St. Paul daily globe., 1895-05-26
SOON TURNS TO A WAL.
SURPRISES AND SENSATIONS
CHARACTERIZE THE DAYS
TRADING.
Predictions of Killing Frosts in
the Northwest Create IL
TuE,uIt.

late, but today's proceedings capped
the climax for surprises and sensa-
tionS. One hundred million bushels of
July wheat seemed to be for sale at
anywhere from 75Bc down to 7424c
at the start, and as much was wanted
an hour after, when it was soaring
away above 79c. After selling at 1910,
July wheat closed at 791ac, or &c above
the price it closed at yesterday. Corn
and provisions in the end were neither
higher nor lower at the close today
than at the similar period on the day
before. The bears got on top of the
wheat market in great shape at the
opening, and succeeded in breaking the
price of July to 74Ac, or PIC below the
official closing price of the day before.
1t went down like load of dirt from
dirt wagon, and the professional
short sellers whose light has been
dimmed for a month back began to
smile. The smile had barely time to
widen into a grin when the expression
began to change, and inside of an
hour nothing but weeping, Wailing and
gnashing of teeth was to be heard in
the camp of the bears From 74a4c at
the start the price of July shot up to
1880. A statement of r. G.. Dun &
Co. in their review of trade did much
to influence holders in getting rid of
their wheat some way. They said that
their infOrma ton in regard to the
damage was to the effect that it was
not serious. Besides this, cables were
lower and rains were reported in the
West and Northwest. The first thing
to excite buyers was a prediction from
the signal service bureau of killing
frosts in North and South Dakota,
Nebraska and the northern part of
Minnesota. The scene in the pit after
the frost predictions had time to con-
geal the burning desire to sell, which
up to it's receipt possessed the crowd,
beggars description. The soaring price
was to the accompaniment of an enor>
nous business. From the first bulge
to 1850 there was a reaction to 1880,
the result of a heavy realizing of prof
its by longs, aided by news from
number of points West quoting wealth
er bureau men to the effect that the
conditions were not such as to justify
the predictions of severe frosts. But
the granger leader stood by his guns
throughout the trouble, and took on
more wheat at the decline. AS con-
sequence, the recession was followed
by another strong advance to 79%c,
and slight reaction to 7912c as the
closing moment arrived. The country
man was aided by further crop dam
age news of the most doleful descrip-
ton from Indiana, Illinois, Missouri
and Kansas. At the opening the trade
for moment or two was being done
simultaneously at from 1850 down to
74%c, the latter proving to have been
the lowest price of the day. The close
makes net gain for the day Of 2lac
per bu. The weeks clearanees of
wheat and flour from both coasts
600 bu on the preceding week. There
is a gap of 100000 bu between the
extreme estimates of the decrease
which will be shown in the visible sup
ply on Monday. The extremes are
1000, 900 and 3,50O,OOO bu, against 10000
a year ago.
Corn was very uneven in it's tenn
per- 1t opened weak for July at from
53c down to 52$4c on account OF the
heavy receipts and the early slumpy
condition of wheat. 1t rose again with
the recovery of wheat, was dashed
down again by the prediction of 1,O5O
carloads for Monday and once more
became firm when wheat showed such
determined strength near the close.
The net result for corn, however, was
that the closing prices, OF Yesterday
and today are identical at 53Ac for
July and 54Bc for September. The
hard spots were taken advantage of
to sell a good deal of long corn.
Oats experienced another very heavy
business and suffered a heavy feeling
markets at the opening a big decline
was scored.
Later, however, the market rallied
Influenced by the strength in wheat,
but like corn, the closing prices of yes
terday were over-reached but a trifie.
At the closing the high prices were
prevailing. There is a heavy feeling
in oats which heretofore has been
greatly suppressed by the strong influ-
ence the wheat market exercises over
it, but today the big decline at the
start rather gave a more independent
tone to this cereal, and with a weaker
cash market to assist it for the first
time in a long time, fluctuations re-
fused to respond so readily to the ad-
vance.
The provision market was weak until
the close buying when buying said to be
chiefly for account of Armour &, Co.
caused a rally and a firm closing at
about the same prices as on the day be-
fore.
Estimated receipts for Monday:
Wheat, so cars; corn, 1,050 cars; oats,
$50 cars; hogs, $4,000.
Freights were steady at nc for
wheat, 11sc for corn, and 1c for oats
to Buffalo.
The leading futures ranged as fol-
lows: