St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-15
A DROP IN WHEAT.
Caused by the Alleged Sale for the Tween
tieth Time of Woerishofers
Holdings.
Bull News in the Morning Causes Stiff
ening Which was Dissipatsd BY
the Rumor.
lester said TO be OrsaniAihS
paign of High Prices
in Corn.
Arguments For and Against the W"
dom of It--Stocks pun
and Weak.
CHICAGO Grain and Provisions.

Special 10 the Globe.
CuICAGo May l4-Woerishorer wheat
was sold again to-day. II has beeh sola eNei!
day since the deceaSe of that gehlismAn- 4
broker of statistical turn OF lnlho hsufoo
thar at least 80 900 900 bushels OF Woerlshoi-
- -,,hoat has alren(y been thrown upon the
market and as he only had about 2,UUU,uuu
hushels il will be seen that the ueai must pe
Dretty near closed out. ms morning there
was no end OF bull storm news, empnauc ue-
mails of the alleged sequestra'lou vi -,voo'oov
bushels of Minneapolis wheat, black and
white evidence that wheat is being taken away
from the seaboard for export, and
well authenticated statements that eN-
porting houses here nave oeen
Working considerable quantities for
foreion shipmeut Tor several successive
DAYS The outside conditions looked favor
able and wheat opened higher and started
OF buoyantly. Then came the story about
Woershoffer's grain and the market wlltea,
pri ces going down about sse. Ii haa no sup
port to speak of. There was little covering
bv shorts, but trade was very light on the de-
cline. Bottom reached at i5S4c Tor
June, 7714c for July, and 7Sc for August. The
market turned up and advanced 1sGgs4c, CLOS
ing at l O'Clock with the range OF prices
nearly
BACK TO THE TOP AGAIN.
The long futures fell further relatively than
June and reacted in the same way. The
bulls emerged from behind their battered for
titication and toward the close wore more
cheerful air than for some time past. They
talked cheerfully and acted as though they
thought the bottom had been struck. The
taking OF sixteen boat loads in New York was
a special cause for momentary good feeling,
and the revival of actual export movement
was another cause. Lester having abandoned
wheat, has taken up corn, ana IS
believed TO be organizing bull
campaign in it. July was up to 3T1a@3T5sc
following is made for the
most part of New Workers. Testers opera
tIous in corn have usually been successful
and the issue of this last one IS looked for
ward TO with interest. The corn specialists
are divided on the lueritS of the bull side at
this time of the year. The price is low. That
miniInZes the risk. The stock is not over
1000 600 bushels, and the shipments last
week exceeded the receipts by nearly 100000
bushels. The Chicago market is on ship
ping basis, this being
EVEN RELATIVELY LOWER,
freight and all else considered than other
points whittier shipments are made. The
argument against an advance i'll prices is the
season. Shipments of corn on large scale
are out of the question in June. That is the
terminating season. and barely vessel load
is shipped in the early hot weather over which
anxiety is not felt. Corn started to New
York last month arrived there out of condi-
ton, and this has been drug upon the mar
ket The big shorts in July, Cudahy and
ReaIn. had Nat Jones cover tHeir Ifaues lor
them recently. so that this leaves no great
short interest to squeeze. Il Think
said constant member of the
corn crowd, THAT advance of few cents
will be secured now, but lost next week."
Oats were steady and not visibly excited.
Some life was infused into provisions early,
and a drain of l219e in pork was brought
about. The other articles on the list shared
the weakness. but less noticeably. Trading
slackened later and the market firmed up
slightly. Not much was done after the first
hour. On the afternoon board wheat was
strong, export buying and a very active
Duluth market were the stimulating causes.
Corn, oats and provisions were also strong
and the temper of the crowds seemed to be
quite bulish.