St. Paul daily globe., 1886-05-17
DUMPING ON BOTTOM.
a General FEELING Amrng Speculator
That Wheat Has Reached the
Lowest Point,
And That Whils There May be no Profit
inBuying, There is but Little
Danger in Selling.
The Market Somewhat Firmer on
Storm News and n Fair Ex-
port Business.
Stocks Dull and Inactive With a
Rather Bearish Undertone
Among Operators.
Chicago Grain and Provisions.

chicago Gram ana
Special TO the Globe.
CHICAGO, May 15.-Wheat was rather
steadier to-day and on only fairly active
trading values hardened. No special cause
was assigned, but the feeling was general
that wheat might now be humping on the
bottom, and even then there was no great
profit in buying there could be no great
danger of loss. The export movement
rom the Seabord has been moderate-nOr
large. to be sure but in the main SatiSfac
iOry-While the movement of grain from
western lake and river points to the Seabord
IS full of promise for the bulls. The
prediction is made in certain quarters that
.he exports for the next thirty days from
the Atlantic ports will be fully 10000, 600
bushels, and the purchases for May and
June have been made for foreign account
ola quantity greater even than that. Bulls
argue that if this be true the export move
ment will not be checked by the advance,
and that the market is as liable not to
advance sharply at any time. Storm
bureaus have sprung into existence, and
items of
NEWS ON NATURAL HISTORY
aie floating in from the interior. The
HeSslan fly, the chinch bug and the grass
hopper are reappearing. and they are
greeted warmly as old friends by operators
on change. They may not be visible in the
flesh, but they are present i'll the spirit.
But seriously. the storm news is occasion
ing considerable uneasiness. Vegetation is
very forward forward for the season, and
uncommonly liable from storms and
..ther causes. 1t is time when
the chapter of accidents must be con-
sidered as an element in determining
values, and at this particular juncture as
an element of Importance. The market is
not yet in a condition to be suddenly moved
up by news of any description, but the
quickly shifting crowd is scalping the long
side of the market instead of the short side,
and is proof that bull arguments are re-
,;arded with favor. The market eased off
after the opening. then tirmed up some
what and again showed signs of weakness,
but rallied from the depression and ad
yanced &c above
YESTERDAYS LAST QUOTATIONS,
closing firm at the best figures of the day.
The shorts were liberal buyers all the morn
ing, but great many new trades were en-
tered into. There was not phenOmenally
large buying, but a fair, healthy demand
during the last hour or so of the session,
business being dull. Corn was easy at the
beginning. anu suspicion IOrlneQ III
the minds of some of the traders that the
newspapers had been worked" to create all
outside demand and thus make a market
for parties who had been bulling the cereal
of late to sell. This feeling encouraged
free offerings, but the readiness with which
the propositions to sell were accepted, re-
gardless of the size of the lot, caused those
who had harbored the suspicion alluded to
to pause and consider whether or not they
guessed it right. Evidently they had not,
for prices went up and then after fractional
decline again climbed the scale. the market
closing firm, and slightly above yesterdays
last quotation. The price was not sus-
tanned at the extreme high range of the
morning. Oats experienced relaxation of
the tension that has held the market so
strong lately, and the market eased off
somewhat, losing 3sc. Provisions were
stronger and in better demand. Specula-
tive business was not large, but the inquiry
was sufficiently pronounced to make hold
ers less anxious to accept ruling prices.
The change in quotations are not large.
PETER BERKEY. Pres. F. W. ANDERSON, Cashier
NV. GRIGGs, V. Pres A. C. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL, $50O,O0O.
Former Fifth and jackson street.