St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-13
Conflicting Cables Cause a Break in
the Wheat Pit and the Market
Closes Lower.
Wheat Opens Wildly and After Slight
Upward Movement Pursues a
Downward Course.
Corn, Oats and Provisions Similarly Affected,
All Closing Lower and
Weaker.
Stocks Heavy and the Market Generally Lower
Heavy Increase in Northwestern
Earnings.
Chicago.
special TO the Globe.

CHICAGO, March 12.-The markets to-day
were unsettled, closing lower. May wheat
opened &c lower, at S315c, selling upto S3s4c,
but reacted and closed at S275c. Corn
showed slight improvement at the opening,
ranging 421l@434c for May, closing &c
below the opening figures at 425c. May
oats sold from 311E@32c, closing at 311sc.
Mess pork for May ranged So. 70@l29 215,
closing at the lowest figure. May lard
opened at 81. 10 and closed weak at S7.0219.
Short ribs opened at $3.50 and closed at
Sc 4216, the lowest quotation of the day.
When time for trading was sounded there
was great excitement, particularly in the
wheat pit, and quotations were
difficult to obtain, but the figures were
under those paid yesterday afternoon.
For the whole session sales were within the
range of re per bnshel. The major part
of the trading was during the first two hours
and the inside prices were the closing figures.
Wheat was active, excited, unsettled and ir-
regular, and margins were called pretty
freely.
THERE WAS no WAR NEWS
of an exciting character, but the quotations
Of British consols showing an advance had
weakening influence and prices closed near
the inside figures Of the day, and show de-
cline on those current twenty-tour hours ago.
Trailing was almost exclusively of a local
speculative nature. Early trading was light
as there was nothing in the condition of
things to warrant quick action either
way, and the leaders Of opposing
cques watched each other cautiously. The
fact soon became evident that the English
houses Of Alexander Geddes, Robert Warren
and Kirkwood had succeeded in covering
their long line of shorts yesterday, and that
they would cut nc figure in the days rates,
which were governed largely by outside or
dcrs 1t vas a sellers day throughout, and
the market rested on cable news. The in
formation usually supposed to be reliable was
Of a most uncertain and perplexing charac-
ter, and even the ruling rates of consol5
were not obtainablc until far beyond the
usual time. a narrowing suspicion pre-
vailed that the wires were icing man
ipulated in the interest OF traders, but if
such was the case honors were easy. War
talk is always drug, but the conditions are
such that any hour may bring news that will
SEND EVERYTHING sKYwARD,
and it is this state of uncertainty that keeps
gin is small. Until change takes place, or
some unexpected disasters overtake the
growing crops, the Chicago market promises
TO be controlled almost entirely by consol
quotations. The first sales Of May were
made &c under the latest of yesterday, from
which point there was a rapid decline of 1c,
to 8253c. The range was between that
figure and $3.50 until late in the day, when
furthpr dpclinp tVas stIstainpd on
that Germany had offered to mediate between
England and Russia. The market closed
nervous and weak * over the inside figures
at S215c. Trading in the March option was
light, prices ringing at 77A@7S2sc and clos
ing about 7615c. April was nominal at
about ~ &c. Sales of June were reported at
S435c, closing at S35sc.
George Brine said to-day: ''The
short interest here has been largely
reduced under active buying to
cover contracts during the past few days
The market now seems more dependent for
strength upon stimulating news. Every
thing is yet very unsettled, and calcula-
tons based upon the present outlook, no
matter how construed, may be at any mo-
mcnt upset by the receipt of news which cam
not be anticipated"
CORN WAS FIRMER EARLY,
May opening &c higher at 4255c, advancing
later to 434c, but under free realizing sales
the advance was lost, and at the close tran
sactions were "a under the opening ut
429Ec. The market was fairly active and
relatively higher than wheat, though it re
celved the bulk of its tone from that
market There were few, II any,
special features developed, and the day was
rather tame one in the corn pit. March
ruled quiet, closing &c lower at 3S5Ec. April
ranged 3S3{@89c, closing at $3.50. June
was about the same as MAY, closing at 425Sc
bid and July closing sales were reported at
1890.
Oats were moderately active with a firm
opening and easy closing, slight advance
at the start being lost. Sales for April were
Mt 2S$@2S7sc, closing at 2S]6c. May sold
at Sl&@32c, closing at 81 &c.
Provisions were shade higher
at the opening, but in no case
The general tone of the market was one of
more or less heaviness, with no great dispo-
sition to enter into speculation of either fac
ton This made fluctuations confine them
selves to narrow limits ana the close Of the
morning session, though heavy, was at n shade
advance over the lowest quotations. But
when the break in wheat occurred during
the afternoon provisions pumped down In
sympathy with the cereals, aud the closing
prices were 20c lower for pork, sc for lard !
aud exc for ribs, with a weak
feeling prevailing. May pork opened
at Sle.92ls, or 2Sc higher than
yesterdays close, but successive sales
were at a fractioually lower figure, until !
at the close ST.. 40 was reached. Other OPP
lions suffered the same decline, March open |
ing at $l2.71is, and closing at Sl2.55, the |
lowest figure of the day. April opened at
Sl2.S0 and closed at $l2 60. aud June opened /
at $lS.02}&, closing at S19.90 Tradiuglwas !
light in lard, May opening at 81 10 and clos. |
ing at S1.02L. March was quiet, opening |
Mt 81 with the bulk of trading at $685., |
closing at 81 90 @6 95. few sales of /
April were made At S6.91l{, the opening !
aud closing figure. Short ribs for MAY /
opened at $3.50, sold off to .49yS.
nj which the option closed March |
sales were light at S6.S066. STi.
closing st $3.50. Other months were quiet
and prices about nominal, at $6S7L April,
and $3.50 June.
AT THE STOCK YARDS
the receipts were fair aud business in a gen.
eral way rather active. Prices on cattle ruled /
steady as compared with yesterday. The
hog market opened irmer, but closed weak.
Sheep we're in light supply aud higher.