St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-30
And Owing to the Absence of War
News a Season of Scalping
Prevails.
No One is Short, Bull News is Scarce and
the Markets Suffer General
Decline.
stock Bulls Have MIXED Small Traders Dry
Lower Dividends on Northwest
ern Predicted.
Chicago.
special to the Globe,

this wheat. With war prospects apparent.
more encouraging than they had been at an
time since the attitude of England and Russli
toward each other, which was first used as
pretext to bull wheat, the price OF that article
could not be put single point above thu
figure at which the market opened. Nigh
before last June wheat closed at S455c. Yes
terday that option opened at S412c, and, IL
spite of all the bulling done on the strength
of war rumors, the close was weak at S4H c
The bulls have to acknowledge that the wa
feature and their manipulation and manage
ment of it
HAS PROVED AN EMPHATIC FAILURE,
and there are some very good reasons why
it has done so. AS stated yesterday by ar
operator who has large interests at stake
''There is too much wheat and too few
shorts" The long deferred and long antici
pated clash of arms between two great Euro
pean powers has sapped the short side of the
market of all its strength. The staunches
bears, while believing in their hearts tina
they were right, could not wholly shut thei
eyes and ears to possibility of the grea
risks attending their favorite method o.
trading, and so gradually grew out of tht
deal until now they are idle, their influence
is wanting, and heavy market has nothing
to depend upon but slow and unsatisfactory
constructive demand. It is much com
mented about 'change that ordinarily the
kind of backing bulls now have in the shape
of war reports should put the prices Of whea
EASILY TO 80 CENTS.
A popular broker. a day or two ago
counted on his fingers the big bears whom
orlya of ua
counted them all. Nobody can be forced t;
buy wheat unless they are short. Nobody is
short People don't invest IN an article IN
less they are pretty sure the price of tha
article is going to advance. Out of hun
bred persons who dabble in wheat future:
perhaps half a dozen have tolerably cleal
ideas as to the effect Of war in another country
upon the prices of produce in this. 1t i:
plainly observable at the present time thai
out of this possible 6 per cent. of clear.
headed spectators the number who are pre-
pared to invest in wheat,
BECAUSE 1T IS CHEAP,
because it looks like war, or for any othel
reason, are too few to perceptibly advance
prices. The shipping trade has improved
until there is occasionally day when export:
from New York are larger than receipts there
This is having the effect of slowly diminish
ing the visible supply, but that decrease is sc
slow as to make an unprecedented surplu:
seem inevitable. Very little is now heard
about injury to crops, in fact the crop scare
is rather more of failure than the war eX-
element. To sum up the situation from {
speculative standpoint those traders whC
consider it beneath their dignity to scalp thu
market are doing little but look on.
TIE sCALPERs ARE RUNNING THE MACHINE
and all that varies the monotony o
their purchases at the opening anC
sales at the close, or purchases at the clost
and sales at the opening, is the periodical
cleaning out OF some trader from the rura
districts who had pinned his faith too closely
10 war and its results. To-day In an entir,
absence of news that was liable to break on
in few minutes, the opening was weak anC
from the start it was simply traders day
In the now unsettled condition OF affairs, nc
one appears inclined to carry much OF bur
den over Sunday, lest it might interfere will
The proper observance of the day, and thu
early fluctuations were solely in the interes
OF the scapers. A determined effort wa
made by Nat Jones, Ream, the Eldridge
and other traders of large calber
TO BREAK WHEAT DOWN TO-DAY,
but only with partial success. Early consol
came in lower, but the 81. ngth impaired BY
this cause was only slight. The closing IL
May was S214 c and was Il C above the open
ing and at the highest point of the session
The rccoveres all through the day were more
rapid aud sharper than the declines. Wa
talk was as general as ever, but the idei
seems to have settled over the local traders
that there is no war and but scant prospect,
-.s.t
more liberal orders much to the encourage
meDt of long-neglected commission men
The close was as follows: March 771%c
April 1850, May S24c, June SAGE. TIL,
week has developed no change OF any mo
ment in the condition of the
CORN AND PROVISION TRADE.
Prices of these articles have followed
pretty closely the lead of wheat, though corn
exports of which have on several day
double discounted the receipts, has showI
more real frmness than any other article il
the speculative list. Owing to wider rang
OF fluctuations than obtained last week, tn
pit has contained, on au average, a bette
representation OF the speculative crowd, an,
the official reporter there has had con slider
ably less time in which to dangle his legs II
idle meditation, but some dearth Of large O.
Cables were quiet and steady, and prices I'm
changed. The market opened quiet anu
shade easier, May corn selling at 42Ssc ant
declined steadily to 41Sc. Here a rail-
was
MADE IN SYMPATHY
with the advance in wheat to Acc, bu
stumped back again to 4lSc under heav,
selling, recovering later, and closing a
Al INT
That the cause OF to-day's weakness was tn
unloading of large line of long corn hel,
by trader who got tired of his load. How
ever that may be, the market closed but
little lower than Yesterday and the impress
sion prevails that corn has merits aud cal
get along without artificial support Closiul
prices were: 3TSc, March and April; Axe
May, and 4sssc, June. None OF the trader
Of prominence
NOTICED OATS TO-DAY,
and the market was exceedingly quiet. Tn
market was quiet and triae easier, Will
sales OF No. . for May at S19s@SljSc, closiu!
at Sl%c. Sales for April were at 27JS62Sc
closing at csc. After remaining 8 who'll
week where the coup OF Nat Jones and Jacl
Cudahy put them, prices Of
PROVISIONS sTIFFESKp Up
HtIe leseSIuSys Nay PoEA touching SlS.4V
and May lard advancing within one point o
g.. This was due principally TO active bid
ding BY Councilman. Altogether. however
he provision trade is so nearly lifeless thai
few spectators trouble themselves to in
quire into It. To-day, however, prices fel
pff, aud the market was duh with local spec
llators the only traders. Prices dropped
until the close when there was slight rally.
Closing prices, however. show 4 decline on
igures current OF tweuty-four hours ago .
I0e on mess pork, 2isc on lard aud sc or
short rib sides. Mess pork for May deliver,
opened al SASS, aud ranged from 81. %
Gi2.S5, closing at sls.s7H. Lard for Ma.