St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-27
Bullish Operators Who Have Been Oalou-
lating on Dollar Wheat Are Not
so Sanguine.
War News Not so Plentiful, Crop Reports
Better, and Traders Displaying
More Caution.
The Market Closes at a Slight Ad-
vance, Based on Decline
in Consols.
Prominent Stock Trader Predicting
Lower Prices Than Since the
Panic of 1873.
Chicago.
snecial to the Globe.

Special to the Globe.
CHICAGO, April 25.-The bulls of the
wheat deal are somewhat annoyed to OBJ
serve that the nearer the great Anglo-Rus-
sian war apparently grows the more remote
seem the possibilities of 81 wheat. Ac-
cording to the newspaper correspondent this
war is getting very close indeed. Only yes
terday startling picture was thus presented,
which brings section of the conflict almost
within hearing distance of Washington.
Still. despite the close approach of the mon
ster. the wheat market is positively weak.
With the English Garnet and the Russian
StyrlaX hanging upon every click OF the
ocean cable for the sign that shall justify
hem in instantly exchanging broadsides,
the price of wheat appears to be on the
downward tack. Last week the June fu-
ture climbed up to 95 cents. This week it
barely touched 9214c, and operators are
thinking twice before betting on the likeli-
hood of seeing the dollar market prefiXed
to the price of wheat this year. Seriously
considered, the situation, with respect to
the effect of war on prices, remains I'M
changed. 1t is only the spectators prac-
tice of discounting that effect that Is sub
ject to wide fluctuations After period OF
wide and
RATHER RECKLESS BETTING,
according to indications, there comes
spell of caution and a tendency toward a
more conservative method of specializing,
inaSmuch as the indications have for long
time been such as to furnish the majority OF
operators with exceedingly bullish ideas.
The caution and species of skepticism
which follow day or two of enthusiastic
investment, naturally have the effect of in
fuencing lower prices. There is no reason
to believe that declaration of war by Eng
land Monday morning would not produce
al effect on Change quite as startling as
seemed probable during the war excite
ment Of week ago.
A few circumstances have developed dur
ing the week Of a natIre to make people
who are not positively certain there will be
war rather careful how they go ''long" on
wheat. Chief among these is the final eX-
pIosion of the theory that the wheat crop
of 1885 has received serious injury from
bad weather or any other cause. The
warm April showers occurring of late have
SETTLED THE QUESTION.
The rusty, barren looking fields of early
March are green and luXuriant. There are
no more alarming reports of wheat fields
three-fiths winter-hled. Injury of that
character amounting to one-ffth of an aver
age yield is not easily located Added to
this feature is the effect OF so much war
talk in the agricultural community. The
exceeding low price brought by the last
crop would have disguised many of them
with wheat raising, but war business gives
the situation another look entirely. Tradl-
ton makes war a near relation to famine,
and the effect of famine in Egypt, or the
price of corn in that country, is possibly an
illustration to the farmer of what may be
the result of war in Europe. AT any rate,
where last December he vowed he would let
his land lie idle, he is now sowing to wheat,
and is hopeful of an abundant harvest.
Within day or two the shippers have
become somewhat excited over indications
of trouble in the east-bound freight pool,
which may result advantageously to them.
1t is understood thata
FIFTEEN CENT RATE
was made by the Chicago & Atlantic road
OH Is, 900 bushels of grain, and that it would
not be a very difficult matter for almost
anyone who has a considerable amount OF
wheat to ship to secure similar rate from
more than one road. The week has been
one of decentralization to freight rates III
several directions, almost the only exception
being in the ease of the Union Pacific. which
gave notice that the five-cent reduction per
100 lbs on grain made as a concession to
Nebraska farmers during the dull season,
would be restored May l.
The condition of speculative trade on
change yesterday was fair Illustration OF
what it has been generally throughout the
week. June corn at 47$4c at the close was
the strongest article on the list. June
wheat, at 904c, was regarded as anything
but purchase and the same future in
pork, at S11.7715, was plainly unattractive
from the lonesome look of the pit. On
Tuesday the
VISIBLE SUPPLY
statement, showing a comparatively large
decrease in wheat, there was short spell of
strength, and activity in that market, which
soon, however, was diSsipated by depreSS-
ing dearth of war news. Next Tuesday
bulls and bears, the scalperS, tailers,
lambs, :" suckers" and all the other num-
erouS appendages of the speculative menag
arie. will bid last farewell to the old hall
wherein SO many millions have been won
and lost, q few solid fortunes founded and
more than one life blasted. "Wednesday
will be nOthing-a vacuum-but on Thurs
day the magnificent hall in the new build
ing will resomd with the noisy life of the
boss board of trade, located in
the finest building of its kind on
earth. The leave-taking of the old build
ing will occur on Tuesday afternoon, when
the brass band which has been engaged.
will add to the noise which will be made by
bulls and bears. On Tuesday evening" at
THE NEW BUILDING,
will occur the grand promenade concert,
which will be one of the grandest affairs of
the kind ever projected. The wealth and
beauty of wives and daughters of the MEN,
berS will be displayed to the greatest ad-
vantage. On Wednesday morning the dedl-
catory exercises will be held. Speeches will
be made by the president and other promi-
nent persons. 1t is understood that
Thomas W. Keene, the tragedian, will
give a recitation. The program as
announced is: Prayer by Rev. DR.. Clinton
Locke; speeches by John X. Bensley and
President Blake; Grafton by Emery A.
Stor1s, and speeches by Others Delegations
will be present from all the boards of trade
in the country, as well as from Liverpool,
England. In the evening the banquet will
be given at the Grand Pacific hotel. Though
the price has been placed at $50 plate, the
committee has received applications for q
large number of seats.
THE DAYS BUSINESS.
The markets on change to-day were much
stronger than they have been for the past
TWO udHS. Though tLtfe Was lack OIL
large transactions. there was enough activity
to make it interesting for the scalperS.
June wheat sold up &c over yesterdays
close. The opening was steady at 902c for
June, which was steady at 90%e for
June, Ac over the close. Lower
quotations of conSols and liberal
supply ofyellow tissue bulletins were suf-
ficient TO add strength TO the sensitive mar
ket. Roche and Eldredge took in a goodly
supply at the start, and letting it go on the
top, made handsome scalp. George Bald
win stepped in toward the close and bought