St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-04-14
IT STILL GOES DOWN.
The Price of Wheat Continues to Settle in
Spite of the Most Strenuous Endeav-
ors of Bulls.
The Belief That the Minneapolis Millers
Are Trying to Bear the Market Freely
Expressed.
Corn and Oats Slightly Lowertn Sym
pathy--Provisions Weak and
Very Dull.
Stocks In New York Quiet, With a
Downward Tendency--TheS ST. Paul
~ Duluth Deal.
Special to the Globe.

Special to the G lobe.
CHICAGO, April 13.-Wheat went hunt
ing for bottom again to-day. June could
have been bought cheaper this forenoon
than at any time on the crop, and May was
within sc of the lowest point touched on
last Wednesdays slump. Board cables
were higher, but majority of private ca
bles were weak, not to say sick" 1t is
the mission OF the private cables that filter
through New York exporting houses TO be
sick. That is what they are paid for. 1t
is the one aim OF the New York exporter,
and the foreign buyer, to get wheat as cheap
as possible to break prices The private
Fable" is found 10 be an excellent agent for
depressing the American markets Beerbohm
quotes the English and Continental markets
As firm. but it is not known whether he has
been awake. For the past six months, the re-
ports received and paid for by the board
and posted as guide for investors have
ceased to be
REGARDED AS RELIABLE.
and the private cable" has the call when
it is at all unanimous. The news floating
about was as much bullish as bear
iSh in tenor, but the temper of
the crowd was Enthusiastically bear
ish. 1t was discovered early that
Minneapolis millerS had changed their
minds about shutting down, and that they
were once more grinding wheat into flour.
The news gathererS and news circulatorS
were pleased to learn that the millerS were
not oppressed with stocks of low grade
flour, but that it was high grades that
weighed heavy on their shoulders, and that
they had undying faith in the capacity of
trade for good flour. Hence the resumption
OF active operations. The bears are max
ing the most of the sudden apparent cessa-
ton OF export inquiry for wheat by endeav-
Oring to create the impression that the pur-
chaSeS for the past week, which We're put
down as foreign business in May and June
options did not represent
ACTUAL EXPORT TRADE,
but that the bulls had resorted TO an old
trick TO arrest the decline and get chance
to breath. To certain extent they have
succeeded III raising doubt as to the genu-
meneSS OF the demand from abroad, but the
faith OF the army OF bulls remains mistaken
and they are willing to await results.
Meanwhile clearances from New York con-
tinue large, but those who want to see
lower prices do not let little things like that
bother them. Wheat opened &c higher
this morning than it closed yesterday. first
grades in May being at 772Ic, and in
June at 1890. The market sold down 1c,
striking the put price, rebounding 35c.
settling back 8 O. &c, rallying slightly. and
holding steady until after II o'clock, when
some life was infused into the deal by
reports that 100000 bushels more wheat
had been certainly taken here for move
ment across the water. The closing at l
%.
The ranking bear card was
THE RUMoRED WITHDRAWAL
from the market of divers orders from An
twerp The Leading feature in the local
arena was the buying in of May wheat by
Cudahy, who put out new lines of June
shorts. Baker was the heaviest seller of
June. June is rapidly taking its proper
place as the favoute option, though trade
i'll May necessarily continues heavy. A
falling OFF in receipts at primary markets.
partial verification of the report that $50. 600
Or 300, 600 bu of wheat had been worked for
rail shipment to New York, and some cable
gossip about the possible breaking out of
Afghan troubles caused the market to
stitfen perceptibly toward the close. The
giants pounded it, but it held steady. ''Old
Hutch" sold Nat Jones 400, 900 bushels
for May at II Sc, and then quit. Corn sold
down 3sc, partly in sympathy with wheat
and partly in obedience to a brief assertion
OF the law of supply and demand. offerings
being on scale OF exceptional liberality.
Business was
LESS STAGNANT
than usual. Oats were quiet and practically
unchanged. Receipts of hogs at Western
points were larger this morning. and pro-
visions. which opened strong. declined rap
idly. Wheat and pork ran a race. Pork
dropped Toe, and ribs and lard followed at
respectful distance. When wheat halted
and turned up, provisions did the same.
Only small section of the road travelled
on the down grade was retraced, however.
ana the noon closing was at a
small loss from yesterday on everything eX-
cepting ribs. May wheat sold down to
last Wednesdays lowest level on the after
noon board. and June lower, the former
striking 76I O. 76$4 {. and June 7Sb@1S%c.
The close was better, however, a rally of
&c being noted. Considerable excitement
prevailed. Other speculative articles SYM
pathized with wheat, especially pork, which
was heavy and lower.
CHANGE CHATTER.
Hutchinson, it is said sold last night ''puts'
on upward of a million bushels of wheat His
purchases early on the curb to-day, and his
planned as put forward by him TO escape the
put price at the close of the day. The
crowd, however, seemed to be of the opinion
that the puts" would be good ana that
Hutchinson would then be large seller.
This made the wheat market very weak dur
ing the latter half of the day.
The recent rains and warm weather in the
North are softening the ice in the straits, but
1t is doubtful if they will be open FOR week
or ten days This delay in the movement of
the grain fleets that are lying at anchor at the
lake ports is pull on the markets and an
argument for scalp on the short side
1twas given out that the 100000 or SOC. 600
bushels of wheat marked for rail shipment to
New York to-day was on a tariff of I215c lust
half the pool rates.
You might as well try to hold up one cor
ner of the earth, said Frank Crittenden, las
hold up this wheat
Puts" sold this afternoon at 76Lc, and
'calls' at 772sc.
PETER BERKEY, Pres. w. ANDERSON Cashier
4 W. GkIGGs, Wires. A. c. ANDERSON, Asst. C.
The ST. PAUL NATIONAL BANK,