St. Paul daily globe., 1891-05-06
COLLAPSED UTTERLY.
The Bears Brought Wheat
Down About Three Points
Yesterday.
The Foreign Wheat Markets
We're in a Demoralized
Condition.
Corn Was Depressed Early
Because of the Immense
Receipts.
Chicago Gas and st. Paul the
Only Strong Features in
Stocks.

CHICAGO, May 5.-Wheat started out weak
made a very respectable showing for
the greater part of the session, and then
collapsed utterly. 1t was evident before the
day closed that the bear crowd had given the
harhet .I the only strength thatit had, and tna'
aiie ouIge was simply to shake out trouple-
81? oGnle ,failers, to entrap more bulls anu ~
st'e Tue bears a chance TO get out more Wnea'
az satisfactory figures. The plan worked llhe
cnarn1. New Workers wired that Parls was
nisneE because of scorching winds IN iuu-
say Ta ana they put in few buying oroers'
ms aroused considerable bullish enthu-
9,aein' na' ana started quite wave OF puylhg'
Heanl' Linn, Schwartz, Cudahy and faru-
iiuse' all OF whom had bought wheat al the
outset sold heavily but quietly on the bulge
"hich followed. The bulls kept on hoping
anu working until the official closing
caoies came in, when they all began
" throw their wheat overheard. Not ohiS
were the London, Liverpool, Paris, Berhh
ana Antwerp wheat markets in demoral-
lNeu @ condition, but the quotations on BRUSH
consuls and French rentes, showed that the
money markets abroad were a little eXer-
cised. This created almost a panic, July
wheat started at 9Os4c0S1 .0014, against Sl.OOls
at Inc close yesterday, and sold up on the
early bullish reports to S1.01s4 with very little
reaction. The bulls felt safe IN the face OF
oecline of 14c per bushel within the last TWO
weeks. Then the bears began to unload;
prices broke to Sl.01; halted and dropped 10
Sl and then slumped ON the bearish cable
cattle reports, and the bear raid to the low
est point of the day-97l2c, closing at 9IAs0
wac. A great deal of wheat held on narro w
margins, and stop loss orders were
thrown upon the closing minutes. Part
OF this, it is said, was due to
b. P. Hutchinson's wheat, which was held
IN the hope of getting higher prices. Corn
was depressed early by the immense receipts
Tor this time of the year-SS5 carloads, be-
sldes 1000 bushels by canal-and by the fact
that at Liverpool prices were q third lower,
tnen rallied with wheat and because OF estl-
mates OF but $50 cars for tomorrow, and finally
the bear crowd. Bartlett-Hubbard, Lamson
BROS and number of other commission
lrms were selling all morning for the bear
leaders. The weakness in corn, heavy re-
celptS and the sale of line of long property
caused an early break in oats. July opened
at 46l2c. sold off TO 45l2c, and then, on good
puylng. rallied to 47l2c but it sagged OFF
later and closed at 4614c. The prices of
provisions was higher at the opening and
the lowest at the close. Cudahy and
Ream were reported to be buying and selling
on considerable scale. but in scalping
way. The crowd started to sell and when
the prices broke, Ream was liberal buyer
against sales he made yesterday. he sold
again on reaction. The net result CT the
days trading shows loss for the July option
OF 60c i'll pork, 10c in lard and 17lzc in ribs,
compared with the closing prices yesterday.
The leading futures ranged as follows