St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-12
Exciting Times on Change and Wild
Scenes Enacted in the Wheat
Pit.
After Yesterdays Decline Wheat
Bounds Up Again and is Followed
by Other Cereals.
Provisions, Although Not so Strong as other
Markets, Close Firmer and
Higher.
Strong Close of al Uneventful Week IN wall
Street-A Bull Move
ment.
Chicago.

Special to the Globe
CtuCAGo. April II Within week oper-
ators on 'change have enjoyed opportunities
offered by two speculative extremes. On
Friday last the board of trade, having neg
lected to adjourn cut Of respect to the Gay
Good Fridav), the members showed their
disapproval by transactiag the smallest posi-
BILE amount of business. The scene on the
floor was that of an effective burlesque OF Its
legitimate character and market quotations
were of the slightest possible importance
On Thursday of the present week. at the time
the price of wheat was going up at the rate
of a cent minute, the general excitement
amounted almost to insanity, and the vol
ume of transactions
WAS SIMPLY ENORMOUS.
The report of the conflict between Russian
and Afghan troops loaded the speculative
portion of Chicago's population for
bear long before the opening. AT 9
O'Clock the wheat pit was crowded
to the utmost, and when the bell struck for
opening the first bid on May wheat was 2Ac
above the closing price of the previous day.
The small army of shorts was almost beside
itself with apprehension, and would-be in
vestors were scarcely less voracious. With
one faction it was a case of necessity, and
with the other of cupidty. The combination
was sufficiently powerful to send prices out
of sight for a few minutes. The excitement
was so bewildering that an operator appar-
emily had no means of telling how much
above or below the official quotation his
might be.
IN LESS THAN TWO MINUTES
&c more were added to the price, and May
wheat was quoted at S714c. By this'time
the prevailing war news had been di-
gested by the country contingent, and
orders from that source began pouring in
several times rs fast as they could be filled.
Commission men rushed excitedly about the
hall with their hands full Of kilograms and
their hearts full Of CONSERVATION. Had the
wheat pit been twice its size orders would
still have remained untitled owing to the
density of the crowd of buyers, where wheat
was for sale. Scalpers, intent on making
money somehow on something, divided
theira ttention between various articles on
the speculative list, elbow room in the pit
being the main consideration. In this way
corn oats and pork became remarkably pop
ular, and in each of them
HEAVY TRDDING WAS DONE.
Prices, however, for corn and pork were
contained within comparatively mar
row limits, the former scoring
ian advance of about 1c and the
latter of about 25c for the day. At the close
Of the regular board the price of May wheat
was S835c. The highest point of the days
bulge was SS%c, 524c above the closing figure
of the day before Old operators, who have
participated III the various exciting scenes
which have marked the career.of the board
of trade from its early youth up to the pres
ent, say that the events of the first half hour
of Thursdays session have had no equal.
Similar scenes at the opening Of hostilities
between France and Germany lacked the
intense excitement of those of Thursday
morning. noteworthy feature of the stu
alton was the absence of failures, or even
Tumors Of
IMPENDING FINANCIAL CRASHES.
This is easily explained by the fact that
traders of limited means were not the ones
who were short of wheat. War has so long
been the principal feature of the situation
that the small fry have either resolutely
maintained a strictly neutral position or in
dulged in modest deals on the long side. 1t
was heavy weights who were short and who
have ''paid the fiddler' since Thursday night.
Yesterday the bulls and bears paused to
reflect. Still the market was strong In the
main, though Nav wheat settled down to
661Ic at the close. The country crowd, less
excited and more discreet, was present with
stop orders, and here and there could be
seen local investor who was willing to take
his profit. The bursting of a little bubble in
oats was the advertisement Of the crowd
during the later hours. Mr.. Nat Jones hav-
ing occasion to purchase some 200,0
bushels of that commodity, the price adj
RANGED 41lc.
THE MARKETS TO-DAY.
Without adventurous aid afforded by war
news, the condition of the market is such
That it would have been strong with the close
of the week. The crop reports continue uni
Tormly unfavorable, and no doubt longer
exists that the damage to winter wheat is
heavy and extends over a great stretch of
territory. But while this, of course, enters
Into and affords substantial undercurrent
of strength, the market continues to be
ruled entirely by consols. This morning a
drop of &c from last nights close was
sufficient to jump May wheat to size,
an advance of Sc over yesterdays finish,
and dnring the first hour 1t remained
sRToNG AND ACTIVE
at quotations between that and s7%c. Corn
opened at 453sc aud was great favorite with
outsiders at that figure, and May pork also
kept its percentage. The scenes of yesterday
and Thursday were repeated at opening,
though q somewhat more conservative feel
ing was everywhere observable. The wire
edge of the haze having worn of, very many,
however, crave become quietly impressed with
the idea that conflicts inevitable, and are
buying futures heavily on that supposition
alone. That this feeling is shared elsewhere
aud is very general indeed, is evidenced by
heavy purchasing orders from New York,
Philadelphia and Boston, as we'll as
from the small cities of the west,
hardly one being so poor that
II does not furnish two or more margin spec
ulators. As the day progressed the continued
pressure from the outside proved too strong
for the limited number of sellers, and again
everything went kiting. MAY wheat touched
even soc and the buyers constituted almost
the entire crowd. Lester, Baldwin and Bliss
we're heavy purchasers, and at top prices.
Billy McHenry sold large amount
Reame entered the corn pit and tried uusuc-
ccssfully to buy 1000, 900 bushels May In
$4,000 lots at Acc, 46isc and 41c, while
Lester also bought steadily every bushel he |
could get hold of. John Dupee and Leopold
Bloom were
BULLISH But SHY,
and John Dupee had q lively day on sharp
turns. Nat Jones was not observed 10 take |
hand personally, but il was not regarded as |.
possibility that he was unrepresented in the |
pit. Altogether the days transactions were |
the heaviest OF the year, and the war feeling
was so unanimous that many long lines were
left 10 soak over SUNDAY. The purely spec |
ulatiye interest is regarded as heavier than /
for months, and bit Of news of a pacific |
character between now and MONDAYS open |
ingS would be liable to cause q shaking up. |
Asa Dow, at one time a very rich and heavy I