St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-27
War News Causes Great Activity
Among Operators and Sharp
Advance Recorded.
A Frantic Effort to Force Down Prices
Knocked Out Early in
the Day.
Wheat and Corn Close Active, Nervous and
Higher, and Provisions Strong
and-Higher
st. Paal the Leading Stock on the Exchange,
and 0.her Securities
Strong.
Chicago.
Special to the Globe

CHICAGO. March 26.-"This was one OF
the best gambling days we've had for long
long time,'' said heavy operator on 'change
to-day. 'If fellow only watched his points
cleverly he could make money, no matter
which side of the market he was on" The
neavy traders saw the point and jumped into
the wheat pit. The way they whip-sawed the
crowd was bad and they had things all their
own way. The principal feature was war
It resounded from all parts of the hall and
building and as one of the boys remarked at
the close of the morning session, I'VE are
now knee-deepin gore" Even before there
was a chance to cavort into the pit the bulls
were inclined to be
RAMPANT AND SHIFTED Blood
in every breeze borne from the East. They
wanted to see everything painted red, and
even the whites of their eyes took on SAN
culinary tint. The report that preparations
were being made to blockade the Russian
ports in the Black Sea caused one excited in
dividual to declare that wheat would go up
five points on that alone. His judgment was
off. though strength was impaired, and on
the jump an advance of nc over May wheat
was scored. The discovery was soon made,
however, that the purchases were being made
on orders of outside lambs, and the advance
could not be sustained.
BREAK QUICKLY FOLLOWED,
everybody wanted to sell. May wheat
dropped from S214c to S05Sc almost without
rally OF a stop. This left the wheat pit
pretty well evened up. There was probably
this morning one great short out, but be is so
rich and so clever that he is not easily SIAM
pcdcd The crowd was even on the market
Everybody appeared firmly convinced that it
was to be a good bull day. But market
that has no shortage is never easily bulled,
and 50 when May wheat started at sac, and
few traders tried TO realize, there was, in
stead of very strong, a decidedly stumpy
feeling. This was why the May option went
down SO fast and so straight. Then the
New Workers. who were getting the news a
little in advance of Chicago,
JUMPED IN AND BOUGHT.
II don't Think said commission man,
Harvey, that there were two trades between
SO%c and size" The advance from that
on was rapid. Henry Clews rushed along
dispatch to the effect that one exporter at
New York had bought, on his private cables,
40U, 600 bushels of wheat
THE ROUTINE REPORT.
The speculative market was nervous, ex-
cited and unsettled. May wheat opened at
82Ac, broke TO S014c, and bobbed about
lively from S0%cto size, advancing sharply
on war rumors, and closed March 7735c,
April 7755c, May S23sc, June S435c. We
have seldom had a market in which
changes were more sudden and unexpected.
War news is at last ''definite,"
a thing for which the bears have been crying
for the past fortnight, and it is generally ad-
mitted tonight that the short side of the
market is not pleasant side at present. The
transactions were very heavy but of purely
speculative nature and the market was per-
sistently scalped all the morning. Nat Jones
was particularly active, buying largely at the
start, sold out at the break, and took in lot
of the cereal when the upward turn came.
Armour filed an order for $50, 900 bushels of
wheat to-day for direct export to England,
and engaged vessels to float 1t. He also sold
LOCO, 900 bushels of cash wheat to be re-
moved from the elevators by April l.
CORN sYMPATHIZED WITH WHEAT,
and under the stimulating war news was
nervous, but averaged higher. Trading was
on a larger scale and chiefly in MAY and
June, which fuctuated within a 24@%c
range. Some of yesterdays buyers were
free sellers on the first break but sudden
reaction caused them to purchase at higher
prices. May opened at 425sc and after fire.
quent fluctuations between 41TG4294c,
closed with 421Ic bid, June shade over
May at 422lc and July closed firm at 4224c.
OATS WERE MODERATELY ACTIVE
but easier and closed n trihe lower than
81 hours ago. March and April nominal,
Mas sold at 81 3sG031&[c and closed at 81 &c.
Other futures were not in request but lin
tied trade was reported. March closed
2S1sc, April 2S1Sc. June 3l2<c.
PROVISIONS OPENED HIGHER,
but dropped off under free offerings when
wheat declined and again improved when
wheat subsequently advanced. The feeling
was governed wholly by that in grain and
the market advanced or receded in sympathy
with the fluctuations in that article. Lard
aud ribs show n moderate improvement
also. The close was fairly steady
for all products. There was good
deal of trading of speculative
character done In New York Nat Jones also
paid his respects to the provision pit. He
sold considerable Of the stuff from S12:20
down to Sl2.l0, and on the decline bought
II all back tn SIP. Kirkwood and George
Baldwin were also prominent They kept
offering stufrs all day, but did not seem to
part with very much of it. The Nav option,
which closed at Sl2. 10 last night, opened up
nj 1920, sold up to $12.22}S, dropped by
fits aud starts to S1l.971S, and finally closed
at l O'Clock at Sl2.l5 While Nav pork is
still the favorite option, the crowd are com
mencing TO pay considerable attention to
June pork. II ranges from 10c to l5c higher
than May per barrel. On the afternoon
board May pork sold up to Sl2 30, closing at
that figure. March closed at Sl2.l7l5, April
Sl2.20, and June $l2.40. Lard closed u
shade higher all around at s6.S5 March,
S6.S7& April, 1896 May and sT.02H June.
Short ribs were in fair request, closing at
SCOTS March, and S617I4 May.
AT THE STOCK YARDS
the receipts of cattle were rather light, and
this, with fairly active demand had the
effect of materially advancing prices on the
average Of shipping and dressed beef stock.
Receipts OF hogs were fair. with active demand
from packers aud shippers prices were adj
vauced to l0c. Sheep in good demand,
and prices steady.