorb any profit,
of which there is reasonable probability.
This afternoon the tone was firm and the
close steady at slightly under the outside
figures although the advance was
fully lie over last evenings close. Latest
quotations: s91gc May, 90%c June, 92Ic
July, (sales were reported at 93c), 94Tc
July. On the call board the wheat crowd
refused to CO. and only 5000 bushel lots
were traded in. The deals in corn reached
10000 bushels; oats, 80, 600 bushels; short
ribs $50, 900 pounds; pork, Z. 900 barrels and
lard 1850 tierces. 1t is the prevailing
opinion that the sentiment is so strong
against the present hours for the calls that
the directors will be forced to change them
to after regular hours Of trading.
Corn opened easier on the prevailing fine
weather, and in sympathy with wheat. The
first sales Of June were made at 474c, be-
ing 4 &c off from last nights close. Weak
holders and room traders sold freely at the
start, but afterwards the market firmed up
to 4735c. 1t held there for a long time, and
at the close
ON HEAVY BUYING
by Dwight and Gillette and Pickering. the
closing being firm at 47%c, it reached
47%@47$lc shortly before the end of the
session. During the afternoon session the
feeling was quite firm, with better demand
for July delivery, which shows some rela-
tive advance over nearer deliveries. Re-
ceipts continue moderate and the demand
fair, which tends to steadiness in values.
The closing figures were 475sc May, 47Ic
June, 4Sc July, 4S5sc Aug. The volume
of business was not above the average.
Oats were quiet and easier owing to pros
poets of large receipts. May sold at 1880
2455c and closed at 3514c. June sold at
34A@341ac and closed at 34A1@341ac.
July closed at 343Sc.
Provisions opened easier, with liberal re-
aliZing sales of mess pork. The lowest
low Of fho
opening, the demand to cover short sales
having soon absorbed the offerings. The
closing prices for all products are slightly
above the inside figures touched, but there
seems as yet no indication of heavy
INVESTMENT BUYING.
Receipts of hogs here continue liberal,
and at western points show a tendency to
increase, which imparts weak undertone
here. General speculative excitement
would probably cause some rally in pro-
visions. but there is no present indication
of material improvement either in de-
mand or prices. June opened at Sill, de-
clined a point, advanced to S11.10, but
closed quiet at S11.071a. July opened at
$11.10, but after selling down to S11.05
firmed up to $11.20 on reports that Ar
mour was buying heavily in New York.
The close was easier at S11.15. August
pork closed unchanged at SLIPS. Lard
was quiet and inactive, closing at last
nights figures Short ribs closed 21Sc
lower all around. although the feeling was
steady, at S5.571z May; IS. 6215 June, S5.7O
July, $3.50 August. One operator sold
great deal of pork, probably $50, 900 barrels,
but it was taken in by shorts without Gre
ating ripple.
AT the stock yards the receipts of cattle
were moderate, demand active and prices
stIong 10c higher on the ordinary run of
fat cattle. Receipts of hogs heavy for the
season, with prices 5@10c lower. Receipts