St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-03-13
WHY BEARS ARE SMILING.
May Wheat Again Takes a Slide and
Closes Sc Lower.
AN AMUSING DAY IN THE PIT.
The New York Stock and Bond Market
Dull Throughout---The Days
Prices.
Special TO the Globe.

EptC1dI ~ Tue
CHICAGO, March 12.-When May
wheat touched 95 cents to-day after ire
mendous selling by several big houses.
followed by persistent selling by large
partof the trade, it was pretty generally
believed that the corner, as far as it eX-
listed, in May was broken, and that the
bull clique had sold out very large
line. When May dropped below 81 be-
fore the close last week, the situation
again became serious for the big hold
crs. The transactions yesterday did
not help matters. The small decrease
in the visible supply was followed by
the Dodge government report showing
about % per cent of last years crop in
farmers hands. This was the big
bear card to-day. The excellent
weather and good crop outlook was
another. Everything except the light
export business, pointed to lower prices.
There was not much of the panicky
feeling about the break. If there are
heavy losses they fall on broad should
ers. Fairbank was on hand even before
the opening, and appeared anxious
about the result OF the crop report. The
market opened about steady at 9S5sc,
and touched 9S5sc fol- the highest point.
In ten minutes the price went Off to
97i5c, then back to 97$lc, and in fifteen
minutes more sold at $3.50. There was
a rally TO 97c, but faith in the support
of the market was lost and every down
long wheat. From 97c the price went
xN3S4 20 u,
This appeared to be the bottom,
as there were several rallies and
several times prices touched 95c with
out getting below that figure. At CSC
there was plenty of selling, but the
wheat was eagerly taken by shorts and
bulls who believed in the stuff at that
price. About 1890 the support fur
nished by the bull leaders proved
temporarily insufficient to hold the
market, and May broke down
to 942lc, but Immediately reacted
to $3.50. May sold between 95c and
95S4c during the last half hour of
the session. Other futures were COM
paratively steady, June selling between
.9l7Sc and 933lc and July between S619c
and SIC. The selling was led by
the two houses supposed all along
to be doing business for the
clique-Jones, Kennel and Schwartz
Dupee. 1t was estimated that each
house dumped million bushels, and
Mccormick IL Co. also sold heavily.
Among the heavy individual sellers were
Linn and W. c. Mitchell, each credited
with half million bushels. 1t APP
peared to be the general belief that all
the clique holdings except. perhaps,
Fairbank. had been let go. Receipts
were SIS cars. Corn was steady and
prices ranged higher. Receipts were
554 cars. Oats were steady and shade
were strong. The feature was the adj
vance in pork. Closing prices show
gain of 37115(0s216c in pork, and 1211s@
15c in lard and ribs.
THE DAYS TRADING.
CHICAGO, March II. - Trading in
wheat was active and the feeling again
unsettled and nervous. Local infiu-
ences governed the market and the gen.
eral impression was that some of the
large "bull'' traders were selling out
their May wheat. Interest conferred
principally in May, which opened
shade weaker, and after nervous fluc-
tions, declined to point &c below yes
terday'S closing and closed SIC lower.
The offerings were very heavy most of
the day and great deal of ''long" wheat
was unlOaded, though on the break,
considerable buying was done on
the part of shorts, who had sold
at the higher prices. This
buying caused occasional rallies, but
the feeling was very weak. July on the
other hand, ruled comparatively steady
and sold &c over and 15c under yester
days closing figure, and closed &c
below. There was good buying for this
delivery and at the same time not
rraat nifarad INbila 70 top,
have confidence in values for July, they
have not SO for May at the prices cur
rent, unless manipulation would be re-
sorted to. The fact that there is no
support for the May future accounts for
the drop in prices. A moderate bust
ness was transacted in corn and the feel
ing was comparatively firm consider
ing the weak tone of wheat. The
activity of the other markets with
drew interest from the pit and
trading was local and fluctuations
were confined within 4@5sc range.
There was less activity in oats, but a
rover range of prices. There was an
absence of the heavy realizing by
''icngs" that characterized the trading
yesterday. Shorts were free buyers,
and a steadier feeling prevailed. Con-
siderable interest conferred in mess
pork, and trading was quite active.
Prices ruled irregular, though some
what higher. An advance of 30(035c
was gained about the middle of the
session and moderately supported. EX-
IRENE figures, however, were not fully
maintained. Lard and short ribs SYM
pathiZed closely with pork.
PRICES FOR THE DAY.
The leading futures ranged as follows:
Wheat-No. 2, March, $3.50; May, 9S11Sc,
$3.50; June, 9314c, closing at 923sc;
July, SIC, closing at S6&c. Corn-No. 2,
May, 3519c, closing at 355sc; June,
S51ac, closing at $3.50; July, Sc. closing
at 36Ic. Oats-No. 2, MAY opened at
25slc, closing at 2534c; June, 251sc, clos
ing at 255sc; July. 255s; closing at 26c.
Mess Pork per bblJ-May opened at
S11.9715c, closing at sl2.4O; June, s12.05,
closing at S12.45; July, S1217415, closing
at $3.50, closing at sos; June, $685.,
closing at s7.O715; July, 81. closing at
s7.121a. Short Ribs per 100 lbs
May opened at s6.2215, closing al
S6.371%; June, $3.50, closing at
S6.4211I; July, S6.35, closing at $3.50.
Cash quotations were as follows. Flour
quiet and 10000 lower for patents at
SG@6.25. Wheat-No. 2 spring, 931sa
$3.50: No. 3 spring, nominal; No. red,
93B093$5. Corn-No. 2, sac. Oats
No. 2, 2414c. Rye-No. 2, 43c Barley
No. 2, nominal. Flax Seed-No. 1,S1.53
Timothy Seed-Prime, S1.33. Mess pork,
per Dbl. s1235@12. 40. Lard, per 1O(
lbs. S6.95@6.971l. Short ribs sides,
Qoose), S6.35. Shoulders-Dry sailed,
(boxed), S5.25@5.371S. Sides - Short
clear, (boxed), S6.6219@675. Whisky
-Distillers' finished goods, per gal,
S1.03. Sugar-Cut loaf 7$40S1lc; granu.
lated, 7s5c: standard A, ne. Re-
ceipts-Flour, 10000 bbls; wheat, 81, DOC