St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-22
A Scheme fer Milking the Wheat
Crowd That Seems to Have
MiScarried.
Armour Umloads on the Small Traders
and the Provision Markets Lose
Their Strength.
Another Dull Day With Almost Unvarslng
Prices anu Limited Speculative
TradiIg.
But Little Life in ocks-Lackawanna Again
MARKED Up TO Par-An Upward
Tendency.
Chicago.
Special % The Clio! e.


two or three men who own the bulk OF chi
eago stocks of wheat find their property par
taking more and more of the nature Oh a
white elephant There is little reason 10
doubt that these gentlemen purchased this
wheat expecting to sell at profit, but II Is
ROW plain that in the assumption OF eontroi-
ing the prOprietorship in Chicago wheat TINS
little syndicate, with Sid Kent for its leader,
had in view a far greater source OF profit
than the mere turning Of its property over To
the lam bs for the small consideration OF 8
cent per bushel, or Whereabouts.
Its scheme was to ''milk the crowd"
by inducing it 10 sell snort
and then compelling it to cover at loss,
With blizzard every other day TO eTfeetually
block freight transportation, thus holding
back the receipts, the prospects seemed very
fair for the successful working of this scheme.
There was naturally bearish tendency OF
the majority Of operators to induce them to
sell that article short, and there was the war
news as pretext to aid the syndicate in
MANIPUI.ATrNG TEE MARKET
for squeeze. Aside from one or two par
TALLY successful operations Of this scheme
early in the week, the project has been q
failure. Yesterday one Of the most pro-
nounced bears of the season remarked with
great satisfaction that though the general
crowd was otherwise more than willing to
sell, it was onto the scheme, and
instead Of being MIXED by the
syndicate, that com binatiOu was being
MIXED by the crowd. Briefly then the wheat
deal, as far as the present week is concerned,
has been given over to the scalPers. There
are no two large interests opposed to each
other. which might result in sharp advance
or decline in prices, and be- fruitful in at
tracing outsiders. But there is one large
and bulky movement which is hampered by
1000 small and quickly excited individual
ventures, which are generally successful
without influencing prices u Of a cent in
either direction. This is the wall Of holders
Of the Chicago stocks Of wheat that there is
no short interest consummate with their re-
quirements, and apparently no prospects of
ny while the receipts continue at low
ebb, and the combination holds together
With the opening Of the week pork doomed
up and advanced toward the front in the
speculative list. The Sl4 point was almost
touched. and would-be investors commenced
TO prick up their ears and TO harbor serious
intentions OF following the lead Of an
unwary crowd Of small traders who, their
nostrils tickled with the smell of a bulge, took
in all they could carry OF The stuff. But just
about then there was
SUDDEN DOWNWARD TURN
which resulted in May option selling at nearly
S13. Armor had sold his pork at the high
point, and now the small traders who were
kind enough to relieve the big porker Of his
surplus at $3.50 barrel, are
wondering If they hadn't better get rid
OF it before it goes down TO $3.50.
This promised at the opening TO be just such
a day as yesterday, barren Of news, with
narrow fluctuations, and with very little trad-
ing. The market firmcd up Immediately
after opening, May wheat touching S3$ic,
May corn Al sc, May pork Sl3.l7]z and May
lard S7.l5. The natural quiet Of Saturday.
when much of the time is occupied in clos
ing and evening up the business OF the week,
was materially enhanced to-day by the cir
cumstauce that Monday will be a legal holi-
day, thus leaving a two-days hiatus. Nearly
all dealers were content 10 rest quietly on
their oars, and, as a consequence, transac-
tions were usually light. The indications
of early morning were all verified
before night. At tue opening grain
DIDN'T look as If there womb bc
even a chance for the scalpers to knock out
their modest little profits, and there wasn't
May wheat kept between BIC and $3.50 all
day. Nobody wanted to trade anG very few
did trade. Operators did not even want
privileges, for puts" for Tuesday went beg
ging at S3c and calls at S4Lc. There was
SO little hope for action that nobody wanted
these privileges only &c away from the mar
ket and COOL for thre. days. Traders in n
Joking mood often bid and offered the mar
ket for little lots. Nobody took them up.
Gould there be any better sign that nobody
had an inclination to do auy.hiug3
The little ametures In the first
crowd are getting tired Of the stuff.
and are slowly dropping 1t, and the
price Is dropping at the same time.
THE fluctuations are getting so narrow
and privilege OF sellers so reckless, " said one
member of the street crowd, that I'm look
ing for a good decisive movement In prices
one way or the other. Sellers OF puts and
calls keep cutting down the spread until
finally sbrewd fellow takes great lot, aud
catches them. Privileges To- night are selling
good for three days at &c away from the
market. That is pretty close. It's SO close
that should not be surprised at a big de-
clue or a marked advance on Tuesday"
Corn on spot In Liverpool was again cabled
lower, and - arrive was DUH aud difficult TO
sell without making some concession In prices.
Our market was easy at about last nights
closing at al h@H4c. 1t never sold below
this or higher than 4lRc. and closed at
axe bid. The dull but steady tone tia,
characterized the other cereals to-,iav was
equally observable in corn, the most cheerful
feature being that now the rsilrnads were
moving produce With their usual freedom.
We are pretty SURE to see Increased receipts
Of cash corn in the immediate future. fol-
lowed as matter Of course BY larger vol
ume OF trading Tor deferred deliveries.
OATS WE'RE AGAIN QUIET,
but about SIS firm as anything on the floor.
TIE early market was steady az SO7sc for
Nav, With tew operators. Later Flem-
ing < Boyden bid it up to Slise.
both buying snd selling The close was firm
at the outside. Provisions were weak and
spaihetic, the offerings Tor future deEverv
being light and the demand for all articles
small. Mess pork vas in light request from
operators who were evening up deals in
which they had small profits but there was
very little disposition In make new trades.
The opening sslrs were at Sl3.I5. Nav sold
at slS.l5ls. down to $3.50 and closed al
slSlsA. ssSrd.