St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-23
Chicago.
Special 10 the Glote 9.

inclines one strongly to the opinion that the
two or three men who own the bulk Of Chi
cago stocks of wheat find their property par
taking more and more of the nature of a
white elephant There is little reason to
doubt that these gentlemen purchased this
wheat expecting TO sell at a profit, but it is
now plain that in the assumption Of CONTROL
ing the propretorship in Chicago whest this
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 10
the lambs for the suall consideration OF Z
cent per bushel, or Whereabouts
It's scheme was to ''milk the crowd
by inducing it to sell short
and then compelling it to cover at a loss.
With a blizzard every other day to efectually
block freight transportation, thus holding
back the receipts, the prospects seemed VSy
fair for the successful working of this scheme
There was naturally bearish tendency Of
the majority Of operators to induce them to
cell that article short. and there was the war
news as pretext to aid the syndicate in
MANIPULATING THE MARKET
for squeeze. Aside from one OF two par
TALLY successful operations Of this scheme
early in the week, the project has been a
failure. Yesterday one of the most pro-
npuneed 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
svndicate, that combination 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 "a of cent in
either direction. This is the wall Of holders
OF the Chicago stocks OF wheat that there is
no short interest consummste With their re-
quircmcnts, 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
speculative list. The Sl4 point was almost
touched. and wOuld-be investors commenced
10 prick up their ears and to harbor serious
intentions OF following the lead Of an
unwary crowd Of small traders who, their
nOs,rils tickled with the smell Of a bulge, took
IN all they could carry Of The stuff. But just
about then there was a
SFrDprN DoVVSyy spD TERN
which resGiIed in May option selling at nearly
SI3. Armor had sold his pork at the high
point, and now the small traders who were
kind enough 10 relieve tue big porIler Of his
surplus at $3.50 barrel, are
wopaerinz II they hadn't better get rid
ol it before it goes down to $l2.5O.
This promised at the opening TO he just such
q day as yesterday, barren Of news, with
narrow fluctuations, and with very little trad
ing. The market iirmcd Up immediately
after opening, Nay wheat touching S3Ic,
My corn Al A.e, May pork &l3.l75z and May
lard $1.lJ. The natural quiet Of Saturday.
when much Of The time is occupied in clos
ing and evening no the business Of the week,
was materially enhanced to-day hy the cir
cumslaucc that Monday will be legal holi-
day. tuus leaving a two-days hiatus. Nearly
al dealers were content 20 rest quietly on
their oars, and, as a consequence, transac-
tious we're usually light The indications
OF carly morning we're all verified
before night At the opening grain
DIDN'T look a. II there wonld be
even a chance for the scalpers 10 knock out
their modes, little profits, and there wasn't
May wheat kept between s3l5c and s32{c all
day. Noboiy wanted tp trade ana very few
did trade Operators did not even want
privileges for puts Tor Tuesday went beg
ging at SIC and "cllis" at S4hc. There was
50 little hope for action that nobody wantrd
these privileges only c away from the mar
and good for three days Traders in a
1okiug moOn often bid and offered tue mar
Eet for little lots Nobody took them up.
Could there Doe any better sign that nobody
had an inclination 10 do anyIhingl
The little ameturcs in the first
crowd are getting tired OF the stuff,
and are slowly dropping it, and the
price is dropping At the same time.
The fluctuations arc getting 50 narrow
aud privilege Of sellers 50 reckless, - said one
member OF the street crowd, 'that I'm look
Ing Tor q good decisive movement in Prices
one way or the other. Sellers of puts and
calls keep cutting down the spread until
finally q shrcwl fellow takes great lot, and
catches them. Privileges tonight are selling
good for three DAYS ut &c away from the
market That is pretty close. It's SD close
that / should not be surprised at a big de
glue OF a marked advance on Tuesday"
Corn ON spot IN Liverpool vas again cabled
lower aud % arrive was dull aud difficult 10
seuwithout making some concession in prices.
Our market was easy at about last night
closing 90 li,g4lAc. Il never sold below
this OF higher than 4l%c, aud closed at
4lAc bid. The duu but steady tone that
characterised The other cereals TODAY was
equally observable in corn, the most cheerful
fc8JUr, being tina; now the railroads were
moving produce with their usual freedom.
We are pretty sure to see Increased receipts
Of cash corn in the immediate future, fol-
lowed rs q matter 81 course hv larger vol
ume of trading for deferred deliveries.
OATS wkRE AGAIN oCIET.
hut about as irm as anything on the floor.
Tae early market was steady At SO5sc for
Mag. with few operators. Later Elem
ing & B5ydeu bid it up 70 3Ikc.
bo,o bayiag aud selling. Tue close WAS nru
n the outside. Provisions we're weak aud
spathc,ic. the offerings for future deliver
being Iirhi and the demand for all articles
small. Mess pork was in light request from
operators who were evening up deals In
which they bad small profits, but there vas
very little disposition 90 msSe new trades.
Tho opening sales we're at sIS.I5. MAY sold
NJ Sl2tI... down b SIS I'D and closed 81