St. Paul daily globe., 1885-06-19
Eagerly Watched by Dealers in all Specu-
lative Articles on the Board
of Trade.
Grain and Provisions of all Kinds Marked
Up by the Bulls at the Start
Yesterday.
Markets Opening Stronger, ran bacA'
But Close Stronger ana
Higher.
Railroad Stocks on the New Aorh
Board Receive Little
Setback.
Chicago.
Special to the Globe.


cations arising from change OF ministry
IN England. wheat opened B@Hc higher
IN this market and advanced ABOUT sc
more AS the feeling Yesterday afternoon
1t the close of trading was very neaVy,
iarge number of ''callS" were sold very
close to the market and this morning II dld
not take over fifteen minutes to put the
market above the call price. Thls, OF
course, brought out good deal OF seiiihg
nm the part of call holders, which Selllhg
eased the market off some, but there was
strong and decided feeling all through tile
session. The majority of traders seem 10
believe that prices are going much nlgner
in the near future, and the fear OF peing
cleft" is so great that at every sighai ol
strength they all rush in body TO get some
wheat This feeling and action on the
mart of operators causes the market TO go
M a great deal faster than 1t goes down,
and also causes a very nervous and unset
fled state of things among all spectators
in all the markets of the country. Liver
pool reported an upward tendency" Win
California wheat Id per GENITAL hgner.
Cargoes off coast were firmly held and Cal
ifornia was quoted Cd
PER QUARTER HIGHER,
although it was only yesterday that TINS
some kind of wheat was cd per quarter
lower. What produced this sudden change
could not be ascertained, unless it was the
fact that the amount of wheat and Hour
now on passage to the United Kingdom was
discovered to be 100, 600 quarters less than
last week. New York opened 2s@7ac
higher, and advanced trltie more, OUT
followed our market later on, and the same
was true of st. Louis. The reports from
n &ITrr0 0Cf
the growing crops in the great Northwest
ern belt of states came III 1aVOraDle, anu
the same was true from California, Dut the
temper of the public mind at present is &c
cidedly bullish and it takes only little
stimuluSl to send prices upward. AFTER
the first boost prices dropped slightly, put
on the late board there was stronger feel
ing. under pressure to SELL and the market
again advanced with firm tone at the
close. Latest figures were $3.50 June,
pOslc July, 929lc August, 945sc September.
This is about 1c higher than yesterday.
SOME OPINIONS.
George Everingham: 81 think it is at
last beginning TO dawn on the minds OF local
dealers that the wheat crop is short and
that wheat has got some value. For the
past two years they all made money on the
short side, and are slow to either admit or
believe that it is possible to do otherwise;
but bitter experience is gradually teaching
them that the article has merits, and as they
slowly change the price gradually ad-
VanceS."
The Chandler-Brown company say: "a
great many bulls who had been selling dur
ing the past two or three days in the eXpec-
tation that prices would decline before it
would be time to buy, had to cover at a loss.
Unless new sustaining features arise break
from to-night's closing prices is not un-
likely, in which case we believe purchases
would be good investment"
''The market seems StrOng," said George
Shepard, land it will soon be found that
foreign buyers will take our wheat on an
advancing market rather than on a decline.
Exporters are said to be largely short in our
markets, as well as in their own, and Hook
to see them active buyers before long,"
The only diSsenterS to the higher price
for wheat (as interviewed by the GLoBE)
are Milmine Bodman & Co. They say
THAT markets here do not better with the
favorable cable, is another evidence OF this
wheat deal all through, and how difficult it
will be to bull the market under existing
circumstances. While we would not advise
short sales, still we think it hardly time yet
to buy"
to a good degree the firmness developed
yesterday, opening sc higher for July,
which placed it square against the ''call
price'-48c. This, of course, produced
some free selling. which lowered the figures
a little, but corn looks and acts very stout
and firm, no matter how the other markets
go. Liverpool reported an upward ten
dency," but with no change in quotations.
It is said that but II free Danubian sup
plies at present, the foreign markets on
corn would be much higher and stronger.
There is now on passage to the United
Kingdom 40, 600 quarters of corn less than a
week ago. June steadily holds its premium
over July, and July over August, but
August and September keep along together
pretty well at present. Receipts fail to in
crease as everybody hoped they would, and
some parties say the farmers now have an
idea that corn some time this fall will be
badly cornered and go toward a
dollar a bushel, as it did last year
for a short time. Hence they are
in no hurry about sending it forward. The
close was irmer at 1890 June, 475sc July,
4735c August, 471ac September.
OATS SHOW
no quotable change from last prices of YES
terday. The feeling was firmer early, in
f1uenced by the strength in corn On the
afternoon board there was no alteration in
values, and the extreme close is unchanged
from that noted yesterday. Latest figures
were 335sc June and July, 2S5sc August,
273sc September
Good-natured Everingham, about month
ago, gratuitously flew about among his ac-
quaintances and gave them great deal of
information relating to the oats situation.
He had found out, he said, that there were
no oats at Chicago to speak of, that the de-
mand from the outside was something
phenomenal, and that if anybody wanted
to get rich in hurry the quickest, easiest
and safest plan was to buy oats About a.
week ago, when it became apparent that
McGeoch had captured, through his old
partners, Harvey & Everingham. all the
cash oats in town, and that there was big
shortage in them, and that while there was
no corner there was squeeze, Evering-
hams industry i'll giving points was very
generally appreciated. The truth is that
the situation in oats is identical with that
in corn, except that
MGEoCH HOLDS THE OATS.
while Lester holds the cash corn. The ex-
perience of the shorts in oats has been
identical with the shorts in corn. It has
been found an easy matter to sell options.
but difficult matter to cover. eycept at a
loss of about &c per bushel. w. R. Harvey
& Co., hold all the cash No. 2 oats less
than 400, 00e bushels, and have each month
for the last three or four, and probably will
for the next two or three exact tribute of
something like &c. This, of course, goes
into the capacious pockets of Peter
McGeoch, along with the nickels he extorts
from the docile Milwaukeeans. There is a
suspicion, and it of course is affecting the
market to some extent, that Nat Jones. in
his efforts to bull wheat, is getting the sup
port of Woerishoffer and Osborne of New
York Nat Jones' relations with Herklotz.
Kor,, &. ca In, 1uhinh oo,,nnr,, 1Na.a..:zl.<rr -,