St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-26
Wheat Very Quiet With but Little Short
Selling and Buyers Equally
Indifferent.
Unusually Large Receipts and Free
Selling Cause a Decline In corn
and Oats.
The Bears Get the Better of the stock
Market. Values Closing Weak
and Lower.
Chicago.

STUN through Tile SuihHioi. Luz ~ W
be an improbable proceeding were IL not I
for an omen avenue of gain in the way OF
selling s.puts" and ''calls" each afternoon
for the following day, this being done to
the extent of from 200, 900 to 500, 900 BUSH
of grain in both directions. OF course
the ''calls' don't bother the sellers
any, as the tendency of the market is down
ward and the party is strong enough 10 nOid
the market at or around the put price the
whole session through. To encourage Duy.
ing. these privileges are sold within &c OF
the market each way, and the amount sold
brings in a steady income OF from S2, oou 10
$4,000 day. This
NICE LITTLE SCHEME
was worked all of last week, and will
probably be continued as long as it pays.
The putting out of so many privileges en-
ables the buyers to scalp for sc or &c
profit. and this they proceed to do in order
to get the money back which was originally
Maid out for the put" The earnest traders,
seeing no prospect of anything being
done. abandon the pit to the ScalperS, VINO
plv their weapons on each other to their
hearts content all the whole day long.
This morning June and July wheat opened
1[@36c lower than it closed on Saturday,
went down &c more and struck the put
nrice. stOpped as suddenly as though 1t
had hit a rock, and there it hung and bobbed
up and down an 16c or nc during the en-
tire session. Of course there is no signiti-
canoe or meaning to any such market as
that. and so it attracts no serious attention.
AS to-day was legal holiday in England
there were no public markets or cables, and
the information obtained was that which
CAME FROM THE CURB"
New York opened about as we did and
kept along with us as the Off horse In
team but ST. Louis was little DulllSh on
winter wheat and kept prices firm. Receipts
were good and the weather was good, but
manipulation knows no governing condi-
tions save its own imperious necessities.
Wheat came in to the extent OF 115 cars
to-day. while to-morrow's estimate is ZIG
cars. There was little in the market of a
newsy character though there are as many
theories on the floor as there are
different men to give expression
to them. June opened at 8STc,
&c under, continued steady, and closed 3sc
higher, at s9Ac. July opened at Gle,
sold down to 90%, up to 9114c and closed
at 91s6c, or sc under Saturday. August
closed at 933sc. 1t is thought that the re-
duction of &c per bushel on Saturday last
by Minneapolis millers will divert wheat to
this market. Shipping inquiry was very
dull. but there is some movement taking
place by holders, who want to take advant-
age of the
NOMINAL FREIGHTs NOW RULING.
Corn was in much the same condition as
its associate cereal. The June and July
options opened about &c lower, sold down
nc more, and then hung fire at nc reaction
from the lowest point. Receipts were larger
than usual, but the absence of foreign
advices and outside business enabled the
manipulators to have things their own way.
Traders were on hand to check any serious
decline that might be precipitated by some
unskiIlful and unenlightened bear, while
the sellers who were ION to the racket"
knew better than to put their wisdom-laden
heads into the mouth of any roaring bull.
Corn is now getting down nearer its proper
position in the scale OF prices, and whether
it goes higher or lower from this point de-
ponds wholly upon current receipts and the
doings in wheat. Where all the
corn and oats came from that
appeared in to-day's inspection footing
was one of the things mo fellow could find
OUT There were $40 cars of the fOrme1
and 296 of the latter, out of a total of 1856
cars This showing
WOKE UP THE BEARS,
and nothing less than 500 to 1000 cars daily
will satisfy them for the next week. They
claim to know that something in this neigh
borhood will arrive and have the points
where they are to come from all located.
On these accounts both corn and oats were
weak. 1t was day in which the country
figured with more prominence than any of
the large local houses. Nearly everybody
who takes a flyer" in corn seemed to
have a little this morning, and, in a
way that seemed to be preconcerted
but was probably nothing more than
unanimous, by accident threw it
on the market. If the facts in the case
could be known it would doutless be found
that half of the holders were sick of the
deals, which had, of course, been against
them, and the other half were frozen out.
July corn opened at 1870, closing at 46Ac,
fully &c under Saturday. The fluctuations
were &c The talk is for 900 cars to-
morrow, but on that day the sheet will show
two days receipts. The Lester crowd were
probably the largest local sellers, for the
reason that they are carrying fine show
ing of outside traders.
OATS WERE TOLERABLY ACTIVE.
but large receipts had a depressing influ-
ence on values, and futures fell from $40
re, with sales for June at and between
32Z@32%c, with 3211c the closing.
Sample lots on track were in excess of the
requirements, and from A@1c lower than
on Saturday. More was done in corn and
oats to-day than in wheat. The premium
on May corn has, of course, disappeared,
or the option would never have dropped to
1870, as it did to-day. This puts quietus
ON the talk of Testers May corn corner
ic
projected, and people who knew better
should have known this. But they didn't.
The whole market has for forty DAYS and
forty nights been talking of something that
never existed-John Testers corn corner.
PROVISIONS
were under liberal offerings, but the aggre-
gate trading was not much in excess of the
present average. Receipts of 36, 900 hogs
to-day impaired very weak tone early,
and prices show some decline in all the
product. The close was very tame, and in
dications favor a still further decline in
values. July pork opened at 81, declined
to S10.95, advanced to S11.05, and closed
at Sos 715. Lard declined 1Oc and ribs 71%c
from Saturdays close. The market was more
active than usual, packers and leaders in
the local crowd being free sellers. The July
closing tonight was: Pork $109TL. lard
S6.70, short ribs S5.571I. A year ago to-
day the market for the same option closed:
Pork S17.35, lard S7.971S, short ribs So. 10.
At the stock yards the receipts of cattle
were moderate and prices steady. Receipts
of hogs heavy for the season. AS compared
with Saturday prices are 5@1Oc lower. and
values are now lower than the lowest in
1884. Supply of sheep light and prices
firmer.
The Quotations.
CHICAGO, May 25.-Flour dull and I'M
changed. Wheat rufed very quiet, with fluc-