St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-04
Nose Fraley, the Noted st. Louis specu-
lator, Gives the Market Lively
Shaking,
Booming Wheat in Great Style and Pock-
citing Large Profits by His
Sharp Turn.
Much of the Advance Lost on the
Afternoon Board, But the
Closing Firm.
Powerful Cliques supporting the
Prices of Stocks on Wall
Street.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO, June s. Little Nose Fraley
shook up this and all the other markets OF
the country this morning and pocketed
thereby-if he was as lucky as he usually IS
"a good round profit. The wheat. corn
and provision markets opened here III very
humdrum STYLE They were supported 1or
awhile bv the decreased receipts, but WITHIN
half an hour after trading began had lost
their snap. In the first place the scandal
at New York over the Manhattan bank dld
not help holders any. Then, the VIM WIN
which shorts covered was gone. ForaWhlle
the fellows who had scrambled ashore yes
terday believed that it would be an excellent
thing to put out to sea again, and many OF
them did this very thing. But along about
II o'clock. as the market was moving along
very smoothly and uncOncernedly, With the
sellers having little the best OF 1t, some
body strolled over to the st. Louis black
board and was shocked to find that wheat
in that quiet borough had advanced fully
he per bushel. 1t was not long before
the whole crowd had the news. Chicago
traders affect to deSpiSe st. Louis, anu
probably do, but to-day it was the general
belief that st. Louis must be III possession
of some inside facts that Chicago dldn
nave. Shorts mere We're
VERY MUCH ALARMED,
and holders very much excited. Everybody
started in first to buy and then to wire ST.
Louis for information. The result was thaI
by the time the information got along, to
the effect that there was no information at
all to give. Fraley had accomplished his
turn. Fraley doomed and doomed the mar
ket at St. Louis, having first yesterday
il no
tinued this forenoon. When st. Louis had
gotten up DC the little St. Louisan had
quite load and was prepared to sell i'll a
hurry When Chicago traders began to tail
on he did sell in hurry, so that it was I'M
doubtedly very clever turn, and profitable,
too. The movement of the market in Chi
cago seemed to follow st. Louis. The firm
ness and strength exhibited in wheat yes
terday was continued and increased to-day.
4 good many traders had put out shorts, on
the bulge of yesterday, thinking the market
would fall back to-day; but when they
found themselves mistaken there was a
lively scramble to cover, which put the
market up 81 of a cent in few minutes.
July and August opened &c higher, and at
first sold down &c under weight of offerings;
but the market quickly absorbed all that
was on sale and began to
CALL FOR MORE,
and then the fun grew fast and furious.
Some said that the late break was allowed
by the bulls for the sake of getting all the
wheat they could at low figures, and others
thought this sharp up-turn was only caused
by the frantic efforts of the short sellers to
fill their contracts. The bull feeling, how
ever, is undeniably gaining in strength. and
especially with outside parties, and large
deal is expected in wheat in the near fu-
ture. On the bear side are the two argu-
ments of large unSOld visible supply and
the absence of any foreign demand at pres
ent prices, while the bulls have the certainty
before them of short crop at the next
harvest. Hence the two parties have been
pretty evenly divided, but accessionS to the
bull side have been rapid for the past two
days. Liverpool to-day was Every dull''
for all kinds of wheat but white, and load
per GENITAL lower, while Mark Lane was
quiet, and cargoes steady at a decline of
3@12d per quarter. the latter for No. 2
spring. Imports into the United Kingdom
last week were 125, 900 quarters of wheat
more than for the week previous, and 55,-
900 barrels and more of flour. Reports
from California said that there was now no
hope for more than
ONE-THIRD OF CROP.
New York followed our market, but St.
Louis was early higher under lot of buy
ING orders from outsiders under the lead
ership of Fraley. A large delegation of
countrymen were said to be on the floor in
ST. Louis, bulling wheat through brokers,
and the report was given full credence here,
and closing prices at 1 o'clock were the
highest of the day. On the afternoon board
there was an increased desire to sell, and a
decline followed, leaving the close but a
few points over the latest figures of yester-
day. Latest quotations were: So &c June,
SIC July, soc August and 905Sc September.
Nh. Gillette, who is now in New York. re-
ports very little demand there for wheat.
McDeTmid Russ had telegram from Kan
sas City saying that several cars of winter
wheat was yesterday taken out of elevators
and shipped to the heart of the Western Win
ter-wheat district. This would look like
something of a scarcity.
CORN WAS STRONG,
partly in sympathy with wheat and partly
on its own account. There was a change
Of tone in the corn market at Liverpool and
at New York, with bad weather in the
country, and all three of these influences
propped up the market like an abutment.
Receipts were fair in SiZe but not so large
as they have been for the last few days.
July opened steadily at ACC, sold up nc,
back to 45%c and then advanced with
wheat to 46}sc, afterward becoming little
easier and lower. Imports of corn into the
United Kingdom last week We're lis. 900
quarters more than for the week previous.
Prime reports that very large part of the
corn had been replanted, and this late corn
is just coming UP, While the earliest planted
- ,-11-- l. IL
the season and the possibility of a Door crop
make many persons feel that they had much
rather be long than short of this cereal. al
though corn is confessedly much too high
in proportion to both wheat and pork.
About the corn pit,very large sales by Jim
Love, estimated all the way from 500, 900 to
$50, 600 bushels. for the month of July,
KEPT THE GosSIPS GOING.
His sales are believed to have been for
Lester. Murray, Nelson and Mar
BILE were heavy buyers, as were
also A. y. Wright and Schwartz 81 Ounce
ing at 4511c, &c under yesterday Closing
figures were 46115c June, 451lc July, 45%c
August, 1870 December. The late weak
ness in wheat was the cause of the decline
Oats ruled firmer early and some advance
was made, but when other articles weak
ened this market also receded somewhat.
There is no material change in values. how
ever, to note. Closing prices We're 1890
June, 322sc July, 2S4c August, 274c
September
Provisions Opned S tronger, in sympathy
with grains. and nnilenced to some extent
by the continued light receipts of hogs a
Slight advance Oh all the product was
recorded. The decline in hogs last week of
about 40c per 100 lbs. had tendency to cur
tail farmers sales. but now that this has been
largely recovered a renewal of country
ShinrnantS and co1,cou1,o,,t i,,a,oarcl