St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-28
Markets Nervous and Lower, the
Wheat Crowd Anxiously Wait
ing for War News.
Wheat Opens One Cent Higher, but I'm
der Free Offerings Declines
Rapidly, Closing Lower.
Corn the Strongest Article on the List-Pro-
visions Close Higher and Steady
Oats Nominal.
Generally Bearish and Very Quiet Feeling IL
Stocks-Standard Oil Company
Backing st. Paul.
Special to the Globe.

CHICAGO, March 27.-There was the WHO
est kind of excitement when the slgnal u
trade was given, and prices OF wheat changed
with such rapidity that it was Impossible 10
know the quotations longer than moment
during the first half hour. The day was as
unsatisfactory for the crowd on Change as
could well be imagined. To buy or not 10
buy was the question. The market was ner-
vous and prices iuctuated in manner 10
make both bulls and bears sick. AT the
opening of the morning session there was
nothing to base the price of May wheat on,
and, although the option opened nominally al
S3c. the cereal sold all around that figure
and kept see-sawing up and down. TWAS cur
rently reported that the crowd on one side OF
the pit was buying at S314c, while the other
was paving SAC for the article. There were
very few outside orders and the 'boys" con-
fined themselves to
SCALPING EACH OTHER,
but even this was very unsatisfactory, as the
price changed momentarily up and down.
War rumors were freely circulated, but
feeling of uncertainty ruled all through the
session.
"Billy'' Linn threw lot Of wheat on the
market early in the day. The transactions
we're not nearly as numerous or as heavy as
those of yesterday. There is feeling OF
disappointment because outsiders have not
caught the war fever to any alarming extent
and that The source of income does. not pan
out as literally as was anticipated 1t is
barely possible it may be necessary
TO spring the crop racket again,
remarked gentleman with bullish tenden-
cics in detected manner.
To show now the market fuctuated during
the morning it may be said that the May OPP
ton, after closing at S255c, opened at S3c,
sold down to size, then up to S2Bc,
touched size, and finally closed at S255c.
But during the afternoon prices fell off,
unuer an absence of
STIMULATING NEWS,
the feeling being easier and closing prices
were about re below the latest prices yester-
day, quotably nc March, nc April, SIC
May, and SAC June. Without doubt the tissue
dispatches ruled the market to-day and OPP
orators are disguised with the uncertainty at
times. George Everingham asserts that lower
markets will result, as wheat on its merits is
for the present forgotten, while war wheat rules
the market. Hamilton Brown on the con-
trary asserts that crop news is the only legit-
innate factory and that prices are bound to go
higher without the aid Of cable news. Bod
man says that wheat ought to go from to
10c on crop news now being received, and is
advising his customers to buy on all breaks.
He is one of the few operators that sticks TO
CROP REPORTS
instead Of war news to advance the market.
But all operators qualify their daily report by
''guesses." and perhaps" and ''ifs." In
other words, If the country Spectator de-
sires 10 invest in an uncertain market, he Is
at liberty to do so, but none OF the operators
will assume any responsibility for his losses.
BY far the strongest article on the list was
corn. This is accounted for ly the fact that
there is paratively a little stock in the
city or in the cribs. The "long" corn Is
mostly held in this city, and those who have
it propose to hold on to it. These 'longs''
can't be shaken out Outside business is in
stock, aud only local scalping business is
being engaged in. At present there Is a
fair spot demand. Cables were frmer with
good demand, and Liverpool &c higher,
but our receipts were larger than expected,
and this with an easier wheat market made
CORN NOT ONLY DULL.
but uninteresting; May opening at 1890,
declining to 429sc, advanced again to
1870 and closed at 42Xc, the whole
range for the day being only
&c per bushel, and closing at just the same
rs last night Cash corn was very firm, the
shipping demand continues good and car
lots were in good demand at about &c higher
than Yesterday. Other options were quiet,
closing 3S95c for March and April, and AZ sc
for June. July was-nominal at 44c.
OATS WERE VERY QUIET
for future delivery and no outside orders
were on the floor The prices opened firm.
but closed easy with the advance of yester-
day lost Sales of May were made at $3.50
3l9lc, opening at the higher and closing at
the lower figure. March closed at Csc, April
at 2S1sc, and June 81 &c
The provision market followed the lead
Of wheat in large degree to-day
Balding, of the firm of McHenry & Baldiug,
who went out of business March |, came into
the pit early in the session and bought lot
of pork to close out old trades One or two
other brokers bought freely and there was a
good deal of short covering, aud this sent the
price up from Sl2.31M at the opening to
$l2.40. Roche was said to have covered a
lot of his shorts, and at this the market eased
Oft 10 Sl2.25, but at the close the Nav option
was quoted at S12.9715. George Baldwin
who yesterday was very bearish, to-day
changed front and bulled the market persist
emily. Throughout the market was nervous
and excited and responded quickly to cables,
everything
CENTERING on EUROPEAN ADvICEs.
The reported surplus In provisions which kept
prices within bounds and prevented anything
rcsemblinga wild boom, but that such a
thing is liable TO take place any minute is
appreciated by all As a result spectators
were more wary, az any certain indication
that threatened troubles were liable TO be
peacefully settled is almost certain to cause
slump. This condition is far from satisfact-
ory to steady traders as the elements of un-
certainty are too strong to suit their couserv-
alive minds, but the quiet trader made the
most of his opportunity and was
CORRESPoNDINGLY HAPPr Or DEPRESSED
as the rapid though slight fluctuations went
for or against him. The largest BUYERS of
the day were Couuselman aud Charley
Brown, the former having unloaded some of
the pork taken in Yesterday. II was said on
good authority that the Armour Packing
company has received an additional order
from the English government for go. 600
pounds Of canned beef, and another pro-
posal for soc, 900 pounds. The latter had to
be refused on account Of the limited time In
which to get stuff out The closing Quota
tons of pork were $le.s5 March, $l2 % &
April, $ls.SIH NAY, Sl2.$7h June. Lard
was quiet, closing point below the opening.
at s6s March, S6.STS April, $6e5 Nav,
$1.0s& June. Short ribs were in fair de-
maud, opening at 5IS9lOc higher, closing
easter and rather weak at S6.la< March.
$6.lfH April, ST. ssif May, IS. s2I1 June.
AT rEE STOCK YARDS
the receipts OF cattle were fsir. demand
active aud prices substantially higher on
nearly al grades. Receipts Of hogs were
moderate, the demand active aud values s
shade stronger. The best sorts OF sheep in