St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-16
Chicago Bulls and Bears Indulge In a
Lively Set To on Rumors of
Foreign Troubles.
a Decline in Consols Produces Much
Activity and Sharp Advance
in Prices.
Prospects for Higher Market Con-
sfdered Good by Traders on
the Inside.
st. Paul Stock Setting Its Holders
Wild With Delight--Wau
Street Matters.
Chicago.
Special to the Globe.


CHICAGO, July 15.- War rumors were
again to the front to-day and traders who
went on change as rampant bears were
knocked out in the first round, because
cables were again warlike under rumors
that Russia is aching to get her hands on
John Bulls throat, and cOnsolS showed a
slight decrease. Everybody was bulllng
the market. save the few deluded operators
who are confident that crop reports are the
only sure standard by which to gauge the
future prices of cereals. There never was
better chance for an active Spectator to
win big money. Calls ON September wheat
sold last night at 90%c. The purchaser OF
million bushels would have been 500, 600
ahead tonight But there were few buy
erS at that price. and would-be sellers OF
last night have not yet recovered from their
fright, while hesitating purchasers are in
dulging in Self-inficted kicks at their own
stupidity. 1t was great day for the bull
ish element on change, and the tide once
turned his name becomes legion. 1t was
just such day as makes the most
PRONOUNCED BULL
out of man who only yesterday was a
rampant bear. Here vacillating traders, in
the rapidity with which they forsake one
set of views and cast their fortunes with
another, resemble nothing on earth so
much as flock of sheep jumping over a
pair of bars. This morning many Of them
in the wheat pit saw Ream, Cudahy,
Jones and that clique covering in large
line of shorts and it took them very few
minutes to tail on" satisfied that the
makers Of the market would not act with
one accord without good reason for it. The
market was an exceedingly nervous and UNI
certain one. Fluctuations as wide as to-
days on wheat have not occurred in fort
night and the most extraordinary thing
about the whole day is that tonight nobody
can tell why in the world the stuff did ad-
vance. "ConsolS did it." unqueStionably,
but what in the mischief was the matter
with consols? Nobody knew. The de-
cline of these English securities from
100 SIG to 9S3[ nobody could fathom. 1t
was past hiding out. Gables said there
was an
ADVANCE ON ZULFIKAR.
Traders got out their little pocket aliases,
ard people who didn't have aliases ran to
Lindblom to get pointers. The shorts
looked anxious. Bill Young was the
happiest man on the floor. Bill Baker
kept his clerks buying wheat from the
opening to the close. Wheat closed at l
o'clock over 1c above the opening and 11Ec
above the bottom. Everybody trading was
made very active by the fact that privileges
last night sold dangerously near the mar
ket. The spread was only &c. The result
was that at one time the men who sold
''puts" at S9%c were buying with all their
might for fear that the market would touch
this point, and at another moment the SELL
ers of ''callS" at 905sc were buying stuff
with all the haste possible to make their
loss as small as possible. There was ire
mendouS excitement on the short afternoon
board and a sensational advance at the
opening. Everybody was bold bull, and
heaviest transactions were made at top
prices The close was strong at a continue
ton of
FOREIGN WAR NEWS
and heavy short coverings, at soc July,
90$sc August, 9219c September, 945Sc Oc-
tOber. The advance over yesterday is about
2Ac. Opinions and the markets on grain
are now about as badly mixed as they are in
stocks, and the uncertainty arising there
from is fully as great and perpleXing. The
ENHANCEMENT springs from the double fact
Of present abundance and low prices stand
ing against prospective scarcity and higher
prices, and between these two haystacks
the poor spectators on both sides are liable
to starve, for neither party has thus far been
able to obtain decisive advantage, and
business has been slack and profits meager.
Reports of crops in this country continue to
improve, while those from Russia and India
are of an opposite tenor. Should the At
ghanistan trouble reopen in earnest it would
settle the present indecison in grain in very
short order.
WHAT OPERATORS SAY.
George Shepard: "With wheat at such
low prices, and plenty of good reasons for
an ultimate advance, the beginning of the
upward movement may come like a thief
IN the night, as has been the case TODAY.
and that class of dealers who have been
confident of their ability to reap the benefit
of all the fluctuations by getting in and out
at the right time are liable to be left mourn
ing at their want of staying qualities. /
believe the time is very near, if not at hand,
when higher range of prices is inevita-
ble''
George BOdman; 1.-THE market booms
very easy. Gables report that serious
droughts In Southern Russia promises total
destruction to crops in that locality. If
foreign markets do not get excited over this
announcement, L see no good reason why
We should. The cables are certainly about
as discouraging to holders as possible. l
see nothing to bull it on as yet. and | still
stick to the opinion that the money is to be
made, for the time being, by selling on the
buiges for quick turns only.'
George Everingham: For the past week
the market has been hammered and pounded
and sold OH any and every pretext until the
market was largely oversOld, and as the
great bulk OF it was centered in one strong
partys hands, we had reason to know they
were shaping for just such an upturn:
hpnRn 1 have e.,
that soc was bottom, and looked for a sharn
reaction. Well, we have got it, and now
unless war news becomes very exciting, I
look for decline of 1@2c; but when it
comes, buy wheat, as l still think prices
are going much higher"
IN THE CORN PIT
things, of course, were active and excited
Out OF sympathy. 1t is said that one of the
principals in the old and now almost for
gotten corn deal of September, engineered
by Billy McHenry and p. B. Weare, lives
IN Kansas City and he is the one now. the
goSSips say, who is trading SO heavily
through I. NJ. Baxter. The latter was a
lalge seller again this morning. The
market seemed to repent of its weakness of
yesterday and fastened to get up nearer its
OLD hgureS. August opened 1Sc higher.
sold down to 1870 and then recovered to
40%c, while September followed about re
behind. Liverpool was quiet and steady.
Our receipts were good and imports into the
United Kingdom last week were
1O,OO0 quarters more than the week pre-
VlouS, put the sudden drop in consols settled
the market Tor corn, the same as it did for
wheat, and in the same direction. Cron
reports on corn continue excellent. while
the average for oats is now placed at 95 per
cent Corn, however, must and will follow
wheat, especially if any advance is in store
for the market, until the amount OH hand