St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-09
WAR NEWS ON 'CHANGE.
How it has Affected Wheat and Proved
Salvation for the Com
mission Men.
A Dull Day, the Trading Being Mainly
i'll the Way OF Evening
Up Deals.
Wheat Closes Lower, Corn Higher, Oats Low
er and Provisions Higher
and Stronger.
Stock Sharks Still Manipulating the Market
and Busily Engaged in SQueez-
ing the Shorts.
Chicago.
Special to the Globe.

Special to the Globe.
CHICAGO. March 7.-Counting on the
truth Of the adage, ''misery loves company"
an intelligent inspection Of the crowd winch
at this time gathers daily on the floor OF the
open board Of trade would be source OF
much delight to the numerous LAMBS
who have been so ruthlessly and unpitylngiy
shorn Of their leeces in mid-winter. 1hey
would witness stage in the evolution Oh
the scalner that would fill them with Joy,
the green bay tree effulgence of his presence
on 'change last fall replaced by a weak sand
tmid gIimmer. when possibilities in connec-
ton with lightly margined 1000 6ushel
lots, offer solace to the "busteo"
Spectator The open board at
present furnishes more than one, or three,
or half dozen instances Of this kind which
illustrate the inevitable consequences OF
getting in on the wrong side and biting OH
more than you can chew. Yet in spite OF
these wholesome examples hundreds OF
operators are reckless stalking the larger part
Of their capital on the joint possibility OF war
and the resulting advance in the price OF
wheat. Strange as il may seem, small
amount of war news and an equally small
prospect of war in the future, have had more
to do with fluctuations of the present week in
the price of wheat than all the legitimate in
fuences that exist week ago the market
could not stand the pressure OF
many naturally depressing effects, which
the combined efforts Of several Of the
strongest manipulators of the deal
were powerless 10 ward off. Values dimin-
ished steadily until that Of the May option
appeared to have temporarily touched the
bottom at two or three points below 79 cents.
The situation
APPEARED HOPELEsSLY WEAK
at the opening on Monday, and few traders
had the hardihood to promulgate bull theories.
The next day reports of some slight rebuff
sustained by the British troops in the Soudan
frightened the bull prospects instantly, and
the closing prices showed net advance for
the day. Then came rumors that the British
fire was not confined wholly to the pyramids,
and the wheat market instantly responded
by becoming still stronger, while prices
were showed up another notch. At this time,
while trading was on the bull side, honest
opinions as TO the actual status Of the wheat
question held by such traders, were not
whit changed from those maintained when
the price was at its lowest.
without war and all this talk of war" re-
marked a careful compiler of wheat statistic
''May wheat would stand good show of sell
ing at 75c. With war / would not be sur
prised to see the price go to S1.25."
-.
salvation of the commission men. Despite
the fact that the professional short seller is
generally the most successful of all
spectators, there is nothing like
evidences Of "bulge'' to catch
the multitude. The little rupture of the last
few days has brought in many orders to buy,
every one Of which brought commission to
the broker Some of the time the pit has
presented very animated scene, and alto
gether for the good he has done the local
crowd tae war-rumor manufacturer may be
deserving Of gratitude There was little
news on the board of trade to-day, while
operators, as general thing, were content
to let the market run along in its
REGULAR SATURDAY GROOVE.
As usual at the last day of the week few
new trades of any noteworthy size are en-
tered into, while the bulk Of activity came
from closing deals in preference 70
carrying them over Sunday. Nat
Jones, however, did considerable
trading, being alternately on either side of
the market. Billy Linn was probably the most
active seller. War kilograms were in the
hut I ~ "a,
tcrdav much less stock has been taken In
alleged foreign advices of a financial or
other character with which some member was
frequently RECALLED. May wheat was moder-
ately traded in, though the market was heavy
early, opening at S04c, falling off to 79i{c,
sc under the opening. About noon
advanced to S0l{c, but failed to susta
advance, closing at sOIc. March sold al
74&@747sc, closing &c under the highest
figure. April opened at Zoe. advanced Il land
closed at 1850. June sold up to S2l6c, but
closed dull aud lower at size. Corn was
strong on its merits. The receipts continue
light, and il is well-knowu fact that very
little IS cribbcd along the line of railways
Watcher the farmers prefer TO sell or hold at
the present prices. there is not very much
going 10 the stations, partly on account of
bad roads. TIE demand for all the actual
stufTs received here is active, and BY all
classes OF buyers. Shippers are loading yes
sells when they eau get corn enough. and
have the chance Of saving storage charges
until the opening of navigation and getting
freight to Buffalo for csc per bushel
The outside figures Of the day
were we'll sustained and show an
improvement OF lscou those current twenty
four hours ago. No > for May opened at
4%c, sold at 4lA@49c and closed at
4l;ec. The sales for March were at S75<Ca
3S4 c, closing ut SSlsc. June was quotaby
the same as May, while June closed about
lAc over Nav, closing at 4lSsc.
OATS WERE EASIER
and a shade lower owing to the belief that
the receipts on Monday and Tuesday will
show an increase. The speculative grade,
No. ?. sold at 25i6Ge5 sc for April, closing
at % &c. Sales for May were at Sl(9Sli1c.
closing at Sikc. There were no sales for
March, but sThc was the nominal
price Provisions were dull and
easy early, but very soon
hardened under demand by parties having
outstanding contracts. Sellers were rot
plentiful and prices closed firm i. at the out
side figures of the day aud show an advance
Of loo on mess pork, re on lard and sc on
short rio sides. May pork opened at $is. 55.
with sales at from Sls50G1s IN, closing
at Sle.7O. May lard opened at S6.97N.
ranged from S6.95i4@IO2jS and closed
at S5.0etl. Short rios for Nav opened at
81, 81 and sold from S6.S5G6.40. closing
at $40. March pork was nominal at
Sls. 5o9ls.SS, March lard closed quiet