St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-03
The Party Of Peace and Low Prices Gets
On Top and Weighs the Market
Down.
But Later the Weak Feeling Gives Way
to Considerable Bulge on
War News.
The Western Union Company APP
peals to the Law to Restore It's
Wire Privileges.
Railroad Securities, in view Of Fur
Their Possible Complications,
Out of Favor.
Chicago.

Wednesday the board of trade, and particu-
larly the bullish portion Of it, missed a
splendid opportunity. The curb was ex-
cited, active and higher, and everybody lay
ing claim to speculative perceptions of any
degree of keenness seemed deathly afraid
war would be declared without proper
wheat-pit accompaniment. June wheat
could not be bought for 95c Indeed one
enthusiastic owner OF few hundred thou
sand bushels, purchased in the neighborhood
of 94c, was heard to aver that he had been
unable to purchase a much-needed 5000
buShel lot at 81. The strain on the average
scalper, as he busted himself with his May
moving, was intense. Even the triumphant
ceremonies dedicatory Of the new hail.
could not fully absorb the attention of
operators who observed that the New York
wheat market was approaching probable
gain of &c for the day. Unable to do any
trading, they fortified themselves with de-
Examinations to make the most of a sc jump
at the opening on the morrow. Five cents
on opening was pretty generally deemed
A MODEST ESTIMATE
of what the first hour in the new wheat
| the first day in the new hall were volumin-
Ouoly COFCiCu Ny ei1C PoPOAo, ohNiO 10 iAO w
casiOn to dwell upon the extremely mod
crate manner in which bullish hopes were
realized on that occasion. The sudden
triumph of the board of trade over
the bucket-shops, in spite of all
sorts of difficulties, is one important Incl
dent of the week in local market circles,
nor is the affair by any means wholly local,
since for whole day the rest of the world
had no access to Chicago quotations, save
from private sources. The means whereby
the board of trade gained this signal victory
over it's old enemies has been fully eX-
planned, but it is probable that not one in a
hundred realizes the immense advantage to
the board of trade of such victory, should
it prove permanent The wealthy and in
| fluential organization, having its headquar-
tiers at the head of La Sale street, practi-
cally controls the grain traffic OF the coun-
| try. 1t desires also to govern all
SPECULATION IN GRAIN.
| Its quotations only are used for that pur-
pose, but while the bucket shops exist a
| large and important class Of inveterate
spectators is wholly beyond its reach. The
board of trade not only regards bucket shops
as ugly, fostering, deforming excrescences,
| greatly marring the symmetry of its body,
| but also hungry parasites greedily sapping
| its vitality. Yesterday, when the tickers
in the regular board commission offices re-
sumed their customary duties, while those
| on the open board and in the bucket shops
remained mute, it was more than ever ap-
parent that the board of trade still
held the inside track. In converse
sation with Supt. Tubbs on the subject
| the writer learned that the Gold and Stock
| Telegraph company was still refused per-
mission 10 enter the new board of trade
| building with it's wires, but that market
| quotations were filed with the company the
same as any other messages and sent over
| the ticker wires to parties designated by the
board of trade. 1t is plain that the tele-
| graph company can't withhold that
which it
DOES NOT POSSESS
and can't obtain, and the board of trade
having protection from law in the owner
ship of the building which it occupies, it
would appear that nothing short OF fresh
legal process can help the bucket-ShopS out
| of their dilemma.
| To-day the Western Union Telegraph
company appeared in court, by counsel,
| asking that the former privileges be re-
stored to them, but hearing of the case was
| postponed and the board of trade still hold
! q high hand.
| The lack of war news, and the higher
| quotations of cOnsols were sufficient to
make wheat and pork markets open lower
this morning. June wheat, which closed
last night at 921 &c, opened lie lower. An
exceedingly bearish feeling prevailed among
the local crowd, and the market was
pounded down to 903lc. This was mainly
due to very free selling. After this trading
was simply of scalping nature and did not
amount to much. The operators, who gen.
orally dealt in 100, 600 bushel lots, were in
clined to keep close to shore and content to
MAKE LITTLE sCALPs
in 10000 bu lots. The consequence was
that the prices circulated irregularly around
Gle. At 1890 p. M, however, change
became apparent. 1t was almost impercept-
ible at first, but it soon became fixed fact
that some brokers were commencing to buy
largely. The prices crept up a few points,
but few knew what the bulge was being
made on. Leapold Bloom stepped into the
pit and offered to sell $50, 600 bu at sc.
but the offer to throw this amount of stuff
on the market had no effect whatever and
the price kept steadily upward. Shortly
before the close the June option
sold at 81 &c and 913sc, and it closed firm
at 81 &c The bulge was made on dis
patches to the effect that England had Or
dered its officers at Mediterranean ports to
see that their stations were in good order
for defense. and that Russia had
REFUSED TO ARBITRATE.
The big traders, as q rule, kept out of the
market and are reported to be well evened
up, ready for anything that may turn up
! Monday May closed &c lower at s91gc,
and July 93$4c, a decline of PC.
Corn still displays rather unusual features
of strength, and the outcome is being
watched closely to see who holds all the
stuff that is known to be in vessels in the
creek The opening of the June option
was weak at the closing price last night
1870. The peaceful outlook which affected
wheat sent the price down to 4S1sc; but on
the bulge toward the close there was very
active buying, Fleming & Boyden, Lester,
Everingham S Co. were most notably anX-
ious to get hold of the stuff. The June OPP
ton closed at 49c. A strong feeling pre-
walls among a good many operators over the
reputed indications that there will be a cold
and wet summer. AS yesterday the May
option was
| MOST IN DEMAND
and opened and closed higher than June,
the opening was &c lower than last night.
at 4S14c, but heavy demand and light re-
cepts, and stocks in store sent the price W
to 494c, at which point it closed. July
closed at 491ac and August 1899.
Oats were fairly active at the opening, but
subsequently became quiet and easier, anC
closed &c lower than on yesterday. May
sold from 36H @363sc, and closed at 364c
June closed at 36Ae.
Provisions opened with fair degree Of
activity, but soon after the open
ing quietness set in. Early price:
were about 1Oc lower, June being
quoted at S11.50. and later advanced tt
S11.65, closing at that price. May ranged
at S11.47l@11.65, closing at S11.62L
| I ard for lime nnaned at Sc 90 and closer