St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-10
CLOSING AT THE INSIDE.
A Dull Day on Change, All Product
Closing at or Near the Lowest
Quotations.
Lack of War News and Heavy Real
izing Rates Responsible for
the Decline.
Everybody Bearish, Which, if the Fact be
Criterion, is Sign of Higher
Prices
Lackawanna Still Leading the Stock List
The Changers and Vanderbilts
Rather Steadier.
Chicago.
Specisl to the Globe.

and rumors, guesses ana prognostcauons
were flying around in abundance. Inc TACT
is traders who sit down to talk over the Sit
uation and to settle on policy will find little
to decide them. There is a trife more wheat |
at Chica 90, perhaps 400, 900 bushels, than last
week. Probably the figures OF tomorrow
will show another increase in the visible
supply. The champion New York guesser
declares that this increase will
be about 100000 bushels. The
foreign market is no better,
if cables are to be relied on, and there are
great many other doleful facts which are
glibly talked of by the bears. Among other
things it is announced that
INDIA WILL HAVE SURPLUS
of $4,000, 900 bushels of wheat, that Cali
fornia has more to spare than she can find
boats to carry, and that the French protective
duty will bar out all American wheat. But
whoever sits down to talk over the situation
would better bear in mind that in specula-
ton that does not always happen which ap-
pears most probable. For example, there
were as good bear arguments last week as
this, and yet not only did the market adj
vance but took also the load that Sid Kent
had. There was some strength given the
market last week by the talk of a
Russian English war, but that the
price OF wheat was buled by these war ru-
mors it is not believed. They were only an
aid to an advance that was insured anyway.
Is there any trader in the pit who believes
that there was the slightest danger OF war!
For a trader to believe, then, that the rumors
of war that went over the wires last week
had anything TO do with the advance in
prices LEADS to this confession: While he
considers himself too sensible to be affected
by the silly talk of continental war, he be-
lieves everybody else just weak enough to
swallow it. The price of wheat will be de-
cided in May upon the acreage of the crop.
If there is anything in political
economy, If it is true that there
is a compen sating law which drives out of
production an article which has become "A
drug, then certain 1t is that the growers OF
wheat have been greatly lessened and pro-
duction vastly decreased. Wnen this fact is
discovered, the presence Of 43, ZOO, 900 bush
els of wheat in sight will be not again men
toned, and the existence of %, ZOO, 900 bush
being regarded as menace, will be set down
as a God-send. No argument for an advance
nowl Well, why isn't it an argument for an
advance, or at least for the sustaining of the
present price of Mayl Isn't it the practice Of
grain spectators to anticipate the effect of a
vastly decreased acreage if they believe in it,
Is it likely that spectators who believe in
very much higher prices in July will all with
one accord sit by and do nothing, so that the
price may be lowered in may and then taken
in at the bottom for the July bulgel
1t would be very nice for spectators, Of
course, If they would only trust each other
and all act in harmony, so as to get wheat
down to soc, so that they might load forehe
advance which they think will come in July.
But spectators do not trust each other this
way, and neither are compacts of this kind
entered into
BRITISH CoNsoLs
were the controlling element in the market
on Change this morning. They were quoted
3-l6c lower than at the close on Saturday,
and in consequence May wheat, which
opened at S0a5c, quickly sold up TO Size.
Cable dispatches indicated that the bloody
chasm opened between England aud Russia
showed no signs of being bridged over aud
the crowd took advantage OF this. There is
not much wheat to sell aud those that had 1t
held off. There were no heavy deals and the
scalpers had it all their own way 1t was
nervous and fairly active market. The boys
tried to keep up the price but it was no 20,
and after some of the shorts had filled up the
& N
S016c at the noon hour. During the after
noon an advance of &c in British
consois caused renewed de-
sire to sell, and the market
dropped &c, closing at 1850, the inside of
the day. Sales of March wheat were very
light, opening at 75c, selling up to 7525c,
and closing at 741Ic. April closed at 75c,
and June sc lower at size.
CORN STILL HOLDS ITS GRIP.
Buyers of all kinds were In attendance
and sellers found them ready and willing to
take all offered. Shippers are nursing all the
shipping grades they can find and placing
the same In vessels. Local consumers and
others took oil sample lots and the shorts
cancelled outstanding contracts. The foreign
Nlvices were not encouraging to holders,
but the home demand braced
up prices, and there was lively
trading during the early session. The
market for May opened at acc, advancing to
49lGc, at which point there was some good
buying, and closed at noon at 42kc. One
trader, enthusiastic over the subject of higher
prices for May corn, bought freely of all that
was offered, but in sympathy with wheat sold
oil TO aye, the same as Saturdays latest
figure, and closing at that point. March
stuff ranged SSAc to sS5sc, with but little
trading, aud closed at the lowest figure
April closed at SS9sc, unchanged from Sat-
urday, and June was lie lower at 4l5Sc.
OATS WERE QUIET But FIRM
for speculative grade, aud prices averaged
&c better than Saturday Shorts were
the only buyers. March was nominal
st sI}sc. April sold at a7462Sc clos
ing at sT}<e. May sold at S1E@S1S and
closed at 81 sc. Provisions opened firmer,
aud mess pork sold CSC higher than Sstur-
days closing figures. But this brought out
free offerings and prices dropped back until
at the close this afternoon the entire advance
was lost. 1t Is said that Armour put up the
price auu heic IL up Tor deal, which was
soon completed under cover OF half-dozeu
brokers. But there are scores OF such r,,-
mors dying about the pit every day that
no one places any belief in I'M
less Armour's name happens to be mentioned.
aud small operators stand opened mouihed
and accept As gospel truth the most ineredi-
be yarns. Nav pork opened at sia.75.
sold up to Sls, 9es< aud closed lat and dun ST
$ls.65iS. March opened at sla,so, advane-