St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-16
The Warm Weather Prevents any Advance
in the Prices of Pro-
duce.
Everything Slow and Heavy, Closing Lower
With Only Moderate
Trading.
A Mistake in a Cipher Message Causes
an Early FURRY, But No
Harm Done.
Railroad Stocks Wavering between
Conflicting Influences Without
Moving Much Either Way.
Chicago.
49,. c,ohe

CHICAGO, May 15.-When the bell
sounded for the beginning of business tins
morning more than half of the traders III
attendance would have wagered money on
an advance in prices, not because the crowd
felt particularly bullish, but because there
was nothing in sight to sell the market
down on and the crop reports of such dis
couraging nature continued to come In IN
such volume as to inspire confidence tnat
the stuff was cheap at present prices. be
sides crop news there was little of interest.
A ST. Joseph, Mo-. telegram, asserting that
in sixty counties in Missouri and Kansas
wheat had all been plowed under to make
room for other crops, attracted considerable
attention and helped prices somewhat.
Another aid to the upturn, entering the
market before noon, was something alleged
to be mistake" Lester received New
York telegram quoting cOnsolS IS TIC,
but it was afterward corrected to 80 ZIG
and the explanation made that an error in
reading the cipher had caused the differ
ence. The second dispatch, however,
failed to reach here until the market had
been well worked on the strength OF the
frs. Billy McHenry sold
QUANTITIES or WHEAT,
and. it is understood, gave up Armour's
name as the owner. 1t is believed they are
selling it because they have it to sell. June
opened at $3.50, &c lower than yesterdays
closing, sold down to S95Sc, then irregu-
larry up to 9O5Sc, and closed at S9$4c-eN-
actly the opening price. Only moderate
business was done, few, if any, outside
orders putting il an appearance, Puts
last night sold at S714c for June. When
the day opened so brightly everybody pre-
dicted that ''pats" for the day were likely
to prove good property. 1t is always the
case that what everybody believes is certain
to happen doesn't. Because everybody
thought that last nights sellers of puts
would be stuck was probably one reason
that puts were no good. The market was
under soc for June, but only little ways
under, and this, too, Notwithstanding there
were a great many reasodS for big de-
cline. 1t was declared that the reporting of
consols at 9SSl, instead of 9955, was trick
of Lester & Co., and that the house re-
sorted to it because it
WANTED TO SELL
wheat and corn, and especially corn, on a
strcng market 1t was probably an error OF
LeSter's but of course its final effect was
depressing. Charles Singer came into the
wheat pit and sold perhaps 30O,0 BUSH
els. This was depressing, too, because
Singer is a finer trader than ever since his
return from Europe, and because the mar
ket was very quiet for a load like this. But
prices did not fall off as they were expected
to. This afternoon the weak feeling here
continued, and slight further decline re-
suited, with the close very unsettled at the
lowest figure of the day. The absence of
shipping demand is the noticeable feature of
the situation which we have felt and still
feel, will offset very largely the unfavorable
crop reports now current. To obtain per-
manent advance, or indeed, to maintain rul-
ing figures, depletion of stocks seems an alb
solute necessity. There are just now no
will probably decline considerably before
any shipping
-' ." 90 INQUIRY OF IMPORTANCE
is felt. Closing figures were SS14c May,
s94c June. 913sc July, 931ac August.
Export or shipping demand for wheat is
picking up About $50, 900 bushels were
taken to-day, with an option on 500, 600
bushels.
There was little doing in corn, which
was generally lower than yesterday, closing
&c off, at 4615 for June, and only touching
473sc. Business on the call in corn and
oats, however, is picking up. On the
opening to-day there were only 10000
bushels sold The second day showed
transactions in 140, 900 bushels, while to-
day they aggregated 200, 900 bushels. Not
withstanding this, the petition from clear
ing house subscribers, launched yesterday.
praying the directors to abolish the call. is
being very generally signed. The market
ruled weak. under free selling by holders and
more disposition was shown by short sellers
to press sales. The close this afternoon is
at the inside figures, showing about &c de-
cline, compared with the same time yester-
day. The latest figures were 46}lc May,
46Ac June, 1870 July, 465sc August, 4Sc
September.
PROVISIONS OPENED QUIET
and shade below the closing prices of yes
tertlay. There was. however, a good de-
mand from short sellers and some round
lots were taken to cover open contracts.
There is no special change to note, but
prices are slightly higher than those ruling
at the close yesterday afternoon. There
appears nothing like tendency to higher
range just at present, as receipts of hogs
continue very large at all Western packing
points. Pork for June opened at $10.95,
sold up to S11.O71S, closing point lower.
Short ribs for June opened and closed at
$500.
At the stock yards trade was rather slow,
owing to the non-arrival of the Chicago,
Burlington & Quincy trains on schedule
time. The supply of stock for the MORN
ing'S business was rather short. Prices ON
cattle and hogs underwent little or no
change, and there was fair demand for
fresh receipts The sheep market was dull
and depressed, with values 20@4Oc lower
than week ago.
CuANnJ RPOUN m