St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-20
CALM IN THE PITS.
The Markets Close Higher and Strong
After Day of Comparative
Inactivity.
Gossip About Wall Street--St. Paul
and Northwestern Heavy
and Lower.
Chicago.

Special to the Globe.
CHICAGO, April 1S.-Yesterday there
was peace in the wheat pit and prices were
''off' again. This peace was of course,
only the reflected effulgence of that under
stood to exist between the aspirants to a
permanent occupation of Penjdeh, but it
was still sufficiently mild and benefcent to
diSarm the bulls and reaSSure the shorts. A
temporary relief from the strain and anxiety
of the four preceding days was very accept
able to many, but it cannot but be regarded
as a species of misfortune, since it reminds
the country of the value of the quality
of discretion. The prominent, and to COM
mission men the most gratifying feature
has been the enthusiasm exhibited by the
country trader, who was present in great
numbers and with well-filled pockets. In
this respect the war excitement has done
for the business of speculation in few
weeks what nothing else could have accom-
plished in as many months. Old and eX-
perienced spectators are trying to pluck up
courage to take a solid stand on the short
side, but the country at large, believing in
a ''bulge" as a source of money-making as
it believes in nothing else on earth, does not
try nor care to resist the
TEMPTATION TO BUY.
The prospect of war has turned
them into bona fde investors, and
their desire for war is only
exceeded by the apparent wish of England
for almost anything else. At the close Of
the regular session of the board yesterday
May wheat was quoted at 85Hc. During
the morning sales were made at S4Hc, the
lowest point of the week. On Tuesday
this future sold as high as 925Sc, making
the range in prices 8Ic for four days 1t
is needless to say that this is something few
traders see more than twice in life Jime
and that unaccOmpanied by instances Of
serious financial embarrassment. 1t is not
known that this four days range
of nearly cents has ma
terially injured the credit of a
single trader The extreme instability
of the influences at work, both those OF
strengthening and of weakening character,
was so well understood that people who
could not margin their trades heavily did
not trade at all. Some large losses have
naturally been sustained, but besides prob
ably an equal number of good profits, the
general condition Of the trade has been
greatly benefited by the remarkable activity
which existed during the greater part of last
week, and which
BROKE OUT AFREsH
Oh Monday morning. Nothing could ex-
coed the enthusiasm with which bulls and
bears alike tumbled into the wheat pit at the
opening Monday, and throughout the week.
Whenever news came that England could
not much longer quietly submit to
her humiliation, those scenes were in
Variably re-enacted with added ardOr. tits
noticeable that the crowd On Change, which
confines itself chiefly to wheat futures, is
becoming quite skeptical on the subject OF
war, particularly those who have all along
been looking for an investment. The fact
that several big traders have lately sold
large quantities of wheat that they didn't
possess has added to their distrust OF latest
installmentS of war news, and unless
England ''braces up" inside of week, the
market will undoubtedly lose their support.
Late crop reports of reliable character
indicate that in the majority Of
cases the injury to fields of winter sown
wheat is not nearly as serious as was an
ticipated. There are also indications that,
owing to war excitement, the average of
spring wheat is likely to be considerably
greater than seemed probable two months
ago. all this is having its effect on cool
headed spectators as mentioned above.
Some of them have already taken a firm
stand on the short side, and there are plenty
of others whose convictions are almost
ready to turn the balance in that direction.
During the most active hours of the week
corn has been hardly less popular than
wheat Some large houses have
confined their deals to it almost
exclusively. Lester, in particular, has pur-
chased so freely at times as to win him the
distinction of being the manager Of
A RUMoRED CORNER
in the article though the range of prices
has not been so wide as i'll the case of wheat.
There was little occasion for grumbling on
the part of the scalperS.
The lowest price quoted for May futures
yesterday was 44&c. The high point on
Tuesday was 494c. Immense quantities
of the article are held by local and outside
investors, who appear to think that the
taking of profit, amounting to from 2 to 6
cents a bushel, is not justified by the cir
cumstances of the case. Last week there
was an increase in the visible
supply of corn of considerable
over million bushels. Prospects
appear good for similar increase the pres
enI weak, and with return of peace there
is a chance that some who are now so bull
ish may soon have corn to sell and no one
to buy. lin other articles prices advanced
and declined in sympathy with wheat,
and fair amount of Scalping resulted,
without any unusual feature being devel
oped
Lower consols strengthened the market,
although ii is not probable a man on the
floor had the remotest idea that the quota
tons possessed any warlike significance.
The effect was the same, however, and,
backed by somewhat unexpected shower
of outside buying orders, prices were
RUN UP A SHADE
lively demand for May wheat at Soc, &c
more than yesterdays finish. while the
June option was wanted at SSlc. Corn
was particularly buoyant, and the majority
of those who had been sticking in their
shovels wanted to buy at 471{@474c.
Pork remained steady, but inactive, and
In the first hour no quotable changes were
recorded. In lard the shorts
CONTINUED TO COVER
throughout, but they did SO very cautiously
and their numbers were not sufficient to
crowd prices. As result this was the dull
est Saturday of the year, both sides be-
ing apparently satisfied with the out
come and willing to take re-
spite for the purpose of indulging in
religious reflections on the day set apSTs for
that purpose. The result of their COM
muningS will be made known at Mondays
opening. At - o'clock the pork pit was
entirely deserted, and as most unusual
thing not y single transaction has been
recorded for half an hour. Occasional
yawps arose from the wheat throng, but
they were husky and emitted only by the
scalperS, who were making last effort to
gather in enough TO carry them over Sun
day. Some signs of life were observable
about the corn pit, but the fears of corner
in May caused great tribulation in that
neighborhood. 1t was argued that
the comparative condition of May
and June prices indicated