St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-10
THE WEEK ON CHANGE.
Bulls Rallying to the Front and Wheat
Takes a Sharp Upward
Turn.
Jorn Displays Less Activity, But High
Prices Are Being Steadily
Maintained.
Provisions a Standing Joke and NO
Trading Reported--Oats Act1ce,
But Lower.
Railroad Securities Regarded With
D1strust--WalI Street Markets
Active and Higher.
Chicago.

Special to the Globe.
CHICAGO, May 9.-The aspect at the
south end of La Sale street continues eX-
ceedinglv bullish. More than that, the en-
tire country appears to be overwhelmed
with bull principles. So far as the corn
deal is concerned, this sentiment is quite
right and proper, but there are reasons why
bulls on wheat should pause, and before
getting in much deeper, take time to serl-
ouslv consider the situation. Barely SIX
weeks from now the American wheat har-
vest for 1885 will have been inaugurated.
Before the 1st of July winter wheat IN
Kansas, will be ready for the reapers. There
are no indications that the cropwill fall far,
if any, below the average. This new
wheat will begin to come on the market al
most as soon as the harvest begins, and the
present visible supply, instead of growing
less. Will remain about stationary for lew
weeks, and then commence to increase.
The amount of wheat in sight is. in round
figures, 43. 500, 600 bushels. Allowing Tor
exports and home consumption OF l, 900, O0O
bushels week, our stores of old wheat Will
NOT BE MUCH LESS
than 81 900, 900 bushels when harvest opens.
Even the amount of wheat left over from
the old crop, when the new is ready for the
reapers, is something unprecedented, but
holders of this wheat have cause to fear
that the surplus win be still larger. Ship
ping statistics show that there are
now on passage upwards Of $780,
900 quarters, or about 100000
bushels. This, without the shipment of
another bushel. is sufficient to feed Great
Britain and Ireland until harvest time.
Worse yet, for the bulls, the Black sea
ports are opening up affording an outlet
to vast quantities of European grown bread
material. Though the majority of the
crowd assembling daily on change cannot
diyest itself of those firm bull CONVICTIONS
engendered and nourished by long period
of European war prospects, here and there
among the heavy weights is to be found
bear on wheat, and the above are some of
his arguments. At present. however, the
popular sentiment in favor Of high prices is
too strong a current for him to breast alone.
With
EVERYBODY BUYING WHEAT.
or wanting to buy it, the strongest natural
causes working the opposite direction are
temporarily overcome. All that the bears
can do is to watch and wait, or perhaps
employ their time until the day of their
triumphs in ''buying on the breaks and
selling on the bulegs." Yesterday the visi-
tor on Change judging from appearances,
could imagine no future for wheat except
higher one. More reports of heavy dam
ages to crops were the immediate cause of
advancing prices. After having seen the
neighborhood of SIC June wheat was up
again almost to Gle. There were evidences
of a fair export demand and outside investors
were numerous. The bulls did not appear
at all afraid that the handful of bears in
sight could do anything to deprive them of
their advantage, and to tell the truth, the
bears didn't try. When corn is the center
of attraction the bull feeling is quite as
universal as among dealers and spectators
in wheat, but the trade is
FAR FROM ACTIVE.
Lester is credited with possessing the bulk
of the article, and the crowd appears very
willing to let him have it. Conservative
traders can show much better grounds for
believing in high prices for corn than for
wheat. Operators who bought June corn
at 43c and hold it now at 475sc made the
investment on the theory that the last yield
was very much overestimated. The theory
has turned out to be fact. Another cause
for the present apparent slender supply is
the amount required for feeding purposes
during the winter, in excess of ordinary
and long continued cold weather. The re-
suit is now apparent in the light receipts,
and the heavy weekly decrease in the visible
supply In spite of its strong feature it is not
a particularly entertaining subject for dis
cussion, because of the comparatively small
amount of speculation in it.
Provisions, speculatively speaking, are
standing joke: the main thing is wheat
In this article the week has brought forth
some pretty heavy deals, and the smaller
transactions, though mostly of scaping
nature, have been numerous, giving to the
floor an encouraging appearance of
PROSPEROUS ACTIVITY.
The situation is not much changed in re-
gard to the late triumph of the board of
trade over the bucketShOpS. The latter in
situations have, perhaps, gained small adj
vantage in obtaining ruling in court that
the board shall at a certain date show cause
why it should not be arraigned for con-
tempt, but that is all; the board
still has its heel on the enemy's neck.
The bears ON change to-day wore a dis
gusted expression on their faces as thew saw
the eXultant bulls push up prices again.
Those who have been on the short side of
the market were very sick, and for the most
part covered in. But, though beaten, the
bears are still doing a lot of talking for their
side of the house. They maintain that
break will occur shortly which will paralyze
the other fellows. On the other hand the
BULLS ARE CONFIDENT.
They talk 81 wheat openly and persist
that next week will see it touch that figure.
The bulge which set in during the
middle of the week on crop damage
reports could not be overcome by the bear
crowd and they were forced to sell June
wheat close to-day. 1 &c higher than yester-
day.
The wheat market opened strong On a.
continuation of yesterdays strength and the
fact that outside markets showed a higher
tendency. The first sales were made at
90%o for June, but it soon fell a point.
bought largely, which sent the price up
again. 1t was in vain for the bears to
hammer it. The ground swell was too
strong. New York was stiff all day long
and the local trade was good. A great
many stop orders were received, and, tax
ing it all through, twas
AN ACTIVE MARKET.
Nat Jones, Eldridge and J. Ellis, who
have been reported on the short side of the
market for the past few days, were said to
have come in to-day and covered their lines
at figures which were anything but pleasant
for them. 1t looks very much as if the
market had been heavily oversold when the
price was down under 90c. The fact is
that wheat is very nearly the same price
''on its merits" as the bulls put it, as it
was when the Angle-Russian embroglio was
at its fiercest pitch. Toward the close the
bears raided the market and got it down
few points, but the closing was steady at
92@925Sc.
The corn market was less active than it
has been for the past few days. It was a