St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-10
Scenes of the Widest Excitement on
Change Caused by Sensational
War RumOrs,
Grain and Provisions Go Skywafd,
and the Shorts Make a WHO
Rush to Cover.
Wheat Closes Five Cents Higher Than Yes
terday, With the Rest OF the Llst
Close Second.
The Stock Market Slightly Higher Under
Brisk Purchasing-Notes About the
Stock Exchange.
Chicago.

Chicago.
Special to the Globe.
CHICAGO, April 9.-The opportunity the
bulls 'Iong have sought and mourneo De-
cause they found it not was afforded by the
war advices received before the opening.
The report of the collision of the English
Differed Afghan troops with the RUSSIAN ao-
vance was confirmed and the conclusion was
at once jumped at that general war was
now inevitable The effect was instanta-
neous and this because cereals were quoted
216 points lower The market, strengthened
Yesterday bv unfavorable crop reports, was
in = condition TO respond quickly, and from
the tap of the bell at $3.50, the board pre-
scented
SCENE OF EXCITEMENT
never experienced in its history. The open
inc bid on March wheat was S515c, an adj
vance of 2Kc over yesterdays finish,
and in fifteen minutes it had ad-
vanced to SSc. Five cents on
bushel of wheat in less than quarter OF an
hour was too much for the Oldest heads, and
the panic in the bear ranks was beyond de-
scription. There was a wild rush to cover,
and every effort still further advanced the
figure. AS afTording additional strength,
Just at this time orders to buy came pouring
in from the outside, and 1t was evident that
the oranpers understood the condition fully
as well as the knowing ones, who watched
the ticker from morning till night without
cessation The excitement kept
AT FEVER HEAT,
and # was everybody's day. Old-timers,
who had passed through the heat and tur-
moiI Of strife and could afford to look quietly
ON. said that never since the day of the for
NAL declaration Of the Franco-German
war had the scenes been so full of
interest on the board. At that time wheat
advanced total Of lac, but the entire day
was consumed, whereas the morning limit
of SSIIc was reached in half an hour. The
wheat pit was a singing mass OF yelling
ana swelterng humanity, and when the
pressure from within occasionally sloughed
an operator off the rim, he would rush hither
into the provision or cornSquarters and buy
any way. Until II O'Clock, when the limit
had apparently been played, every one with
vocal organs expressed a consuming desire
to purchase everything in sight, but from
that time until ,,the closed prices eased off
slightly. 1t was poor little house and
A MISERABLE TRADER
who did not make a transaction of some des-
cription, and an advance or decline of &c
in five minutes vas enough to afford scope
for all opinions. Without publishing a list
of commission houses in Chicago it would be
impossible to specify who were the heavy
purchasers. Every one had its representa-
ton on the floor, and all bought. The pres
sure of orders from abroad was continuous
and oppressive, and there was no evidence
of weakening. About noon a report was
started that Armour was taking hand in
provisions, and this caused considerable ey-
element among tailers, but it was evidently
without foundation. Some of his regular
brokers were in
THE GENERAL SWIM
and purchased on individual accounts, but
1t was soon observed that they were abso-
lutely impartial, and appeared as ready to
take in corn, or even oats, if
nothing better was handy, as wheat.
Quiet rumors of failures inseparable from
such sudden advance were also circulated,
but there is little danger on that score. For
month past the market has been under the
direct influence of foreign advices and big
as well as little ships have sailed very close
to the shore. 1t is thought the line of shorts
was covered early, though II was not possible
for all to have much harbor. Careful in
quiry, however, failed to discover the locality
or names of any that were in danger of be-
ing waterlogged. During the afternoon
there was renewed strength on official con-
firmation in London of the
TROUBLES IN THE EAST.
The market advanced another
cent, but this was partially lost
and the close was nervous about
SIC above the figures ruling yesterday
afternoon The latest figures posted were
S5%c for April, SS35 for May, 9025c for
June and 9255c for July.
'"There seems to be some basis for these
higher prices" remarked A. NJ. Wright to-
day ''You viii notice that there is an adj
vance in wheat in London. They evidently
believe in the war over there. | should not
be surprised to see higher prices here
Whether the advance will be permanent or
not is another question. There are I'M
doubleday number Of large shorts out yet,
and If they attempt to come in and buy now,
there
WILL Re A BIG ADVANCE
before tomorrow night. There is another
good ground for higher prices and that is
the reports Of damage to the winter wheat
crop. l was talking to gentleman
who watches these things closely, and he
says he never knew year in which bad re-
ports came in SO uniformly. l have dis
patch from st. Louis in answer to one /
sent 1t says: Reports are gloomy enough.
Look for much higher prices eventually
The house sending me this have, up to a
short time ago. been persistent bears"
The market was Of such an exciting ma
ture that the commission houses are protect
ing themselves by
CALLING FOR HEAVIER MARGINS.
They are uncertain what may occur in the
next twcuty-four hours. If tomorrow
mornings dispatches confirm the war news
May wheat, they say, viii 20 to 81 per bushel.
The exports for to-day show au increase of
several boat loads.
The corn pit exhibited symptoms OF its old
time activity, influenced by the war news
and sympathy with wheat. II opened sc
higher than it closed last night, and advanced
&c higher on this advance. Parties who for
the past few days have been buyers sold
freely, and when it got down they bought it
back. The operators, who were heavily in
tercSted in this DEAL were Lester, Baxter,
Fleming II Boydeu, and Robert Warren.
One OF the most noticeable features of the
pit was the
PRESENCE OF JoHU T. LESTER.
II was said that this was the first time he
had come in personally for four
OF five years. He had lost
none Of his old-time activity
The May option opened at 4S}Sc and closed
at 443sC. April closed at 40kc, June at
445sc and July at $3.50. Short sellers were
the most active buyers during the day. The
feeling, as in wheat, was nervous and I'M
settled, with all depending upon the charac-
ter OF the news 10 be received in the imme-
diate future.
OATS wERE STRONG,
active aud higher. Shorts bought freely and
Thorn was rnod deal done In the WY OF