St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-05
WAR IN THE WHEAT PIT.
Rumors of Foreign Troubles Cause a
Sharp Advance in the Prices
of Cereals.
The Wheat Market, Although Unset
tied, Scores a Gain of One
Cent On All Options.
Corn and Oats Advance in Sympathy With
Wheat, Closing Firmer and
Higher.
The Stock Market Shows Big Break in AL
Securities, Closing Weak and
Lower.
Chicago.


Special to the Globe.
CHICAGO, March 4.-The grain and proVl-
sion markets were more active to-day anu d
fair amount of speculative business was
transacted. Wheat was frmer and higher,
and there was liberal supply OF buying or
ders at soc that could not be filled. frees
were somewhat erratic and after frequent ups
and downs within a range OF 15@176c, finally
ended higher and with better feeling, May
being quoted at sO5Sc at the close. Corn
displayed the usual sympathy with wheat,
opening &c higher and still 78c better at
411Sc Oats continued fat and but little
better than nominal, the very mod
crate speculation being confined to
seller May at prices ranging from 3oI
(Q302Sc, closing at 30%c. Provisions we're
less active than yesterday, opening about &c
higher all around, but the advance was but
poorly sustained, The closing quotations for
May options being $3.50 for pork, S6.97 for
lard and s6.3215 for short ribs.
THERE WAS WAR
in the wheat pit again to-day. The dispatches
declaring that England intended to maintain
her position in regard to the encroachments
of Russia in Afghanistan had a material eff
feet on the crowd. At the opening of the
morning session on Change May options in
wheat, which closed last night at 79Nc,
opened firmer at 8OLc. The commission
men had plenty of orders to buy
stuff at soc, but none could be
got under S0Nc. 1t soon sold
up to 81 &c, and then dropped back. holding
firm at from S008055c, closing at the latter
figure. This firmness was also due to re-
ports which were circulated that the Ohio
wheat crop would be % per cent. less than
last year. There was quite nervous feeling
among the commission men. kilograms
kept pouring in asking as to whether it was
a good time to jump in and buy. One com
mission man, speaking of this, said:
''Our house hardly knows what to advise
their customers. The war dispatches are of
such an indefinite nature that we are in a
quandry as to which way the cat is going to
jump, and feel like waiting for future de-
Velopments."
The crowd in the pit also felt this
nervousness. 1t was rumored that
Among those who were thus credited with
buying in their short lines are W. r. & W.
S. Lynn and George Smith. Gus Edwards is
said to have done the buying for the Lynns,
and Walter Hough for Smith. There was a
good export demand in New York and this
was an element in the existing irmness.
'"1his is all
A DEMOCRATIC SCHEME
to boom the new administration" remarked
q discouraged bear. ''You know the Repub-
licans have been predicting that the earth
would tip up and all values become unset
tied just as soon as Cleveland took the oath
of office, and so the friends of the new order
of things have united to give the lie to
all this sort Of silly talk. Otherwise
there is no reason for an advance to-day
The war news is of most shadowy charae*
ter, and everybody with any sense knows
that England is In no condition TO go to war
with Russia, even If she wanted to ever so
badly. Then crop reports are not anyways
near as bad as asserted, and what are reliable
are from points that DO not show enough to
effect the aggregate production"
Then he turned YEARLY away. But what
yer may have been the cause the market
retained its frmuess and the tone was strong
throughout the entire day. About noon or
ders TO buy came in thick and fast both from
country and local operators, and the break of
.he shorts to cover cut no little fig
nre in the transactions. The bulk
of trading was confined to MAY
although there was fair business in March
option, opening 751Sc, selling up to 75%c
and closing at s51tc. April was rather quiet
and dull, although the range of prices was
considerable and closed sc higher, at - &c.
June opened ut Sl4c, advanced to sage and
closed firm at S214c. While May wheat was
the option which attracted the most atten-
ton
THERE WAS CONSIDERABLE TRADING
done in May corn. 1t opened at 4l3Sc,
which was &c higher than the close last
night. The option held firm, prices ranging
during the morning from 4l4@41slc, but
the close was a lower at 4lHc. Sales for
March opened at 9T5sc. ranging as
high as SIZE and closing at 379ic
April sold up TO SS4c, closing
at 3sc, or sc higher than Tuesdays last
quotations.
Provisions opened frmer, but the tone all
day has not been very strong Prices showed
some improvement early, but towards the
close the offerings increased and the last
trading at | O'Clock was nearly at the inside
figures. Lard and ribs moved in sympathy
with pork, which opened at an advance and
rather active. May opened at SIC .52lS, an
advance of sc over yesterday, and under the
light receipts OF hogs reported from the stock
yards sold up to Si2.GO, but later eased off.
closing at $l2 30, the lowest figure OF the
day. March pork opened re higher at
Sass aud advanced to Sl9.4 but reacted
later, closing at SASSY. April was in
light demand, closing at Sie.49I{. June
was in rather active demand and the offer
ings were fair, opening at Sl2. go, advancing
1Oc to sl9.I0, and closing firm at $l9.62iS.
The offerings Of lard were moderate and
prices opened 5(G1isc higher. but the trad
ing was mainly confined to Nav option. At
the opening May was quoted al 81, advanced
To Sf.O2L, reactiug toward the close aud
the latest sales were recorded at $6o7iS.
March stuff opened aud closed at So
April was In light request and meager sales
ut So .so66,ss4 were reported, closing at
the inside figure. June ranged from 81 .O5
@"01A, closing at $5.05. \ steadier feel
ing was reported in the market for short ribs
AT the opening May was quoted st $50 an
advance Of SC, later selling up TO S6.S5i{
But the advance was not sustained and the
feeling at the close Of the day was rather
easier at sassy. March stuff was quiet.
opening at $3.50, closing at SsI7ts, or SC
higher than Yesterday. April was quoted
nominal at se,ssiS66 closing at the
outside figure. June opened at 81. 4ai<c