St. Paul daily globe., 1885-03-06
UNEXPECTED FIRMNESS.
The Bears Treated to an Unpleasant
Surprise by Sharp Advance
in Wheat.
Other Grain in Sympathy Develops
Il Considerable Strength, Closing
Steady and Higher.
Provisions Seem to Have Cut Loose From
the influence of Other Markets,
Ruling Dull.
Stocks Open Weak, but Rally, and Close
Firm, With Lackawanna in
the Lead.
Chicago.
Special to the Globe


Special to the Globe
CHICAGO, March 5.-Higher prices all round
were noted on Change to-day. May wheat
closed &c higher than the opening prices,
at S22sc. May corn showed an edvance OF
79c, closing at 41Xc. May oats closed &c
higher at 31&lc. Pork ruled higher
and closed firm at s12.65. Lard was quoted
at 81 for May, and short ribs for the same
month were in good demand at S6.371a.
War rumors were the cause of the advance.
The antics of May wheat still continue to
make the crowd scratch its head and wonder
what will come next. The slightly nervous
tone of the market yesterday was, If anything,
increased during the forenoon session to-day.
This seems to be still due in a
large measure to European war rumors
and the decline in British consols. Added
to this is the fact that the shorts were en-
gagged in the business of covering to large
degree. Large lots were bought yesterday.
It is the opinion of some that the amount Of
wheat on hand in Chicago and Milwaukee is
small. One commission house reported that
the city people who dabble in wheat when
ever they see what they think is good op-
portunity are coming in and inqufring if
this is not good time to take a shy at it.
Inquiries of this sort are also being received
from the country. This made the crowd to :
day feel
INCLINED TO BE BULLIsH,
and bulge in price took place soon after
the opening. Those who have been talking
May wheat at roc looked rather blue when
they saw rise Of 21lc take place.
As usual, however, opinions varied. One
decided bear was certain wheat had had its
bulge when he saw it falling off toward the
close. prominent bull said when
the May option was on the rise:
''Well, the crowd is getting some
sense. They are commencing to real
ize it may 90 10 90c before it stops" which
statement was received with derision by one
or two of those on the other side of the fence.
"Confound such a Market" said a scalper.
"a fellow don't know whether he is going
tomake enough to pay for his weeks board
or not" and then he rushed into the pit
again. A good many stop orders were re-
ceiyed at S1%c and S3c, but these
orders could not be covered at
be had. Among some lots which were
bought at the top of the market was one of
$4,000 bu. by Hepburn at 82Hc. The May
option opened at S01lc, which was &c lower
than the close last night. 1t sank to 8014c,
and then ran up irregularly to S2$5c, but
soon turned again, the drop at the end being
occasioned by the reaction, good deal of
inf oryip haar, orlyo OF md
the close of the morning session was at
$3.50, but on the afternoon board war ru-
mors came in thick and fast and
PRICES AGAIN WENT sKYwARD,
closing at $3.50. There was but little de-
mand for the April option, but that month
closed 1Mc higher at 77Xc. June was
quiet, closing at Sac, a gain of 1%c
over yesterday. Corn was active and
stronger, there being demand for all cash
offerings by shippers and local consumers,
and fairly active movement in the way of
filing by shorts. Prices closed L@5Sc
higher than yesterday. No. 2 for May sold
at 414@42c, with 413sc the opening and
415Sc the closing quotation. Vessel room
was taken for 100000 bu. Speculative
trading was confined to the May option,
other futures being in little demand. March
corn ranged from 3756@38Ac, closing steady
at the highest figure. April opened at 3S &c,
closing &c higher. June ranged 419s@42c,
closing at 41]4c. July attracted but lit
tie attention, though there was some
trading at prices ranging from 42%
@43Ac, closing at the highest figure.
Oats ruled slightly higher in sympathy
with other mat It's, but were very lightly
traded in, though the demand was good and
generally exceeded the offerings. March
opened at 2715c, closing at 27s[c, the highest
price OF the day. May stuff opened at 9O56c,
selling up to 3l24c and closed firm at 81 &c.
Trading was mainly confined to MAY. Only
moderate business was transacted in pro-
visions and the market in general way ex-
hibitcd considerable nervousness Specula-
tive offerings were rather free early, and
prices ruled lower on leading descriptions
Later
FIRNrER FEELING PREVAILED,
and prices rallied to the outside range,
though not fully supported to the
close. The inquiry on shipping ac-
count-both foreign and domestic
continued light, and the few orders received
were generally limited 10 small quantities.
Foreign advices showed no material change
and the domestic markets were comparatively
quiet. Speculative trading ceutered chiefly
in contracts for May and June delivery. The
receipts of the product were moderate and
the shipments larger than for several DAYS
past. Pork attracted considerable specula-
tive attention, and trading was moderate at
an irregular range Of prices. Early in the
day decline of 7IE@l0c was submitted to.
but during the latter part Of the session
more strength was developed aud prices raj
lied l5t9lIHc, aud closed steady at the me
dium figures. The inquiry on shipping ac-
count was light and cash lots
were quotable at S1e.35CGi2. 30.
May pork opened at Sla.59IS,
but toward the close of the day developed
considerable frmness, closing at SIo. IS.
she June option closing l2lSc higher at
H9.95 under active demand and limited
offerings. Lard was unsettled aud early in
The day prices ruled slightly below those of
yesterday, but rallied later aud exhibited an
improvement and considerable strength. At
he close trading was confined mainly 10 Nav.
which opened at $6.95ts, reacted to s6.9eI,
closing at 81. March was weak, opened at
b,SS, and closing at the same figure after
slight auetuatiou. Requests for June were
'ev and far between, the option selling spar
ngIS closing at S5.0fH. Trad
ng was only moderate in the
market for short ribs, cash stuff
'eiling at s6.i5ii@6. 20. May opened steady
At $685., selling OF to $3.50 but during the
afternoon advanced to s6.S7it. closing At
thas -,-sce Dsh.,- r,..ss,... d. -.