St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-16
THE BEARS ON TOP.
Higher Consols and Less Warlike
Gables Have a Lowering Eff
feet on the Markets.
Wheat Takes a Considerable Tumble and
No One Can Possibly be Found
Who Ever Predicted War.
steady--Bears Have the Best Of
IT on the Stock Exchange.
Chicago.
Special to the Globe.

this morning. 1t was bowling mob and
was composed of bears. Fifteen minutes
before the opening it had been decided that
there would be no war, at least to-day, and
everybody went prepared to jump ON the
market Nothing could withstand the on
slaught and wheat was the favOrite point OF
attack, the May option opening on 2Sc,
with everybody wanting to sell. FORK TOOK
a corresponding tumble and S5c was re-
corded on the first drop, the old-time fig-
ures of S11 90@11.9 appearing on the Dul-
letins. At SS@Ss1Sc for the May wheat
option there was slight recovery and June
at 911lc showed considerable hrmness
Corn was less affected than the other cereal
and a auotable decline of only nc was
noted in the first thirty minutes. For an
hour and half the condition of affairs
continued, when it became evident that
support of most substantial character was
lust below and that the bottom was not 60
ing to be permitted to drop out. Bears
who had every appearance of hydrophoblc
tendencies short time before became
transformed into mild mannered bulls, with
a desire to pick up anything that might be
floating around at bottom figures. mat
some heavy operators, notably Jack Cud-
ahy, Nat Jones, John T. Lester and Norm
Reame, helped to
STEM THE TIDE
was beyond question. but the chief strength
was derived from the outside. Having I'M
loaded the country Spectator was ready to
catch I'D again, and orders to buy
at every slump kept the wires hot.
The result was that there was
nothing in the shape of genuine, old-fash-
toned slump after the first break, yet pur-
chases were made at every variation. The
standard figure was sec for May wheat and
at that price the unfailing resort of humble
bees was brought into requisition. They
buzzed about and circulated the report that
Armour was purchaser, but it did not
have any effect, as his regular brokers APP
peared to be doing all the regular volume OF
business, and little reliance was placed on
the rumor More firmness was impaired by
crop reports from Missouri, Kansas and
Southern Illinois, indicating that the recent
cold snap had effectually killed winter
wheat that was inclined to show
evidence of growth. what or who
is under?" was asked of George j. Brine
by reporter. 1.-THE strength left over and
a nervous, excitable feeling that is bound
to last as long as European matters are UNI
settled. There are no particularly heavy
operators, though everyone is taking
hand, and for time consols will continue
to rule. The spectators generally are in
favor of quick, sharp trading, win or
lose" 81 attribute the pickup rally, or
whatever you may call 1t entirely to little
dispatch that was not noted until II
O'clock" said bear who
HAD EARLY VISIONS
Of zoe wheat. at was from Troy,
N. Y, and stated that a local
firm had contract from the Russian gov
eminent for 25, 900 suits of underwear. 1t
didn't state whether the raiment was to be
worn by the COssacls in Afghanistan OF the
car and his immediate family, but 1t was
regarded as war news and was sufficient to
give things boost. l really believe the
bulls think every barbarian over there Is
going to carry a bushel of wheat in his
knapsack, one of Phil Armour's hams
strung on each hip, and that his horse will
eat peck of American corn between
HIS REGULAR MEALS
of three pecks of American oats" The
narrow margin between May and June
corn leads to the conclusion
that quiet, but very extensive
corner is being manipulated in the
former option, and Lester is given the credit
for being leader in the deal. 1t is still
al
is thought to be good for soc on its merits,
higher consols being reported. This was
taken as confirmation of peace news, and
June wheat opened at 9116c, but declined
quickly to coke. From this a sharp re-
action took place, June selling up to 81 &c,
but consols coming in still higher, the clos
ing in still higher, the closing price being
% 1880. The market sold down again TO
Ole, recovered partially and closed at 81 nc,
for just the opening price. April closed &c
lower, at S43sc; May at S9Bc, June at
81 &c, and July at 93%c. Should
THE PEACEFUL INDICATIONS
of this morning be followed by confrma-
tory news further decline Is newt
able, as most of the recent strength
and Improvement has been based upon
the possibility of war. On the other hand,
any recurrence of war news will produce
renewed excitement and advance. So the
situation is yet practically unchanged, be-
ing as for many days past, entirely DEEPEN
dent upon the varying character of European
news. Fluctuations in corn followed the
range of those In wheat, business being al
most wholly speculative and based upon the
character of the war news. There is no
feature of Importance noticeable, values for
the present being dependent upon phases
presented by the European situation. These
are regarded as being more nearly reflected
by the quotations for British cOnsols than by
RUMoRs CONSTANTLY AFLoAT,
and strength or weakness here depends
upon the direction in which they move.
There was liberal selling for May delivery
early on stop orders, and later some buying,
but the prevailing tone was weak, and clos
ing prices are about 1c below those of yes
terday. June, which is the favorite option,
opened sc, sold off to Are, up to 4SAc,
back to 47ssc, closing at that figure. April
closed 1c below the opening at 4SHc, May
&c lower at 471Sc, and July Xc lower, at
4skc. Oats were influenced by the same
causes as affected other grain. There We're
liberal offerings by recent buyers, and
UNDER INCREASED PRESSURE
b sell this afternoon the close was weak at
1Ac below that Of yesterday, quotably
S4slc for May, S5Ac for June and
July, Sic August. Provisions opened with
very panicky feeling. Mess pork
was offered without takers until decline
of CSC below the close of yesterday was es-
tablished. Round lets were pressed for sale
on stop orders, and the utmost confusion
prevailed for some time after the opening.
When the market ste2died there was slight
rally, but the tone all day has been weak
The close this afternoon shows decline of
4oc on mess pork, 71Sc on Lard, and about
IKE on ribs. The decline on lard was less
marked, the recent advance in this article
having been only moderate as compared
with other product. Other receipts Of hogs
SHOW LIBERAL INCREASE
for the past few days, which added to the
weakness resulting from the withdrawal OF
the speculative demand upon the receipt Of
more peaceful European news. Pork closed
NJ sll.9siI for April and May. sis.osX
for juno. $is.lsk for July. Lard, Sos
for April and May. ST.oaI for June,
G. 1alI for Inlr Short rihs G nnr< g