St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-12
The Fight Between the Bulls and Bears
Waxing Warm and Inter-
esting.
News of Crop Disasters Holding Up
the Price of Wheat to the Dis
gust of ScalperS.
1 Prominent Stock Trader Predicts
Big Figures For the Grangers--
Wall Street Gossip.
Special to the Globe.

BODY. and after everybody had predicted
that with the the prospect OF war IoSt Slght
Of wheat would drop out of sight. Traders
were wonderfully surprised to find that
proof of crop disasters has suspended war
proSpects as a bull influence, and besides
gupercedng. turned out to be just as etfec-
tive in keeping up figures. The big traders
particularly were actually aStounded.
Billy Murray and Norm Ream, for instance,
and Nat Jones and John t. Lester and
good many others besides. have all
along claimed that with the collapse OF the
Russian English war scare would come the
collapse of the Chicago wheat market.
They talked this all the time that the mar
ket was advancing under the impetus OF
consols. They talked it with emphasis
early last week, when the market was go
ing their way They have
KEPT ON TALKING
with good deal of persisteney laUterly,
since the market has turned around and has
been going the other way. The present is
one Of those rare occasions when pretty
nearly all the little fellows are arrayed
against pretty nearly all the big fellows,
with good. fair prospects of the latter get
ting the worst of it. Why only
Saturday last there was a grand
rush by Ream and Jones to get
in some of their outstanding contracts, and
this rush was no dignitied business affair
either, but altogether of the pell nell order,
such as these same big fellows are disposed
to ieer at and deprecate. With the eXcep-
ton of certain big customers of Walkers
all the high rollers appear to be sellers.
Because y. X. Fairbanks own clerks have
done a large share of Walkers buying,
pulling the trade down in the latter's name,
it is presumed. and so far very good rea-
son of course. that Fairbank is taking a
hand in the wheat operations of Walker.
which, OF late, have been exciting.
CURIOSITY.
Il told YOU SO.' gleefully sang bear on
Change to-day when he saw prices drop
ping. Bah" exclaimed bull. Its
only Sid Kent and his crowd hammering
down the market so they can catch on
again" The fight between the bulls and
bears walked warm all through the session,
and at times there was good deal of eX
element The opening reminded one of
the old fable about which was the stronger,
the sun or the wind, as in the story the sun
proved better in the fight. The fine, warm
weather knocked the storms of the past
few days silly for the time being. June
wheat. which had closed Saturday at about
92c, opened up &c off. The bears plucked
I'D courage and talked 90c wheat for
the close of the morning session. But
Barnes commenced to buy heavily at the
opening, closely followed by j. o. Ellis,
Bloom. Comstock and Hobbs, who bought
all the way up to the top, which was 80 sc.
Here the price held steadily for some time
on heavy buying by New York. But
toward the close the bears headed by Sid
Kent organized
a GRAND RAID
with very successful results. For half an
hour before the close the boys in the pit
were wild. Norm Ream's big form stood
at one side of the pit and Nat Jones was at
the other while Sprinkled among the crowd
were Walter Eggleston, Hancock and
George Smith, the latter selling for
Field, Lindley &c Co., it was asserted.
They all piled quantities of the cereal onto
the market and their efforts were crowned
with success, as the prices dropped steadily
to 905sc, where it closed at p. N. Heavy
buying orders added little more strength
on the afternoon board. and the market adj
vanced &c, although the close was fully 1c
under the latest figures of Saturday. The
close was quite firm at S954c May, Ole June,
931lc July. 95Hc August. Advices from
Minnesota represent as the result of careful
investigation that the wheat acreage in Da-
kota has been increased % per cent. and in
Minnesota 10 per cent. as compared with
last year. with the outlook at present eX-
ceedingly favorable. This had something
to do
WITH THE WEAKNESS
here. which was increased also by antici-
pated heavier receipts of spring wheat, and
total absence of shipping inquiry. New
York advanced with US, and dropped back
when we did. later on. There was no eX-
port inquiry reported from that market.
Foreign markets were steady and without
important change.
Corn keeps firm. but talk of a May cor
ner has died out. On Saturday, scash May
and June were all at the same figure The
fact is that Lester has transferred all his hold
ings to June. He has," said one trader,
E'too good a commission business to run a
deal. You'll find he'll take no cash
stuff. When June comes, his holdings
will be in JUly-SenSible man too" The
market to-day opened rather easier than the
close OF tast week. on the prospects of fair.
warm weather. June being quoted at aye
a decline of &c from Saturdays closing
price There was very good buying at the
start on the decline. Robert Warren & Co.
investing largely in the July option, and
Leyeringham q Co. in July.
THE MARKET WAS FIRM
throughout the session and fair business
was done, but outside orders were slack.
The advance after the opening to 4S3sc was
due to the heavy buying mentioned. AT
this point Lester stepped into the pit and
sold freely, with the effect of breaking
the market. 4 still further slump
was caused just before the close by free
selling by Baxter GeTmaine and others,
which, with the persistent pounding by the
bears, closed the market at Axe for the
June option. But on the afternoon board
the cereal sympathiZ ed with wheat and adj
vanced &c, closing 4734c May, 48c June,
axe July, 4Sc August. Trading was
largely speculative and local, although the
shipments posted were large. This latter
feature. however, is attributable to gen
eral movement of corn bought some time
since. against sales ON the seaboard, to fill
which it is now being shipped.
Sid Kent has recently been very large
buyer of provisions. 1t is plain he has made
up his mind that the product is as cheap as
it is going to be. and that it is time for him
to take on the property that he will need to
distribute. 1t is predicted that Armour will
be soon taking
THE SAME COURSE.
Receipts OF hogs are falling off. The
summer packing has been enormous. but
then pork is now only about 81. A year
ago it was ST., and year before that $50.
''All we do now on the provision pit, said
an operator, lis to put OH our best clothes,
stand around on the outer edge and show
ourselves OFF to the ladies in the private
gallery" This about expresses the stua-
ton. There was hardly anything done all
through the day. June pork opened at
S11.2215, point off from Saturdays close,