St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-08
SOME HEAVY REALIZING.
Gig Operators Unload Their Wheat aud
Manage to Break Down
Values.
Bad Croe Reports Aid Finnicky Trad
ers to Bear tie Ear
kets.
Financial Operations Of ths Money
KiHgs-.-The General Quota
tons.

CHICAGO, May 1.-THE bears in wheat
mating and dormant, but they are by no
means dead. They were little slow at
the start, but soon began to get their
work in, and succeeded in gouging
considerable chunk out of the recent
profits of the bulls. The closing price
for July was 92s&c bid, which shows a
loss since yesterday Of 1sic per bushel.
There were good many buying orders
Rt the opening Of the market, which
made some showing for few minutes
in the trading and gave the bull side a
good send-off. July wheat started at
9215@92}sc, but quickly sprung to $3.50.
1t looked for a moment like going
higher, but a perfect avalanche of
offers came out and overwhelmed
the buyers, not only by its
weight but by the vehemence with
which 1t was hurled at them. 1t was
not great while after 92$lc had been
paid when shouts of 1.-TWO, two!" in
formed the traders in the corn and
other crowds that the price had gotten
down to 92c. 1t had previously reached
9211sc, and reacted some. There was q
good deal of trading at around 9lT@
92c, but finally another break was
forced, and the bears again pounded,
shouted and sold the market down to
Ole. The frosts which had been pre-
dicted over important sections ofs the
winter wheat area yesterday duly put
in an appearance last night. and there
were adViceS from country correspond
ehts in the hands of all the commission
houses before the opening hour. many
OF them reporting injury to wheat
The morning papers had reports
covering the most important sections.
but they for the most part advised injury
to the fruit and vegetables and none to
wheat, and the damage claimed to
have been done to that hardy cereal in
some dispatches was not credited. by
reference TO the records it was found
that as late as on May % of last year
what were called killing frosts were re-
ported from Minnesota and Dakota, and
as late as May 81 there were froSts all
along the line of the Rock Island syS-
TEN. Those who remembered these
facts and the crop which resulted we're
in no way alarmed about the present
freeze, and it is needless to say the old
bear party took no stock in it. The
Kansas agricultural department crop
report, which advised an improvement
Of four points since April in the ap-
parent loss from the March frosts, and
high general condition, which is now
ninety-tWO, was one of the re-
lianceS of the bears, although off
set in a considerable degree by
the report of the Ohio agricultural
authorities, who advised a decrease of
two points for that state in the general
condition of winter wheat. Taken alto
gether, the news of the day was heavily
in favor of the bears. and the market
closed weak at the lowest point. On
the curb July sold down 1se to 9O3sc and
up again to 901sc. Puts ranged from
S9l5c early to S915c, and calls from 91Mc
to 9214e, the top prices ruling at p. IN.
Hutchinson was considerable buyer of
calls. The corn market was active, but
heavy and lower. The bulls were
anxious to unload but found it could not
be done without breaking the price, and
that alternative had in the end to be
submitted to. The days trading re-
suited in decline Of from &c to 1c per
Dushel for yesterday. Id provisions
there was a weak feeling and decline
Of 10@l21&c in pork, re in lard and
about &c in ribs. Packers were free
sellers of lard, and the trade seems to be
generally looking for increased receipts
of hogs and lower prices for products.
The leading futures ranged at follows: