St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-07-31
GALLERY PLAY.
The Scheme Worked by Some
Large Operators on the
Small Fry.
The Story Of a Successful Scalp
ers Earnings for a Single
Day.
The Wheat Market Very Sick, and
Prospects Point to Slow
Recovery.
Corn and Provisions Dull and Spiritless,
Trading in Them Being Very
Light.
Railway Shares Active but Irregulsr,
Louisville ard Nashville Leading
the Appreciation.
CHICAGO.
Especial Telegram to the Globe. /


proyement in the weather on the other side. and
by slight fall in prices there This caused a
weaker feeling at the opening on change, which
was augmented by heavy receipts at all winter
wheat points except Chicago, and by the report
of the failure of the Oldest wool house in the
country, at Philadelphia and by the increase in
the visible supply reported from New York.
Crop reports from the west and northest
were also unfavorabe to higher prices
Wheat opened at s61zc for September
and closed at almost the lowest price of the day,
S5tsc, depreciation of &c over the last sales
yesterday August closed at s35sc. Corn also
closed at inside figures, 54lkc for September.
after opening at yesterdays close of soc. Oats
were fairly steady, September closing at 26%c,
the figures of yesterdays last sales Provisions
were weak and in all options closing lower
than they opened except pork, which was en-
tirely nominal. Lard closed at yesterdays figures
and short ribs also closed at about yesterday S
figures.
Wheat opened easy at 9s@1sc off from yes
terday's close and slightly on early buying or
ders. But later kilograms were received from
New York that exporters were selling their
wheat, and after the first hour the big houses
and brokers all had orders to SELL and as all tried
to sell their holdings at once there was rapid
decrease in prices. Among those who let 20 the
heaviest loads were Comstock, the Adamses,
Schwartz & Dupee. Hobbs, Nat Jones and others.
The sales were divided up among the crowd and
the decline brought about was about 12sc from
the highest figures. Receipts of wheat at
New York to-day were reported at 100000 bush
els. at ST. Louis 100000. at Toledo 10000 and
almost equally heavily at other points. Noting
this broker said to-day:
''Unless the exporters and bull spectators
stand in and take all these big receipts right
straight along the receipts are bound to break
the markets.
Others, however, were more sanguine and a
well-knowh frequenter of the wheat pit said
''Ive been bear on wheat for years. but now
I've changed my politics. Wheat is lower in
England than it has been for fifty years and it is
time for it to 90 up.r
A gentleman wesring white hat and pair
very tight pants, with general makeup to match,
alighted from an elegant tT rn-out in front of the
exchange building to-day at 11-30 He looked
neither to the right nor to the left, but walked
rapidly into the Office of prominent commits
sion firm and demanded information as to what
new feature the situation presented.
''Nat Jones made gallery play of quarter of
a million of wheat replied a broker quickly,
sand the boys have been jumping on it with both
feet since The gentleman looked re.
lieved at this. He said a few words in low
tone to the proprietor of the establishment nod.
ded semi-circularly to row of speculative ac-
quaintances, walked quickly out, got into his
carriage, and drove off. He is scalper and he
can now take months vacation without fear OF
| having to walk back. He had just ordered the
commissioner to buy in at s5Hc $50, 900 bushels
of wheat He sold short yesterday at S64c
thereby earning a clear profit of 81, 500.
''Gallery play is board of trade slang for the
ingenious trick, sometimes used successfully by
large spectators of offering to buy heavy load:
of stuff while actually selling much more through
! numerous brokers,
September opened unsettled at IS @s6A
and sold quickly down to s54c; then rallied tc
| $3.50, the highest point of the day. At this
point the kilograms as to the sales by exporter.
and increase in the visible supply, which was
placed by the New York statistician at 500 .0OC
bushels, were received and big drop took place
the price sliding quickly down to s5A, and afteI
some minor fluctuations closed on the regular
| board at that figure. On the afternoon board
| the feeling was stronger at S5ac. August closed
| at s3Ssc
| There was little worthy of special attention in
the corn market except that operators are begin
ming to suspect corner is being worked in tn,
! August option They are watching very closely
! for the hand of the manipulator, as all can read
t ily see, with moderate receipts and light stocks
4 how easily the deal might be worked Their,
/ was only a moderate business and receipts were
! smaller There was also decrease of $4,000
/
/ New York September opened at 55c sold up tc
! 55I4c, and then in sympathy with wheat dropped
to 541lc. and finally sold at 54ascG1241lc on the
regular board, and at the outside of those figure:
| in the afternoon.
j Oats were rather unsettled for speculative
features. The opening was firm with July ii
( good demand from shorts and it sold 1c higher
1 but later fell off &c. September ranged at a6a,
] @27lsc and closed at s67sc on the afternoon
! board.
/ Provision were unsettled and nervous anG
4 prices ruled with considerable irregularity. The
/ demand exceeded the offerings and the result
/ was an advance on all leading descriptions, bu
/ prices settled back again later. Lard advanced
I 567sc early, but settled back 511Oc and closed
+ at s. 30 for September and $3.50 for August
/ Short ribs were forced up 10G15c under pur
chases by shorts, bat weakened when the de
maud was satisfied and the closings were al
about the last figures of yesterday, SS.171sc fol-
August and s.25 for September.
In the live stock markets the receipts of cattle
so far this week show considerable falling of
as compared with the corresponding time last
week, but to day the supply Of fat natives was
greater than for any day the past week. and
among the arrivals were some of the best from
the leading breeds and feeders in Illinois. Trade
was slow, and prices rather in favor of buyers
The shipping orders were light. and there was
lingering uncertainty as to what extent the
present scare in regard to Texas fever would
affect the demand for mest. Many eastern
orders have been eountermanded, and the
dressed beef operators were going slow. while
exporters sre almost entirely ont of the
market. Fat cattle ruled dull, with prices 8
strong 100 f5c lower Grassers and common na-
tives and all sorts of low grade butchers stock
were hard to sell at anything ike satisfactory
prices The ..seare'' keeps the buyers for these
sorts out of the market as shop dealers say
there is likely TO be a falling OF in the demand
for all sorts of beef. Texans were in light sup
ply as compared with the previous days OF the
week. Snd prices seem to have touched bottom
at last, having reached the lowest notch yester.
day afternoon
There was sharp demand for hogs and prices
advanced 5s5loc. the market closing strong at
the advance, with about al sold The quality
was better than yesterday, snd the best light
commanding premium
CHICAGO FINANCIAL.