St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-09
Continuance of the Bull Movement Re-
suits in Higher Prices on
Change. ~
Heavy Traders Gathering in June and
July Offerings at Firm
Figures.
Numerous Reports of Heavy Damage
to Crops the Cause of the
Advance.
The Rate War Causing DemoraltZa-
ton in Stocks--Other News
From Wall Street. -
Chicago.

Chicago.
Special to the Globe.
CHICAGO, May Sit was another day
for the bulls on change to-day. Though
there is evidently large bearish element III
board of trade circles, it is unable to cope
with the strong undertone of strength when
has been impaired to the markets the past
few DAYS. At every slight bulge the bears
will make raid and pitch lot OF stun Oh
the market, which makes temporary
break, but the steady swell carries up prices
again. Great Britain and Russia have been
lost sight of almost entirely, and nothing
but the state of the crops is heard talked
about. The cold snap and bad weather III
the Southwest are the moving causes of the
onward turn of affairs. The purchasing
feeling was strengthened by uniformly bad
crop advices. reports being received to the
effect that winter wheat in Ohio would not
Weld more than one-fifth, as compared with
last wear. The tenor from other wheat
growing states was to the same effect,
though no such enormous shrinkage was
claimed The millerS of Central and South
ern Illinois were large and steady buyers in
st. Louis, the supply at home
BEING EXHAUSTED,
and last. but not least, least little zephyr
of war news was waited in. 1t was not
sufficient of itself to cause even fractional
ascension, but all these causes were sup
plemented by several large spectators who
continued to hold firm in their early faith
and took on large quantities of both June
and July.
Wheat opened this morning stronger and
higher. June being quoted at 904c. which
was almost a cent higher than last nights
close. This was caused not only by the
crop reports mentioned, but also on cables
being a little higher and with better tone.
1t quickly sold up to 9O}Sc on reports OF an
improved export demand in New York.
The fact that a number of New York
houses have been buying largely for the
past few days kept local sellers out OF the
market. Local firms commenced to realize
at this point and the prlce eaSed off to 905sc.
It was strong market throughout, and it
was very evident that the crowd are
AFRAID TO GO SHORT.
J. A. Ellis bought very heavily, and Roche
was noticed to be both buying and selling.
Col. Fairbanks, Leopold Bloom and Kent
We're reported to have loaded up with about
500. 900 bushels each, at a range OF from
904 @9015c for June, and 921a@92Mc
July. c. Clifford was the
HEAVIEST SINGLE SELLER -..
at the figures named, disposing of about 300,
900 bu. The afternoon brought no change,
the market closing strong at prices about 1c
higher than Yesterday. The close was SS15c
for May, 9O&c for June, 9215c for July,
9435c for August. --.-..-.-.
The corn market still continues firm,
though trading in it was not of the most
active kind. No special houses made
notable deals to-day, but trading partOok of
a general character, which has been lacking
of late The June option opened firm at
l7Ic, an advance of &c over last nights
close. Reports of heavy frosts in the
Southwest, aided by light receipts and
heavy shipments, impaired the trmness,
and in the opinion of some, higher prices
Will prevail. The receipts were 252 cars
and the shipments were 691, 900 bushels.
No one house seemed to mOnOpoliZe the
trade. AS noted yesterday there is con-
tinued disinclination to go short On the
market the same as in wheat. A converse
ton was had with large operator who
acknowledges having bullish tendencies.
Said he: MY reasons for
EXPECTING HIGHER PRICES '-'---
are based on the fact that, while reserves
reports accompanied by orders to buy for
future delivery indicate different condi-
ton of affairs. Not long ago Chicago
newspaper reported that there was a reserve
of so, 900, 00O bushels in Nebraska. l can't
see how this can be, for local firms are
constantly receiving orders to buy corn. I
think it a good purchase, at prevailing
prices. and expect to see it go to soc. The
bulls are betting On cold and wet summer
and early froStS in the fall. The room
traders, you will find, are laying for a
break, based On the experience of former
years. They are betting that about June 1
there will be heavy receipts, but my opinion
Is that we will not get as large receipts as
formerly. l base this opinion on the fact
that there is not a sufficiently large amount
in the cribs to send steady volume of corn
in. 1.-The close was firm at 4715c May, 47Ac
June, 4S17sc July, 49c August.
OATS SHOWED VERY LITTLE LIFE,
and for lack of speculation held up fairly
well to the opening quotations. The bulk
of fluctuations was confined to &c. The
close was about as yesterday at SAKE MAY,
341lc June, 345Sc July, 3015c August.
Provisions were very dull, almost amount
ing to a literal stagnation. Several times
during the session the pit was entirely de-
serted. Pork, lard, and short ribs were
nominally a shade higher, and some slight
advance over yesterdays close was OBJ
tanned early, but late trading was almost
wholly abandoned, and values were almost
nominal. June pork opened at SLIPS, ad-
vanced to $11.27, declined to S11.20, closing
at S11&2H. June lard closed 215c higher
at $685.. Short ribs for June opened and
closed at 1913, or &c higher than yester-
day.
At the stock yards business was active in
all branches. Receipts of cattle were light
and prices SC higher. Receipts of hogs
were moderate, the demand active and
prices shade higher. Heavy receipts OF
sheep of low grades and clipped; sO@25c
lower. Fine wooded natives steady. There
were about 5000 clipped Texans among the
arrivals.