St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-24
BEARS STILL ON TOP.
They Score a Decided Victory
and Are in Supreme
Control.
Unloaded Wheat Used as AM
munition to Discourage
the Bulls.
Calls for Margins and Fine
Weather We're the Rul-
ing Factors.
New York Stock Market Up
ward Bound, With st. Paul
Most Active.

CHICAGO, May 23-The bears scored a sig
nal victory and were in supreme control of
the market from the start. So much long
wheat was thrown overheard at the opening
that it put the bull party at a great disad-
vantage all day. This wheat went into the
hands of people who did not want ii, except
as ammunition to use on any bull party that
was daring enough to attempt q rally. Yes
sells were chartered to-day for 250,0 600 bu of
wheat and AS, 600 blu of corn. But no atten-
ton was paid to such matters: the call for
margins was too loud and persistent to per
nit of other considerations. Wheat left off
at a decline OF 1lBc; corn dropped
&c and pork 37l2c. The weather was
the ail-important consideration. The
brilliant weather following the re-
cent heavy and general rains made a crop
outlook which the ordinary bear seemed will
ing to bank on to his last dollar. The heavy
receipts at Duluth and Minneapolis-24S cars
together with the news that the corn flood
from the country had started also. furnished
great encouragement. The main bullish
items were the reported engagement of no.
600 bushels wheat here, $4,000 bushels at Du-
luth and 116, eco bushels at New York for ex-
port. The Toronto millers' convention also
promulgated a bullish statement regarding
the scarcity of supplies in the Dominion.
The early cables furnished a little encourage
ment, but closing ones favored the bears.
The wheat market opened very weak,
of their property that they started
by Offering July at 12c under yesterdays
closing prices. Competition to get rid of it,
however, was so keen that it could not be alb
sorbed in sufficient quantities, or fast
enough 10 suit the unhappy. holders, who
underbid each other until 9SS4c was the sell
er's asking price; thus,in about one minutes
trading. was lac Topped remorselessly off
could not be lifted again, at least not over
l2c per bushel or so. July sold on the first
decline dow to 9Ss8c, and did not subse-
quenIly get above 99Ac and it closed at 9S7sc.
The good accounts from the cornfields and
the literal receipts were the influnces
under which corn dropped 2l20, and
closed with a decline. The days re-
ceipts were 700 cars. The export demand is
a factor i'll the market. The Atlantic clear
ances yesterday were over $4,000 bu, and
200, 600 bushels were taken here TO 60 out by
way of Montreal. There were sellers at the
opening, from July at 65l2c down to 52Ac; a
recovery to 534c, and then q steady decline
set in, which continued until 5112c was
reached. Covering of shorts again carried it
up to 52c, but it closed weak at 51S@5175c.
There was a big slump in oats at the start,
particularly in the July future. The opening
for July was at 42@42Ac, but inside of a
minute it was selling at 41c. There was
a reaction to 4l7sc, only to be
followed by another decline to
Ale. The close at 41SSc indicated a loss of
1850 since yesterday. Long oats came out in
large quantities, and the selling was heavy.
The crop prospects are still unfavorable,
but receipts continue heavy, causing weak
ness in the cash market. There was consid-
cradle activity in the provision market and a
much lower range of prices. Long stuff came
out. Schwartz Dupee bought heavily. cover
ing from L., COO TO 5000 barrels of July pork
at around Sill. Cudahay took 5000 barrels
for September. The weakness was due to
sympathy with corn. There was a slight re-
action from bottom prices, but the market
left off weak. The decline i'll pork amounts
to 37l2c; in lard and ribs to l0c. The estimat-
ed receipts of hogs for Monday are $4,000, and
for the week 100. 600.
III leading futures ranged as follows:
lOpen-I High Low clos