St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-07
Brief Review of the Unusual Bull
Movement of the Week Just
Closed.
ALI the Outsiders Very Much Exercised
Over the Welfare of the Wheat
Olioque.
'sWin Wheat Go Up or Down. Is
the Question--Many Anxious
About 1t.
As is Usual on Saturday the Market
Fluctuates, Closing Easy and
Lower.
Chicago
Special TO the Globe.

CHICAGO, June EN- presenting brle1
review of the week on change, the GLOBE
correspondent has to record that in gram
circles the British element has to an extent
asserted itself Last week we recorded the
bears on the top, with good profit to BACK
them. This week the conditions are some
what altered, the crowd trying to be ratner
bulIish than otherwise and wheat SIC
higher than it closed a week ago:
Corn 15Sc higher, and provisions put
little changed, owing prlnclpaliy
to lack of interest taken III the market.
To crop reports more than any other cause
must be aScribed the advances III wheat
These reports, bad one day and worse the
next. have been coming in pretty much all
the week. but were thicker the early part
than later. Toward the close the effect is
seen. Wheat is an acknowledged failure,
if DISPATCHES are to be believed, pretty near
everywhere except in Michigan and the
spring wheat country, both rather small
potatoes as compared with the winter
wheat districts. Much Of the original
sowing in the latter has been
PLoWED UNDER
and in other parts the product of good seed
wheat is said to be a cross between buck
underculrent cannot be called better than
weak. and but for local manipulation we
should have decline rather than an ad-
vance. With anywhere from 100000 to
$4,000, 900 bushels of short wheat covered
within the week, there has been an advance
of say Sc. All conditions being equal,
an advance more in keeping with the
urgency of the demand would have
been S@1Oc. 1t is pretty well established
fact that the visible supply statement to be
posted Tuesday next, will show an increase
in wheat of about $50, 900 bushels. AT
least this is what the crowd are figuring on
now, and naturally it helps to hold the
market down. Another point favOring the
bear side, is the absence of foreign demand.
With values so far above profitable ship
ping basis. no export wheat in any quantity
will be taken, and,
BARRING FOREIGN WAR,
or something equally as impossible, none
will be needed from us by European c0un-
tries. Rail freights favor shipments, be-
ing openly quoted 1219c on grain to New
York. but little is moving at these low
figures Ocean frelghts, however, are
stronger at basis of 81 &c per 100 lbs on
wheat or corn. Thus, in view OF all
the circumstances, as far as they are ap-
parent, the situation may be written down
as showing no very bright prospect
of permanent movement towards higher
prices FIGURING interests are III guam
dry as to which horn OF the dilemma 1t IS
advisable to grasp. Many Illinois millers
are paying 81 per bushel for No. red win
ter wheat and not getting their money back
from the manufactured article. Home
grinders are in nearly as bad a fix. The
do TO vThi
the smallest possible jobbing business is
done in flour. Spectators have almost en-
tirely left it.
WHEAT TO-DAY
was cratic, excited and uncertain. Under
more positive information of the presence
of cholera at MarseilleS, coupled with a
general feeling that the rise had been
too rapid, there was regular scramble at
the beginning of the session to sell out The
July and August options opened T@%c
lower and sold down re more within fiji
teen minutes, but when the market struck
the put price" buying commenced and it
rallied nearly as fast as it had declined
The bullSr.] SAW at once it would
never do to let selling panic get
started, and so all hands turned their faces
resolutely to the foe and put him to fight
in a right royal style until better feeling
was restored, when the process of unload
ing again set in and prices eased off grad
ually and healthily: July started at 90Hc,
went down to 90c up to 9135c and back
again to S93lc, August following at about 2
cents premium. As usual in all such cases
this buIliSh campaign has been slightly
overdOne, and good
HEALTHY REACTION
is ,pre-eminently in order. The rise mas
greatly stimulated outside purchasers and
buying orders from the country have been
SO numerous that outsiders are now well
loaded up. Hence, it may now be the pol
icy of the managers to let the market drop
and then take hold again. Foreign markets
have woke up sufficiently to recognize the
advance here, but have not responded in
quotations. Liverpool reported more in
quiry," and cargOes were steady" or
'f'firmIy held" but this was all.
Crop reports from California and
Southern Illinois were gloomy enough.
In the former state dry winds, hot weather
and insects were making havoc of the
wheat fields, and in the latter country the
Hessian fly and ''cheat' were using up the
little promise of harvest that is now left.
On the other hand this advance has utterly
stopped all export business, and is closing
up the flour mills all over the country.
Spectators are good deal like a flock of
sheep going over avail, and all make a
rush to
GET THERE FIRST,
but there is no necessity of putting wheat
to 81 a bushel within two weeks, and such
a movement would do more harm than good
If it were accomplished. There is time
enough to buy all that is wanted between
now and next September, without cOncen-
trating the normal activity of month into
two days. It pretty well settled now that
Linn and Roche and Jones and Ream and
Cudahy did form some kind of an
alliance to boost the market The thing
every scalper now wishes he knew is: 'Are
they trying to unload?" There was no in
dication of this at any time to-day. The
bears looked wise, and expressed sympathy
for the clique, and said that it wanted the
worst way to sell, but could not. The
members of the clique did not, however,
appear alarmed. If they had any whea
they appeared to fell satisfied with it. If
they have sold out they look as if they
were assured of their profits. The close
was easy and quiet at S75Sc June, S9Mc
July, 913sc August and $3.50 September.
fluctuations, when wheat moves so much
more rapidly and so much farther in the
same length of time. Hence the corn
market remains dull and steady, while
wheat moves about with great celebrity.
The shipping demand continues good.
The close was easy, Sc lower for June, at
1890: sc lower for July, at 451Sc; &c
lower for August, at 1870, and re lower
for September, at 45%c.
OATS WE'RE QUIET
and steady in the early part of the session,
but later became dull and weak. on pros
poets of large arrivals on Monday and
Tuesday, closing with sellers at the inside
figures of the day. No. 2, for July. sold
as high as 1880 and as low as 33c, at which
1nr Loo,