St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-19
THE BEARS SURPRISED.
Wheat in Chicago Manifesting an Aston
ishmg Desire for Still Lower
Prices.
Drop of Cent Yesterday Despite the
~ Decrease in the Visible and
Heavy Exports.
subsequently, There was Recovery
and the Close Shows Il Loss from
Yesterday of "a Cent.
Corn Also Declines but Receivers and
Registers n Slight Gain for the
Day-Orher Markets.
cb,caro Grain and provisions.

,pecial to the Globe.
CHICAGO, May 1S.-When June wheat
vent from 1870 down. to 74]sc Without a
,top and in thirty minutes. even the setting
clerks, bookkeepers and floor messengers
with the little round tin bags, who have
been selling wheat short, were surprised.
To sell wheat and to pocket profits have
been pretty nearly Synchronous Tor long
while but the action this morning beat the
expectations. This 1850 for June is the
lowest vet, of course. 1t is hardly neces-
sary TO add this for q figure made to-day
was almost as certain to be underla figure
made YESTERDAY, or the day before, or last
week. or last month, as the sun was to rise
The decrease in the visible supply Of wheat
and the decrease in the local stocks OF
corn and wheat were surprisingly large.
None of them counted. 1t was
bigger than estimated but not big
enough. Business doomed to-day. There
was more of it i'll the three principal pits
than they have witnessed for weeks. Some
mysterious influence interviewed TO stop
decline, and after the hrSt hour completely
turned the tide of affairs and held the mar
ket ND to opening tiugreS. When the bell
tapped values showed every Indication OF
GOING ALL TO PIECES.
Wheat was from &c to ssc lower than yes
terdav. June opening at 75l5@7Yc. The
bears were apparently cunning foFSa line of
long wheat they claimed to knowWwas yet
ont. and they were bound 10 have 1t. Sell
ing began heavily around opening figures.
and continued until IL G0T5c was reached.
when they began to improve. \ good
share of stuff sold early was on stop orders
At these figures the belief that
wheat was not bad thing to
cwn, seemed to spring up and prices re-
covered to 75 &c. New York helped the
early decline. Ladenburg says there was
tremendous selling there and that wheat Is
bound to go lower than ever. IS. III. Les
zinsky & Co. wire Carr that frbIn all they
can learn the estimated clearaneeS. includ-
ing yesterday. for the next ten days will be
about 1, 500, 900 bushels. Freight room is
plentiful, but rates are hardening for YES
sells on berth, tonnage for charter at rates
only slightly lower than regular lines. The
uames of about all the prominent traders
we're given up as taking an active interest
in to-day's market. The close Of the morn
ing session was steady at about opening
prices. 1t was part Of the gossip to-day
hat Y orkeS & Co. sold out very
LARGE STOCK OF WHEAT
Tor the'account of Ira Holmes. The figures
Sere put away up to make the story inter-
9sting, some getting them as high as
1000, 900 bushels Ira Holmes made a
arge winning on the short line from Sc
DOWN TO about re for June. If his long
interest from that figure down has been as
large nearly as the gossips to-day pretended
20 know that it was, why then some OF that
Big winning is done for. Practically, l
never before saw wheat selling at 75c," said
George Z. Baldwin. ''That inclines one to
The bull side. But there is else in the stu
,tion that | have seen before that makes it
100 bearish to try to make any money by
loading up. even at these figures John
Cudahy was a very large seller of
wheat to-day Corn was fairly active
sut unsettled, and after &c break, due to
the decline in wheat, the market braced up
nnder the effect of a decrease of SOB, 700
bushels in the visible supply, small re-
seipts. poor grading, good Withdrawals
from store. cloudy weather and small offer
lngs. The bears sold too much yesterday,
and despite the reported
DECLINE IN NEW YORK.
moderate supply and fresh shipping orders,
prices advanced 5s@%c, and closed steady
1t o'clock, with sc of the gain MAIN
tained. June opened at Sc sc, sold to &c,
July, 3714c "You can't bull corn while
wheat is going down." said broker Charley
Morse ''They will soon be delivering wheat
on these corn contracts" said Andy Shaw.
Oats were quiet, but tirmer feeling ex
listed, and prices closed shade higher than
on Yesterday May sold at 2S15c. June
sold at IS Is 02S14c. and closed at 261Sc.
Rye remains dull, the demand being of a
hand to mouth character. Prices are with
out essential change. Samples of No. 9
sold at 61@61$4c on track and t, o. b.
Futures at stand still. May nominal
at Zoe. June nominal at Gle. Barley
was steady; the demand was light but about
equal to the wants of shippers and MASTERS.
Samples on track quoted at 3S95Sc, accord
ing to quality. Provisions were fairly
active, with a short reign of weakness early
and strength late. The demand was ON
speculation and order accounts. Mess pork
for June opened at SS.75, sold up to S. So
and closed at $3.50. July closed at S. 90
Lard for June sold at S5.95@5.9T15 and
closed at S5.9715. July closed at Sc. O5.
Short ribs for June sold at SIS. 4015. AZ 4
and closed at $40. July closed at S.. Az
The wheat market on the afternoon board
was weaker and low and closed 1sc below
1 o'clock. New York reported eighteen
boatloads taken for export, but this and the
234, 900 bushels freight room taken here
had no effect. Corn and provisions were
steady.
CHATTER.
"Puts" on June wheat sold this afternoon
at T45zc.; "calls'' on June wheat sold at
1880.
Lake freights were weaker and lower.
Room was offered at Sc for corn and SIC for
wheat to Buffalo.
Receipts of wheat at eleven points to-day
. were 2S1, 600 Blu, and the shipments 9Ss, 600 bu
We have in store 9,T13,S7S blu, of all grades,
including 9,131,00 bu deliverable on con-
tracts. Our receipts to-day were twenty
eight carloads all grades, and only one carload
was deliverable on contracts, that out; in
spection was 1853 blu winter, and 1883, 800 bu
grades.
PETER BERKEY. Pres. F. W. ANDERSON, Cashier
j w. GRiGGs, V. Pres. A. c. ANDERSON, Asst c.
THE ST. PAUL NATIONAL BANK.