St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-06-22
IN FOR A BULL SCALP.
L4t - O4V IL - ~ 41-AA ~ ~ @A-A-
G. A. Pillsbury, Ream, Jones and John
Oudahy Said to Have Joined
Hands.
Men Who Have Bucked Each Other for
Months Now on the Same Side
Of Wheat.
The Cereal Goes UP Little on the
Chicago Board, but Declines
Before the Close.
Rate War Scares and Sales of Long
Stocks Send the Granger Shares
Down in Wall Street.
Chicago Grain and Provisions.


Special to the Globe.
CHICAGO. June 21.-July wheat sold
above 74c, and August above 76c to-day.
The main bull argument was the cable
which said that American wheat was tend
ing upwards. August sold to 1850. Within
thirty minutes after the opening, the mar
ket looked toppy, and the local crowd
turned sellers. The signal service report
showed rain over the harvesting district.
Wheat for August had dropped to 75c,
mainly ON the realizing by the clique. which
had done its buying III the nelghDorhood OF
73c. The weakness, however, was partly
on the prediction that the visible supply
would show decrease of only 10000
bushels Secretary Stones official figures
helped the feeling slightly. There was al
most immediately rally of 19c but it was
not held, showing how little statistics count
with the spectators. Neither the corn nor
the oat crowd numbered over half
dozen, except at odd times
during the day. Prices in both grains
were very steady and slow The demand
for ribs was particularly brisk to-day from
local sources, and the market strong. Pork
was also improved in tone and price, but
lard was very dull and entirely nominal.
There are the best reasons for believing that
c. A. Pilsbury, the miller, Ream, Jones
and Cudahy are on the bull side OF wheat
again, with the intention, however, OF
making short, quick scalp. The market
has advanced , cents already, This may
be all they want. Anybody who relies
upon these operators, after their last
months experience. attempting any sus-
tanned bull campaign, will suffer as badly
as the .tailerS'' did on that other widely
advertised occasion. 1t is a little remark
able that these men should be in the same
clique They have been on different sides
of the market with varying success. From
81 down to under 80 cents the miller was
the leading bear in wheat. That was when
Nat Jones was with George Eldridge, and
was leading forlorn hope on the bull side
of wheat 1t was on the short side of the
market that
THE MINNEAPOLIS CROWD
gained a great reputation as wheat traders.
This was because, mainly, they were On the
right side, but OIL the short side too, there
were no differences at Minneapolis. The
Washburns were with the crowd. When
the millers' crowd took the other side they
lost the reputation they had made. Ream
and Cudahy were sellers and Jones had
gladly taken the chance to join them. 1t
was Minneapolis against Chicago for mat
ter of three months then, with the luck all
changed. Before the campaign was finished
the Northwestern men had lost their pres
tige, all of them had lost a good deal Of
money. and most of them had lost all they
bad. The speculative contest be-
tween these two crowds resulted
in all sorts of complications. There was
among other things serious split at Min
neapolis, one-half charging the other half
with selling out. Here now are the millers
striking hands with their old opponents.
''It is not true that Mr.. G. A. Pillsbury is
bulling wheat" said Frank johnson of
Rosenfeld & Co. this morning. He did
not buy wheat Saturday, as stated by the
newspapers, and was not on 'change Satur-
day at all. He is OH his way to New York
in the interest of his milling bust
ness, and has not even taken flyer in
wheat. If he had [ should have known it.
Mr.. Pillsbury feels friendly to wheat, and
that is the full extent of his interest in it
now" Wheat was weaker on the after
noon board and closed 14@15c lower. Corn
weaker and declined sc. Provisions
steady.
PETER BERKEY, Pres. +. W. ANDERSON, Cashier
THE ST. PAUL NATIONAL BANK,
CAPITAL. 100000.