St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-05-18
The Cereal Goes Down Cent IN the
Face of Heavy Selling by
Oudahy.
10 Attempt Made by the Clique to Main
tain Prices Bulling Hazardous and
Out of Vogue.
Chicago Markets Lifeless and Fr1ces
Generally Sick, Wheat Closing
Half u Cent OF.
Large Engagements for the export
of Wheat Fail to Stop the Gem
eral Desire to Sell.
Chicago Grain and Provisions.

CHICAGO, May 17.-John L. Testers
corn operations overshadow everything
else in speculative way. Annoying 1t
certainly is that trifing advance OF cent
a bushel on corn, and that too an advance
from so low q figure as SIC, should cause
commotion. 1t is not any eXaggeraton 10
say that the bulling of this very moderate
priced grain has caused more talk, ana
actually started more admiration, than many
an advance engineered heretofore of sc
bushel. The explanation is that bulllng Is
so out of vogue at Chicago ana
so hazardous that even very small
success is notable. There have been these
aids to the corn manipulatorS, weather
favorable for the Lester clique and bad for
the corn, small receipts. and shipments
that have been large. There was only a
little over 5. 900, 600 bushels of corn i'll store
here at the beginning of the month. The
shipments for the week were 1,SO0, 600
bushels larger than the receipts. That tho
situation in corn is really strong is shown
by the advance of all the options apace, the
advance at other points, and even the I'M
provement in the cables. The exports at
New York last week were 400, 900 bushels
III excess of the receipts there. The UNI
seaSonably cold and damp weather acts
DoUBLY FOR THE.BULLs.
1t makes shipments east from here safe at
4 time when they usually are perilous. and
it endangerS the seed in the ground. There
has been enough rain to make all the com
arriving or en- route grade bad. just now
not above Is per cent of the extraordinary
small receipts go No. ?. 1t is not likely
that Lester will push his corn deal very far
or very hard. Nothing like a squeeze was
ever attempted by him, not for good many
years. But 40 cents for the July option is
not an unlikely figure if the weather and the
other conditions hold out as they have been.
To-dayCudahy'S weight was too much for the
Lester party. Cudahy began selling corn
at 3Sc Saturday, and continued the sales
this morning. Rather than make a fight so
early in the campaign, Lester brokers made
no attempt TO bolster up the price. The
market ran off &c. The fine weather
helped the raid, as rain and cold is just
what will keep up shipments. Vessel men
claim that room for 1000, 600 bushels of
corn has already been engaged, and will be
filled as soon as the boats arrive. CudahyS
selling brought out a lot of other sellers,
big and little. Corn kept strong at New
York, but went to pieces badly here. July
sold down to SIC. Prices of all commOdi-
ties were
SlCh IO-DA1,
made so by an easy and comparatively life
less market. Easy because values were on
the down rather than the up turn, and life
less because news arising either locally or
outside of tenor TO affect the market, was
very scarce. Estimates on the visible were
about the same as were made up the latter
part of the week. King 81 Co. of Toledo
wired Carr that Buffalo had shipped out
100000 by rail during the past week.
which might make decrease of about
1000, 900 bushels this week, but the wheat
would reappear soon, at some Seaboard
point. The generally-accepted figures
ranged from 100000 to 100000
bushels. but from them, large as they
were, the market drew little or no strength.
Trade opened with June at nc, subStan-
TALLY the same as it closed Saturday. For
an hour it moved slowly and steadily down
ward until 1919 had been reached. During
this time some representative houses were
selling. The list included Nat Jones and
his immediate following. Ben Stauffer,
Hatch, and it was said. long list of New
Workers. No quotable recoveries were
made, the latter end of the morning being
draggy, and unintereSting. A little sold
at 7615c. but it sank again to 761sc, and
FLUCTUATED CLOSELY AROUND THAT,
all the while tending downward. Heavy
selling Oh local and outside account ran the
price down to 7534@75Tc after 1890.
The close was very sick. Private cables
quoted wheat inactive, present supplies
large and future demand small. Weather
favoTs the coming crop. New York tele-
grams claimed that the weather was too
fair to admit of improvement even if they
have fair export inquiry. Primary markets
were sick, st. Louis being especially
groggy. Oats were quiet and closed at the
inside figures of the day, showing drop of
&c. May sold at 2S3sc, down to
and closed at 2Sc. June sold at 2S36c
early, and at 2Sc at the close. July closed
at 272sc. Rye sold to moderate extent to
supply the wants of shippers and local con-
sumers, and samples of No. 2 changed
hands at $4,000 on track and f. O. b.
Futures of No. 2 were neglected and NOM
inal at 60c for May and Gle for June. Bar
ley rules quiet but light; receipts kept prices
steady. The range for samples on track
was 5S@60c, according to quality. Pro-
visions ruled quiet all through the session,
but prices were steady and without quota
bic change. The demand, however, was
for shipment
AS WELL AS SPECULATIVE PURPOSES.
Mess pork for June opened at S. so, sold
down to SS.7215 and finally closed at IS. 80.
July closed at $500. Lard for June sold
at ,S5.95@6, and closed at So. July
closed at S6.O5. Short ribs for June opened
at $685. and closed at S5.3715. On the
afternoon board wheat was weaker with
free offerings, which offset the reported
taking of Is to 81 boat loads for export in
New York. Prices declined 4@%c, but
only closed trihe lower than at l o'clock.
Corn was easier. Provisions steady.
CHATTER.
puts on June W heat sold this afternoon at
75Zc, ''ca,ls'' on June wheat sold at 7614c.
PETER BERKEy, Pres. r. w. ANDERSON, Cashier
Nv. GRIGGS, Wires. a. c. ANDERSON, Asst. C.
THE ST. PAUL NATIONAL BANK,
CAPITAL. GhO0 600