St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-22
Frightened by Sudden Decline in Con-
soils Wheat Shorts Run to
Cover.
Wheat Market Advances a Can't Above
Opening Figures, Closing Near the
Highest Point.
Corn Active and Higher. Oats Dull,
Provisions Slightly Improved,
But Little Trading.
Railroad Stocks Active Early. But
Heavy Realizing Sales Force
Prices Down Again.
Chicago o.

Chicago.
Special to the Globe.
CHICAGO. May 21.-All parties on
change were treated to genuine surprise
his Morning at the opening OF business.
from a state of weakness which closed tie
trading of yesterday. the wheat market
bounded up &c at a single effort. Looking
around for the causes, it was discovered
hat some British troops from Egypt on
heir way home had been halted to await
further instructions. and straightway it was
inferred that the late war with Russia was
NOT over. ConsolS opened around 9S%,
and wheat started up just in proportion to
the financial decline. The sensitiveneSs of
the grain markets at present, TO all sorts of
foreign influences, is both surprising and
perplexing, as neither side knows what a
aay or an hour may bring forth, As rule,
however. prices move downward very
slowly. but 90 up like rocket at the least
nducement. The bulls are growing holder
and more confident, and the bears. hang ON
to their theories with grim and stern te-
nacity. The drop in conSols made the curb
very strong. and frightened the shorts
amazingly. The tape, of course, showed,
too, that there had been
VERY SHARP RALLY,
for at $50 o'clock, London time, consolS
were back up again to 991s. But the shorts
were too badly scared to recover altogether.
so that at $50 o'clock. when the market
started, June wheat opened at S95sc, nearly
a cent over last night, and advanced in
few trades to 9054e, so that at this moment
it did stand a full cent above last nights
close. The highest point, 9014 C, was touched
early in the morning session; but many OF
the big holders commenced unloading at
the advance and the market declined, clos
ing tonight at soc. July wheat was not
quite as much affected as June, but it
opened at gee As the trading progressed
some large operators appeared as big sellers,
notably Jones and Clifford. The highest
point touched was 9214c, but the close this
afternoon was &c lower at 927Sc, an even
cent higher than last nights close. August
closed cent higher at 941sc. The st.
Louis crowd. alleged to be long" on wheat
up to their eyebrows, are making desperate
attempts to hold up their own and our mar
ket. but the success they meet with is be-
coming Indifferent. They have
THREsHED THEIR STRAW,
so that after that about the only thing left
is chaff kilograms ''by the yard;' come i'll
daily. each days making the showing worse,
throughout Kansas and Missouri,
than it was the day before. Local judges
say that even allowing ~ crop damage of
SO K to 80 per cent. in winter wheat. in the
districts mentioned. it is improbable, in the
light of 13, 000 900 bushels of wheat in
store here. that we will have to eat our
strawberry Shortcake without the shortcake
part Of it for the want of -four to make it
out of. The longest heads on change are
inclined to think that until something very
discouraging is heard from the other Kinter
wheat states, which are largely in tn ma
jority, capital will continue to carry the
wheat so long as there is any speculation in
it. The sale OF seats in the call room set
for to-day has been postponed until June 4.
When the announcement was made they
we're facetiously offered at four for $500.
This shows about how badly they are
wanted.
There was a little bull move at Milwaukee
to-day. That market, which has been 1 119c
under Chicago, moved up to-day, so that
Milwaukee was but a shade under Chicago.
McGeoch is said to have bought in thee ream
city, and the advance there is
CREDITED TO HIM.
There was just as lively time in the
corn pit. The drop in consols had less to
do with this pit, however, than with the
bigger one. The May option of corn was
worked up to 4915c. by Ed Bangs standing
in and bidding for an occasional lot. The
philosophical fellows, who were short on
corn and who had plenty of arguments to
show that Lester would never corner May,
still have their arguments, but are getting
decidedly nervous and are by no means as
philosophical as they were fortnight ago.
June corn. got up to 4S12c and July to
about 4814c.
There's no corner in corn, y said Charley
Morse ''but the trade in it is small and the
receipts large. These keep up the prices.
Whatever is sold nowadays is sold by re-
ceivers, and about all that is bought is
bought by shippers Because of the small
trade the price bulls very easily. There is
Just enough talk of corner to keep out
short sellers l don't believe that there is
any short interest to amount to anything"
LESTER WAS THE PRINCIPAL OPERATOR,
and was noticeable for his free purchases of
July and sales of June at &c premium.
The close tonight is about re higher all
round than yesterday, and 15@Hc lower
than the top figures of the day. quoting
May at 4916c, June and July 4811sc, Au-
gust 4SH.
Oats were dull and in the early part OF
the session prices ruled shade higher than
at the close yesterday, owing to the hard
ening i'll values of wheat and corn, but at
the adjournment of change the advance
was lost The favorite future, which is
June, kept within a rangeof re and closed
at the lowest figure of the day, 34ssc. July
closed at 3414c, August 29Ac, Septem-
Der 2S15c.
Provisions do not show a marked adj
vance of any feature and are as dull as pos
sible, with practically nothing doing by
either factor or Spectator. The minimum
fluctuations of &c shows about the range
throughout the whole list. On the call
June ribs sold at S5.70, June pork at Sill. Is
oil. 1719, and year pork at 5000. This
morning dealers sat around the edge Of the
pit, chaffed their neighbors, told stories and
In fact did everything but trade. The
slight improvement in prices is due to the
rise in cereals and not to the activity of the
traders.
At the stock yards the receipts of cattle
were heavy and prices 1O(@15c lower, the
decline covering all the beef classes. Re-
ceipts of hogs heavy and prices 5@10c
lower. Sheep in light supply and prices
steady.
THUNDERSTORM CO.,
Chicago and Milwaukee Grain and
Provision
Commission Merchants.