St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-14
LOOK ON BOTH SIDES.
Some of the Reasons Why Wheat Should
Go Lower and Some Why it
Should Go Higher.
Fluctuations of the Day Slightly in Favor
Of the Bears, But the Close
Firmer.
& Strong Feeling in Corn and u ieh-
dency to Put UP Values In
Provisions.
Early Strength in Wall Street, foi-
lowed by Dizziness and Weak
Close.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO, May 1S.-Wheat was heavy
and lower to-day. The statistical position
of the cereal is still considered by bulls as
being favorable to higher values, but buy
ers are scarce. Conservative operators say
that the market is enormously oversold ana
that there is bound to come reaction. On
the other hand it was held that inaSmuch
Rs three-fourths of the recent Duy-
ing has been to cover stocks,
the market cannot be so very much
pversold after all. AS rule bears are con-
tent these DAYS with small profits, and it is
possible that they have kept within reach
of shore. In any event nobody seems to be
seriously hurt by the occasional tiurrleS,
and the bears are losing the nervousness
that usually moves them to take to cover
when the feeling prevails that values are
humping on the bottom. they evlhce
greater Willingness to stand by their deals.
In to past the middle of the morning seS-
sion the market was
DECIDEDLY WEAK AND HEAVY.
Opeping was at loss from yesterday, and
the shrinkage continued until it amounted
to SIC on the day. Reiterated statements
that the stocks in the Northwestern were
larger than had been commonly estimated
had a depressing effect, and open and free
selling by the heavyweight scalpIng and
speculative element was also an influential
factor in putting down prices. Cables
were not a disturbing cause to-day, being
steady and featureless, but home influences
were enlisted on the bear SIDE
The weather, the by no means heavy
export movement. large receipts in
the Northwest, Baltimore grain house
failure, and the temper of the crowd, were
SO many arguments against an advance.
Nevertheless, late trading on the board was
characterized by greater activity, more
iirmness and very considerable recovery
from the bottom of the slough of despond
into which wheat had fallen, and the close
was quite steady at a sc gain from the
worst. Corn was decidedly tirmer to-day.
New York led off with an advance of &c
in May and June. but the market here,
which was easy in
SYMPATHY WITH WHEAT
was slow to respond. Towards the last it
moved up rather sharply, with heavy spec
ulatiVe trading on the up turn, There is
no change i'll the price of oats OF i'll the
position of that cereal. Provisions were
dull and uninteresting until the forenoon
was well along, when the market hardened
and the Whole list advanced and the turn
in wheat put the notion into the heads OF
many operators that they would like to
have little pork. lard, and ribs, but when
they bid for it the property could not
be had, except at slightly better figures.
At l o'clock this morning the quotations
showed an advance of 71sc, and sc in lard
and ribs. The best prices were not ruling
at the close. The afternoon markets were
firm. Wheat was bought freely on report
that there would be q largely increased
movement from the seaboard to the other
side, and from the lake ports to the sea-
board as soon as vessel room can be secured.
The strength i'll corn was due to the urgent
demands of New York, Baltimore and
June delivery.
CHANGE CHATTER.
Milmine-I think wheat will continue to sell
off for a day or two yet, but at the same time
sudden reactions are in order after such large
decline, and we advise short sellers to move
cautiously ut these prices.
The ranks of the bulls are rapidly thinning
Lester has sold out, and Orr, Crittenden &
Comes, who were large buyers a fortnight
ago, and whose principal was believed to be
Kent, have been sellers for two days.
Wheat sold lower to-day than ever known
in May and the question is asked by specu-
lators, when will it stop declining?
Geddes & Warren took $4,000 bushels of
wheat for export to-day at Chicago.
Puts on June wheat sold this afternoon
at 151sc. calls at T634c.
PETER BERKEY. Pres. +. W. ANDERSON, Cashier.
wv. GRIGGs, V. Pres. A. c. ANDERSON. Asst c.
The ST. PAUL NATIONAL BANK,
CAPITAL. 100000.
Coruer Fifth and jackson streeta