St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-25
The Short Sellers Succeed in Breaking
the Markets, After Constant
Rammering.
A Lively Day on Change for the Little
Fellows Who Have Been Buying
for Higher Market.
Wheat Leads in the Decline, with
Other Cereals and Provisions
Crowding for First Place.
stocks Gradually Settling Back to the
Rates Ruling Before the
Late FURRY.
Chicago.
Special to the Globe.


about the board that lower prices are GER
tain to follow day of hot smashing anu
psalm singing was not realized TINS morn
ing. the market opening with unexpected
strength. Chronic bears were unable 10
explain it. and could not believe that caole
reports of firmneSS were Suf1lclent 10 cause
an advance of even sc, when according 10
all their figuring there should have oeen
decline. They could understand why the
cold weather should have Stlf1enlng erect
ON corn, but how, with the immense visible
supply of wheat, it should remain even
reasonably firm appeared beyond their KEN
But after thirty minutes of strong buying,
though If was impossible to force the OPEN
ing bid, all virility seemed to disappear on
the bull side, while the more SuperstluouS
whispered with bated breath: Its the day
after the hoop-la; we can't keep her UP.
Then the sun shone through the stained
glass windows bright and warm, there were
no more announcements of horrible bugs OF
enormous dimensions
EATING UP WHOLE SECTIONS
of wheat in Kansas, and attacking the nus
bandman, while some even aVerred tney
could hear the corn grow in the ILLINOIS
bottoms. AS soon as they got away from
the clamor of the pits there was sudden
feeling of depression, and Norm Ream and
Nat Jones stood ready to take advantage of
il. Their apparent trouble of week ago
had evidently been arranged in satlStac-
tory manner and to the ultimate sorrow OF
many of the smart ones who thought IL was
in earnest. Suddenly tranSmogrlhed INTO
bears, they jumped into the pit with their
combined feet and trampled down every
thing so suddenly that something akin to
-lnIrr III
orous to resist, however, and by 1920 the
boss scalperS had lock from the head OF
nearly every operator on the floor hanging
to their belts. 1t was lively day for the
little fellows, and the manner in which
they jumped when the big chaps pulled the
string was fun for the few outside boys, but
death to the poor frogs.
WHEAT OPENED STEADY
and rather firm at $3.50 for July, caused by
public cable announcement Of an advance
in foreign markets. This was insufficient
however, to maintain prices, as headers
were free sellers and offerings soon eX-
ceeded the requirements of short sellers.
The market under the pressure OF these
realizing sales, weakened badly and prices
receded about 115c from opening figures,
closing at / o'clock at the inside figures OF
the session.
In spite of bad crop reports and dimin-
ished yielp and poor harveStS, the general
feeling was undeniably on the side OF lower
prices, on account of the enormous stock of
old wheat on hand and the additional fact
that prices abroad do not respond to
our advance. A telegram was received that
Walker of New York, the eminent statis-
tician, estimates the present supply OF
France, Germany and the United Kingdom
to be sufficient to last to next September
without either country importing another
bushel of wheat Add to this, again, that
new wheat has already begun to
COME INTO THE MARKETS
at st. Louis and Baltimore, and it can be
seen at once that unless the present surplus
is worked off and more urgent demand
springs up from some quarter, the present
high prices will be difficult to maintain.
More than all, there is a large amount of
long wheat hanging over the market, which
may be dropped any day and which will
surely depress prices when it is sold out
Hence the large traders felt very shy of the
present state of affairs. and sold short in
stead of buying. This makes the load all
the heavier for those who are now carrying
the wheat. On the afternoon board sales
were made early at a slight decline from the
morning figure, but some heavy buying by
well-known bears caused slight reaction,
and latest transactions were made at fig
ures ruling at 1 o'clock. The decline for
the day is about Ike. July opened at
S9%c, sold off TO sS3gc, closing at SS5Sc.
June closed atS75sc, August at 905Sc, Sep
TENDER at &c.
CORN WAS ALSO LOWER,
but it did not give way to the same extent.
A good many shorts filled yesterday. and
that support, of course, was taken away.
The receipts also were a trile larger than
had been calculated, and this made some
sellers. Liverpool, however, was firm in
corn and 4 penny per GENITAL higher, and
this helped to sustain the market. Imports
of corn into the United Kingdom last week
were 1000 quarters less than the week
previous. Prime said that the old corn in
Kansas was about all marketed, and the
weather in Southern Illinois was too wet,
and in Central and Northern Illinois too
cold. Bulls, however, are more confident,
with the harvest nearly four month away
and the amount of the old crop in first
hands very uncertain quantity, and the
feeling is stronger in corn than in wheat
on account of the radically different condi-
tions which prevail in the present status of
the two cereals. July opened at 475sc,
and in sympathy with wheat dropped off
until 465Sc was reached. Later there was
an improvement of nc. The market closed
quiet at 471Sc June, 477sc July, 47c Au-
gust and September decline of about nc
under yesterday.
OATS WERE QUIET,
with gradual weakness, and closed I@
nc lower than twenty-four hours ago.
Trading in No. 2 was of local speculative
nature and profit of & c was temptation
TIL bod NJ Iof4o oc2
A fair business was done in sample lots at
unchanged prices. June closed Acover July
at323Sc, August closing at275sc and Septem-
Der at 27ISc. Provisions opened steady,
but soon participated in the general weak
ness, and although quotations show no i'm
portant variation from those of yesterday,
the feeling was less confident on the part of
holders. The demand was entirely limited
to the wants of local spectators and the
tendency was TO lower range of values
for all the product On the afternoon board
there was at the opening an increased de-
sire to realize, and first quotations show
further slight decline. Inquiry for ribs to
cover outstanding contracts was good, and
the feeling in this was relatively stronger
than in other product. Towards the close
there was somewhat stronger tone, but
no improvement in quotations was noted
mess pork uecllE &c, Iard 219c, while
ribs remain unchanged, as compared with
the closing figures of yesterday. Pork
closed at $10.22I June and July, $40. 32L
August, S10.42% September. Lard closed
at S6.5711 June, S6.6215 July, Sc. 70
August $3.50 September. Short ribs closed
at SIS. 35@5.45 for July and August.
The Quotations.
CHICAGO. June 24.-Flour dull and un-
changed. Wheat opened firm, but under
rather heavy offerings of long wheat declined