St. Paul daily globe., 1885-06-18
BUT LITTLE CHANGE
In the Prices of Speculative Articles. Al
though Trading Quite Active and
the Close Firm.
A Strong Bull Movement That Falls,
Followed by a Decided
Reaction.
A Heavy Board Operator Giving the
Corn Crowd It's Regular
Monthly Wh1rl.
The Dav in Wall Street Marked by
DuIlness--Bulls and Bears Gam
Equal HonorS.
Chicago.

Special to the Globe.
CHICAGO, June 17.-The speculative
history of each day in these times is full OF
surprises, and to-day added another to the
already long list. The morning was bright
and COOL foreign markets were depressed
and lower, and strong bearish feeling was
created thereby before the opening OF the
DAVIS trade. Many looked for good break
and ..puts" were in good demand. July
and August opened 4@s6c lower, sold
down 1sc more and then turned and Went
I'D to 9216c for August and 9O7sc for July.
The sudden strength in corn helped the rise
materially. and unusually bad reports from
the fields contributed the balance OF power,
There promises to be no let-up on these dis
couraging reports, as the few good ones
which are received are fairly drowned by
the outpourings of evil tidingS the very next
day. This makes buyers more numerous
and more confident than they otnerwlse
could be with such a depressed ana glutted
market across the sea. Liverpool was IN
deed reported firm" but Mark Lane was
Every Slow" and cargoes OF coast ana on
passage were quiet and neglected, al ou
per quarter decline for California.
RED WINTER AND SPRING.
But our receipts were, rather light and
this state of the foreign markets was soon
lost sight of. Imports OF wheat and Hour
into the United Kingdom last week were
about 1850, 900 bushels larger tnan the
week previous. but this counted for nothing
in the presence of a strong buying demand.
New York opened &c lower for July and
steady for August, but followed up later in
the day, while st. Louis opened 7ac lower
for both July and August. There were
better reports in the latter market from
points i'm the interior of Missouri, and the
feeling at first was quite heavy; but this
partly wore away when our market grew
strong. The weather in England was said
to be cool and firm. In the latter part OF
the session prices fell away about 15c from
the high point, and there remained steady
for some time. The movement of the day
is briefly told:
Wheat opened at slightly lower figures
than those ruling at the close yesterday,
the feeling having somewhat weakened un-
der unfavorable foreign adyices, which
quoted Sd to Cd decline i'll all descriptions
of wheat off the coast and on passage.
The market was, however, quoted
STEADY AND FIRM
for wheat on the spot When values had
receded about 15c, touching almost the IN
side figures of yesterday, there was an In
creased demand and under some outside
buying and liberal covering of short sales
the market advanced 1c, with subsequent
loss of nc, leaving the close at o'clock
steady at about the opening quotations.
New York failed to respond to our strength,
prices in that market being almost without
uuotable change. There were few boat
loads of spring wheat taken for export on
the basis of 92c there for No. Chicago
f. o. b., but advices represent that
market as dull and lifelesS. Reports
from winter wheat sections OF an unfavor-
able character continue to be received,
while adviceS from the Northwest are uni
verSally of the most favorable tenor, repre-
senting the prospects for bountiful crop
of spring wheat as having never been sur
passed. On the afternoon board the open
ing tone was rather easier, and during the
session the market eased off slightly, with
closing figures about the same as those OF
yesterday. The closing figures were: SS55c
June, e95sc July, 955sc August, 9356c
September.
WHEAT WAS SET DOWN
as a good thing to-day, but corn as good
deal better. There was no trade in June
options that could be discovered, but there
were offers for it at the very start at 4S7ac,
without any takers. July began at 474c,
and was very soon above 4Sc. Corn, in
short. was the card to-day. Everybody
watched everybody traded by it, and
pretty nearly everybody that did not have
any of it wanted a little, and pretty
nearly everybody who was short of it
wanted to get out of it. Charley Moore
was in fine weather and Testers people all
looked supremely self-satistied, and Phillips
was covering his shorts with all the speed
that he could without exciting too much at
tention. 1t is the old story, begun in April
last and told again in May and now to be
recited over again in this beautiful month
of June. Testers people, everybody said
sixty days ago, were going to try to corner
April corn. The truth is as already related
in the GLOBE: John Lester and Sam Al
lerton and their New York friends did have
some corn, and finally made combination
with Fairbank and Partridge and one OF
two others to bull the market. The war
news came along and helped them vastly
more than they had any idea of. They
sold April and bought May and
GOD HELPED THEM AGAIN
and the shorts had to come in and pay a
good figure and then the clique transferred
their trades again, always at profit. Now
June is tighter than clam. Corn that cost
Lester 46c is going to-day at 4S35@49c, and
everybody wants June. The strength of
the situation lies in the good shipping de-
mand and marvelously small stocks. There
was not from the day these operations be-
gan any corn corner, and there is no corn
corner now. But John Testers usual good
luck has attended these operations from
month to month. Perhaps this very same
rise will be experienced in July, and per-
haps in August. If the receipts do not in
crease extraordinarily, and if the shipments
continue good, there is a good likelihood
that it will be experienced. Lester s. Co.
were sellers to-day, but Partridge was a
buyer, and this little muddled those who
were standing in the crowd 1t was not
easy for those who were walking to catch
OH to the drift of the market. The close
was strong, at 1890 for June, 475Sc for
July, 47Ac for August and 473sc for Sep
tember.
OATS WERE STRONGER
under fair speculative demand, but prices
are practically unchanged. Short sellers
were the principal buyers, and the tone
ruled firm, in sympathy with corn. Clos
ing figures to-day are 71sc higher than those
ruling yesterday afternoon, at 33%c for
June and July, 2S1lc for August, 29Ic for
September.
Provisions were in fair speculative de-
mand, but the volume of trade was light.
The burning of Washington Butchers Sons
packing house in Philadelphia was re-
garded by the pork crowd as a smile from
Providence. With these traders ANYTHING
that gets the stuff out of sight is a bene-
fcence. In mess pork there was little
done, moderately early buying to cover
short sales resulting in SC advance, and sub
sequent execution of a few selling orders
causing decline of 15c. Business in lard
and ribs was also lighter than for the past
few days, and the tone was Generally