St. Paul daily globe., 1886-04-13
The Crowd Inclined to Bet on Higher
Market For Wheat, But They Meet
Determined Resistance.
Bears With the Courage of Precedent and
and Their Convictions Make 1t AL
most a Drawn Battle.
Corn and Oats Quiet, But a Trifie
Stronger - Provisions Show
Slight Downward Tendency.
st. Paul & Duluth, and Minneapolis 81
st. Louis Attract Attention on
the Stock Board.
Chicago Grain and Provisions.

Special to the Globe.
CHICAGO, April 12.-Wheat opened
strong and higher this morning and for
May delivery it odvanced from 7S IS 97S5sc.
Cables were rather better, surrounding
markets felt bulliSh aud the news from the
seabOard was of an encouraging character.
Estimates of the decrease in the visible
supply jumped TO 1,400, 900 bushels, and
there was continuation of the bullish eX-
port talk that was heard on the floor Satur-
day. The temper of the crowd was bullish,
but the bears were out IN force and con-
teSteSted every inch of the ground vigor-
ouSly. The Scalpers were working the long
side early, however, and, besides, there
was very persistent buying by strong
commission houses, whose brokers
followed the market up, but did not
seem disposed to put on the pressure, their
policy seeming to be repressive one, judg-
ing from surface appearances. The strongest
bear card of the morning was news from
Minneapolis that the milling capacity had
been reduced materially on account of
inability 10 find market for any but the
best grades of flour. stocks of inferior grades
having accumulated on millers' hands to
mcomfortably large proportions. Some
traders were uncharitable enough to asso-
:iate the shutting down of mills with the
reports afoat during the latter part of last
week, that the Northwest had gone
SHORT IN THIS MARKET
1000, 600 or 5000, 900 bushels, but others
took no stock in that sort of gossip. AS
ScalperS were quick to seize upon the news
news from Minneapolis and use it for a
down turn, from IL o'clock until o'clock,
:he market was weak and at times nerve
.ess. The price of May was down to 1875
@7S14c several times, and trade grew dull.
Shippers of wheat were quiet and appar-
emily indifferent TO the course of events.
They were not trying 10 do business, and
gradually the bull talk about export
shipments and foreign absorption of
stocks ceased. The sentiment of the
room traders began to change and the
drift seemed to be again downward, if eX-
pressionS OF opinion, in and out of the pit,
could be taken as an indication. I'VE
must have steady and large depletion Of
stocks or wheat cannot advance, and we
cannot have the essential reduction if there
is any let up to the foreign demand" said
an active trader, and the Oft-repeated as
sertiOn was applauded. The closing at l
o'clock was at 7S1sc for May and S0@SO1gc
for June, which, when the stopped to
think about it, proved to be &c higher than
Saturday, somewhat to the
SURPRISE OF THOSE
who had been gloomily diScanting on the
dark phases of the situation. Just before
the ending of the morning session it was
reported that foreign order for 200. 600
bushels had been filled, but it could not be
verified Corn and oats were in rut to-
day, and cash as well as speculative busi-
ness was almost at StandStill. Quotations
scarcely moved and the market seemed
asleep. Pork declined 715@1Oc and lard
ribs 215c up to 10 o'clock. The scalpers
had fun with each other in pork, which
bobbed about vivaciOuSly, until toward the
last. The market was heavy as whole,
with offerings in excess of inquiry. On the
afternoon board, wheat broke &c, and the
close was very weak at 7719c for May and
1850 for June. Only one boatload was
reported taken from New York for export,
and the feeling was one of great depression
locally. Corn and provisions slid down a
peg or two in sympathy with wheat.
CHANGE CHATTER.
Puts on May wheat, 761sc; calls, T77sc bid
"Geddes, Ream. Cudahy, Kent and Jones'"
said Abe Poole, "are talking lower prices,
and when they trade, are selling. There is
really no leader to the bull side. If there
was the market woulddo BETTER
The points showing a decrease in their
stocks of wheat the past week were: New
York, 7lS,000 bu; Philadelphia, 81, 600 bu;
Baltimore, 1900 bu; Buffalo, 15S.OOO bu: To-
ledo, 1!4,00O bu; st. Louis, 1000 bu. Kansas
City, $4,000 bu; NJ Minneapolis, 331, 900 bu; Chi
cago lestimated), l40, 900 bu.
The points of increase are: Duluth, 325, 900
bu, and Milwaukee, 5000 bu.
PETER BERKEY. Pres. r. W. ANDERSON, Cashier
IW- GRIGGs, Wires. A. c. ANDERSON, Asst. c.
HE ST. PAUL NATIONAL BANK,
CAPITAL. $500.000.
Coruer Fifth and jackson street..