St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-05-15
Il DUNN !uIN 4 FALL
That Was the Action Of Wheat
on Change Yestep-
day.
An Urgent Demand From the
"Shopts" Caused the Early
Rise.
The Longs Hustling in a
Concerted Movement for
Profits.
New York Stock Market Was
Strong, Displaying a Con-
fident Tone.

CHICAGO, May 14.-Everything dealt in on
the board of trade was higher at the OPEN
ing this morning than at the close yesterday
afternoon. but the early strength which had
been worked up very skillfully on the curb
over night was soon dissipated, and mate
rally lower figures generally resulted.
Wheat experienced an especially marked
boom on the curb, the opening price being
lA@1&c higher than yesterdays close, and
its fall was proportionally heavy. closing ] lac
lower for July compared with yesterday
final figures. The higher and excited open
ing was due to an urgent demand from
'shorts." Numerous stop loss limit Or
ders were received. the limits being
placed at what operators thought would
be q safe figure over the closing of yes
terday, but the limits were passed. 1t was
also found very difficult and unsatisfactory
to trade in the new crop futures, which at
times were quite neglected. Further infiu-
ences that caused the high opening was
higher cable adVices. large purchases at the
seaboard yesterday, the firmness at which
May was held over July and the Price Cur
rents Review of the crop situation, noting
somewhat less favorable conditions. includ-
ing insect damage i'll Kansas Cable adylces
were unreliable all day. Official opening and
closing prices in wheat in English and con-
tinental markets were firmer, but privste ca
bles that came during the morning were gen.
orally lower. and quoted the weather in the
continent hot and forcing. The only
bearish influences were the advance OF
l per cent in the Bank of England discount
rate, the continued gold exports, and an ap
parently concerted movement on the part OF
longs to unload their wheat and take their
profits. The break after the noon hour was
difficult TO account for other than the specu-
lative offerings were very heavy, and the
market raided by heavy short sellers. New
York sold freely most of the day, and the
Northwest also came in as heavy seller.
Weather in England was reported fine, and
advices say prospects Of crop more 1avora-
BILE. July started at S1.04@l.04l2, against
SlO2s4 as the closing figure yesterday, sold
off to S1.025s, rallied 10 Sl.O3S4, then, late in
covered 7sc before the close. Corn started
out strong III sympathy with wheat, but it
was given Quie Us very shortly. There
were enormous sales against cash corn
TO arrive. The market had a little
support for some time because of the de-
mand for cash corn to fill first half of May
delivery contracts, but it finally broke with
wheat. July opened at 60AQ6)l2c against
59S4c at the close yesterday touched 6O34c,
broke to 5e34c, rallied to 59ssc, dropped 10
5SsBc and closed at 5elac. Oats were rela-
lively stronger than other grains. There was
less selling, and the marke: had some help
from reports OF lice in the fields of Southern
Illinois. July shows loss of only 1sc com
pared with yesterday. Provisions started
out fairly strong in sympathy with grains,
but soon developed an Enthusiastically weak
tone, and broke with wheat and corn. The
packers sold very freely at the opening, and
Ream was credited with disposing of heavy
quantities. Cudahy and Ryan were also
among the prominent sellers, though they
are credited with having covered a consid-
cradle quantity Of short contracts on the way
down.
The leading futures ranged as follows: