St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-06-12
BEARS TAKE AN INNING.
Ehey Pound Down the Price of Wheat
at Chicago Two and One-halt
Points.
Old Hutch Turns in as a Seller and
Aids the Bear
Raid.
Financial Operations Of the Money
Kings---The General Quo
tati0ns.

CHICAGO, H., June 11.-Everything tended
In favor of the bears in the matter OF the
days sensations. Dodge cast the first SHADOW
over the path of the bulls, next came the
rumor of some new wheat at Baltimore, and
the climax was reached in the reported fall
ure of an influential board of trade firm.
From 905sc at 90s4c July wheat declined TO
'SSc and closed at S0l2c, or 2l2c lower than
at the close of the regular session on Tues
day. Mr.. Dodge's heavy hand fell upon the
bulls on the curb yesterday afternoon, ana
caused them to drop some wheat at 90S4c, as
against 905s@9034c at the close OF the regu-
lar session. They had somewhat recovered
from the blow before the opening to-day, and
'on change the starting price was 9Ol20
90ssc, or a decline of only about lsc from
the official closing price on Tues
day. The leading traders were non
committal at the start and consequently
for moment the volume OF business was
not very heavy This state of affairs did
not last long, however. Hutchinson, who
had been feeding the 1market by means of
few buying orders, evidently concluded that
another good shake at the tree would bring
down the rotten fruit. He turned in imme
d1ately as seller, and had quick response in
an immediate tumble in the price. There
YVES plenty of help from the radical bear
element in pounding the market, and re-
port circulating at the same moment that
some new wheat had been received at Balti
more to-day the stampede became general;
the prices weakened every moment, and
general calling of margins on the longs was
started, which it was found necessary to
keep renewing during the greater part
of the day. From 9O9sc, which was
about the highest point of the day,
there was decline to 90ssc, followed by
quick recovery to 905s@9os4c, and that in
turn by sudden dropo &c. AT the latter
figure, which was reached in the middle of
an excited and heavy amount of trading,
William Young & Co. sold 10000 blu, sup
posed at the time to be for account of Hutch
inson, but, in the light of subsequent revela-
lions, it was more likely for another firm,
which had no option in the matter. There
was recovery to $3.50 from the point last
named, further slump to SS34@SS7s and
another reaction to 598s0e912c. About this
time the market appeared ready for further
advance, and the most of the weak holders
who could not respond to margin calls
seemed to have already met the fate in such
cases provided for them. The failure
to pass the clearing house of the
old and highly respected firm Of Robert
Warner & Co. began to be whispered around
at this juncture, and when it was no longer
whisper but became an openly acknowledged
fact, there was haste TO stand from under
which knocked the prop completely from
under the market 1t came down with
thud, striking hard against 88 cents as the
lowest point in the descent. The bears seized
their opportunity, and their nanity of the
bulls permitted the covering of their lines of
short wheat without the exercise of effort
or subterfuge. They simply took it when it
was pressed upon them. The market kept
dragging on Or close to the bottom until the
close, July being quoted 66G2c when the bell
tapped. Corn derived some weakness from
the declining tendency in wheat, but closed
only 1s@sBc lower. Oats were also weak in
sympathy with wheat and closed a fraction
off. Pork closed 5@712c higher, and lard and
ribs 5@712c lower. Warmers failure weak
ened provisions, but good buying toward the
close reduced the loss.
The leading futuresranged as follows: