St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-24
DULL TRADING DAYS.
Speculative Factions Arrayed Against
Each Other and Their Arguments for
and Against Lower Prices.
The Atmosphere About the Grain Pits
Decidedly Bearish at the Start
inthe Morning, =
And the Finish Is Weaker, a Fit
Ending of an Undeniably
Dull Week.
Chicago.


Special to the Globe.
CHICAGO, May 23.-The existence OF a
vessel rate on wheat to Buffalo of l cent
per bushel, with rail rates proportionately
low. is sufficient evidence that the traffic IN
grain could not be in much worse conol-
ton. This is the lowest rate on wheat ever
known here, and yet much lower one
would seem to be necessary before any III
portant improvement in the shipping traue
can be hoped for AS is quite natural, the
condition of speculation is equally hopeless
Very few trades of other than scalplng
nature have been made during the week,
and owing to the very limited range OF
fluctuations, the Scalpers Jared padIy
enough. Prices yesterday were barely
point or two lower than week ago. The
conditions named in the GLOBE
last week. favoring strong par
tisan principles in relation to future prices,
remain in force Perhaps never before
were the two speculative classes on change
more evenly balanced or more staunchly
srrayed against each other. The faith OF
the one class in the nluch-talked-of extern
sive damage TO crops, and firm belief OF the
other that nothing can overcome the appar-
.ent large surplus of last years yield, are be-
coming intensified,
RATHER THAN DIMINISHING.
In relation to the present supply OF grain
the GLOBE was furnished with theory yes
terday, which, if properly laid before the
bears of the present wheat deal, might pos
sibly moderate their zeal somewhat though
from present indications they seem to have
rather the best of the discussion. 1.-THE
shorts in this wheat DEAL" remarked
the propounders of the theory, fare placing
no oil i'm
menSity of the invisible supply of the artl-
Gle They are misled by the size of the
supply in sight. This was a tolerably re-
liable criterion years ago, when the few
railroads in the country were able to con-
troll the shipments of grain SO as to give
them uniform employment the year round,
but now. with railroad running past every
mans door, the situation is widely different.
In my own mind I have named the 1st OF
July as about the date on which people who
are short will wake up to the fact that they
have thrown their money away IN stalking
it on the impression that there will be
large surplus left over from
LAST YEARS CROP.
The gentleman remarking, as above, is a
firm believer in the reports which indicate
low average yield for the present year, with
which belief he clincheS his argument in
favor of higher prices for the crop of 1884.
He is an honest and far representative of
his class. The other side disposes Of the
subject lately, and accounts for the present
dizziness by pointing to the low rates and
the dearth of export orders. Its adherents
say that every European dealer in grain,
having loaded up to his fullest capacity on
the strength of prospective war, has more
wheat than he knows what to do with.
Business being so dull on change,
the most important question at
present agitating the minds of the
members Of the board of trade is that solu-
ton of which is to decide the fate of the
call board A certain representative of the
speculative community is energetically adj
vancing all sorts of specious arguments in
opposition to the institution. AS the call
board system provides positively the only
absolutely open and aboye-board means of
trading. the real motive of the objection is
OPEN TO SUSPICION.
1t is a significant fact, that, while among
supporters of the call-board system are
nearly all of the large shippers and receiv-
ers on the regular board those who devote
themselves mainly to scalping the, market,
to the manufacture of sFTeports for
the purpose of influencing prices in
their favor, to using every pos
sible means of gaining temporary
advantage over their neighbors, those who,
in fact. are Spectators in the narroweSt
sense of the term, and whose. operations
will never reflect credit upon what is in
tended to be substantial business organi-
cation. are opposed to it. The charge is
made that prominent directors to the main
tenance of a call board are those who are
accustomed to speculate on their customers
orders A broker receiving an order suf
ficiently large to change the course of the
market can enter the crowded pits and
without fear of detection discount the effect
of his customers order by delaying it few
minutes, and pocket the proceeds. On the
call board. where every mans transaction
is recorded as it is made, anything OF this
kind
Is IMPOSSIBLE,
and the influence eXerted is such as to add
dignity to the reputation of the regular
board which otherwise would be deservedly
rebul1ed for casting stones at bucket shops.
1t is plain that the board of trade cannot
afford to neglect any opportunity that will
enable it to add to its reputation as sub
stantial business organization.
With continued good weather and no in
crease of outside stimulating causes, the
wheatmarket to-day opened as it did yester-
dav. about a lower and afterward sold down
L035c more. When the put price, was
reached this morning an effort was made
to stem the tide and keep the market up as
it was held yesterday, but the plan did not
succeed as well to-day. Those who bought
Yesterday against privileges failed to make
ANYTHING. as the market did not rally suffi-
GENTLY to let them out at profit, and to-
day they concluded to let matters take their
own course. Accordingly the weight of
early offerings broke through the privilege
limit and carried prices down to 81 sc for
July. but at that point SO many buyers
took hold that the market rallied nc and
remained dull and steady from that time
forward. There is very
LITTLE OUTSIDE BUSINESS
done now, and the activity of the pit is
largely a series of sl1irnishes between scalp
ers and privilege men. Still, the opinion is
growing that some heavy parties must be
under the wheat and in the background, or
else the market would break more
RAPIDLY under the daily pounding it
receives from the local crowd of
bears. There was report that the Minne-
aDoliS A[illers' association had further re-
duced the price of wheat2 cents bushel,
but this was offset by another that there
had been an increased outward movement
during the week, from Milwaukee and Du-
luth,. ON account of the phenominally cheap
freight rates. 1t is very singular that a
market can be held as this one has been, for
long time, when so many influences are
apparently combining to put it lower, and
the fact shows that the present situation in
wheat is considered strong and sound
enough for heavy buyersto invest for ma
terial rise at no distant day. Whether
these expectations will be realized or not