St. Paul daily globe., 1891-05-18
BRUINS AGGRESSIVE.
Southwest Crop Reports and
Selling Orders Help the
Bears.
Holders of "PutS" Were TAX
ing All Chances offered
to Sell.
Lake Charters for Wheat
Caused a Bulge Which Did
Not Last.
New York's Market Was Ac-
tive On a Vigorous Effort
to Sell.

CHICAGO. May 16-Reports Of generous
rainfalls in the southwestern wheat belt were
circulated on the board of trade at the open
ing this morning. 1t materially changed the
speculative situation in the wheat pit, as 1t
ouieted all talk of damage by dry weather
and temporarily silenced the talk Of insect
damage. 1t was thought that the copious
rains in Kansas had certainly drowned out
the chinch bugs. Acting on this theory, the
bear leaders made little more aggressive
campaign, and they had great help in the
shape of selling orders from the Southwest
and from outsiders generally. The local de
mand was not great. In fact, local traders
seemed to be simply acting against their
privileges Whenever the market reached
the price at which puts" had sold last
night the holders of these privileges, having
all insurance against loss, would do little
buying. Any bulge, however, brought most of
this wheat on the market again. Charters
of vessel room for about 100000 bu of wheat
were made here last night and this morning.
The news became public during the morn
ing, and lifted prices almost to the point at
which they closed yesterday. The bulge was
not maintained, however. as offerings were
liberal The bear leaders during the day
were Ream and Linn, who put out substan-
tial lines of shorts. Bullish news was not
WdullIlS. HC ldNOTdUle new lOik Dduk
statement; continued dry weather and pros
poets for late crop season in the \ Northwest;
advices from San Francisco that buy
ing by France there had been renewed;
generally firm cables, and estimates of q
heavy decrease in the visible supply, were
among them. In the face of all this, how
ever, the heavy pressure to sell by local bears
and the representatives. of New York, st.
Louis and other houses, gave the market
decidedly week tone during most Of the day.
July opened at $l02Ss. and Immediately
broke to S1.02, and rallied to S1.02sS, declined
to S101I2, recovered to 81. OPS. sagged off and
closed at S1.0l34. Corn started with an ap-
pearance of strength, but it was very quickly
dissipated. when it became known that the
predictions of frost in The northwestern corn
belt, made for last night, were not veri-
fed. Instead of suffering damage, the
young corn plants were benefited by
rain. This caused holders of property to
throw it on the market, and these offerings,
coupled with the weakness in wheat, gave a
decidedly heavy tone to the market. July,
which opened at 590594c, sold straight down
to 5SHc and after slight rally dropped TO
577Sc, closing 1 point higher. Oats ranged
lower because of the rainfall, which did
away with talk of damage by the oat louise,
the net loss for the day in July being 34c.
Provisions started cut very strong, but weak
ened on heavy sales by holders of all sorts.
The market ranged steadily downward. but
the transactions after the first hour were
light. July pork opened at SLIGO and sold
off to S1l.30 closing 2L2c higher. Lard is off
fI2c. compared with yesterday. and ribs 10c
The leading futures ranged as follows: