St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-26
Rumors of Wars Cause a Strong Bull
Movement That Holds Through
out the Day.
Wheat, Corn, and Even the Sluggish
Oats Feel the Effects of the
Forceful Boom.
Provisions Active and Higher, Closing Sew
eral Points Above the Latest Fig
ures of Yesterday.
Interest on the Stock Exchange Centering on
ST. Paul and its Coming Dividend
-Lackawanna Retired.
Chicago.
special to the Globe.


active and excited on the strength OF de
cline in consols and war runners, and prices
were on an advancing scale. Corn, oats anu
hog products shared in the advance. When
the board of trade ommission man sat down
to breakfast and over his coffee aud rolls read
the newspapers, he said in his heart: II
must buy wheat.n AS one OF them expressed
It, exaggerating, as is the wont OF the man
about CHANGE The foreign dispatches fairly
trickled with blood.'' Then consols were re-
ported much lower, and to add to the excite
ment about ream of yellow tissue paper
was used in
SPREADING THE WAR NEWS.
1t was great day for the
bulls and they beloved fercely
all the morning. The May option in
wheat, which opened at S0Hc, closed
1Nc higher at the end OF the
morning session, and at one time
sold nc higher than that All large houses
took hand in the deal and were overrun all
day bv orders from New York parties to buy
the stuffs. 1t was in vain for the bears To
pooh-pooh the war news. Their feeble plants
could not be heard.''I think its all fraud, "
said one trader. 'Why, saw the head OF the
house which showed lowest quotations of
consuls rushing into the pit not long after
ward and unloading quantities OF it," But
the price kept up and at the afternoon ses-
sion the option opened at size, with bull
ish feeling still making itsely manifest,
although all the large brokers bought great
deal Of the article. Those who were
particularly active in the pit were Lester,
Walker, Baker and Eldridge. Mccormick
and Kennett are said to have come in later
in the morning session and to have IN
loaded large line of ''long" wheat.
Wheat opened u higher this morning OBJ
decline of Nc in English consols and
strong cable advices The situation Of affairs
between England and Russia was regarded
as warlike, aad shorts were an xious buyers
from the start. Prices advanced sharply I'M
der the heavy purchases, bulls selling freely
to realize profits. The feeling was
VERY NERVOUS AND FLUCTUATIONS RAPID.
Exporters were reported as buying in New
York, aud later private cables quoted an ad-
vance Of sd and Is in London and Liverpool
confirming at the same time the earlier re-
ports on the prospect of a war resulting
from the present complications. Under the
most favorable circumstances the May option
advanced to SIC, and but for free selling the
latest quotations of thesday were 76Mc
March, re April, size May and $500
June There is no doubt but that the market
is largely oversold, and is accordingly sensi-
tive to the slightest influence, which will
account for the extremely nervous feeling at
the close. Northwestern advicas say re-
ceipts from the farmers continue light and
stocks in elevators are decreasing, but it
should not be forgotten that there Is still con-
siderable winter wheat in sight, and that the
stock is still with US, our exports still con-
tinue small, and
THAT WARS ON PAPER
do not create any actual demand for wheat,
whatever the spectators may say or do
There is naturally very great nervousness
displayed when war news of any
kind is received, the paratively
low price Of wheat everywhere rendering
sudden appreciation in the event of actual
war quite probable. The position Of bread
stuffs Is everywhere intrinsicaly weak one,
but speculative strength infused by war, or
apprehension Of II, would of course tend to
advance values, at least temporarily, every
where. Something is certainly needed to do
this, but so far the rumors OF a threatening
character have failed to give permanent
strength aud have proved source of loss
rather than gain to buyers who have operated
upon them.
THE CORN PIT SHOWED
signs of great activity, and great deal of
trading was done in the May option. The same
elements which ruled wheat were what
"buled'' corn. Cables were firm with 4
good demand, Liverpool being I'D higher.
Under the stimulaut of better cables and ex-
cited wheat the market opened strong, but
not active, May corn selling at 4i%c, or sc
over yesterdays closing, and advanced to
42i4c, but sympathizing with the raid on
wheat sold down to 42kc, but rallied later
to 1880, closing at 42&c. Car lots were in
good request fer shipment and prices II TO
&c higher: The excitement in wheat mon
opoIizing most Of attention, corn was COM
paratively quiet, yet 1t showed strength
and firmncss of its own.
Short sellers were in chief buyers in
speculative way. Closing quotations were
March aud April Ss9sc, May 42ssc and June
42&c. Oats continue very quiet,
being barely traded in enough to
make market. Offerings were
light and bids scarce. At the close quota
tons were nominal at 2SLc for March and
Sl&c for May, an advance of C over yes
terday.
PROVISIONS WERE STRONGER
under a slightly improved demand from short
sellers, who were Influenced by war news and
strength In other speculative articles. There
was no excitement manifested, and the tone
OF the market can only be said to be slightly
stronger Provisions have been dull lately,
aud, though the price Of May pork advanced
In sympathy with wheat, nobody seemed to
care to invest very largely in the article.
The market opened quiet aud steady at about
yesterdays latest figures, May opening at
Sll.S5, and under good 'bull'' news from the
stock yards advanced to Sl2. TO- closing at that
figure. The feeling in lard was rather
strong, aud closing prices were near the
highest figures of the day, quoting SO. S2S
for March. and $500 y for May. There was
but limited inquiry for short ribs, and the
volume of business WAS small May opened
at Sc 02lS, aud closed at $6.lO, slight i'm
provemeut on yesterdays latest quotations.
AT THE STOCK YARDS
the receipts Of cattle were again fair. The
fat-eattle trade was rather slow, aud prices
were generally quoted easier, Receipts OF
hogs were liberal for the season, and the
quality nearly equal TO the winter mouths.
Prices were 5@l0e lower during the fore
noon. Sheep is in plentiful supply, and
prices lower.
The Quotations.