St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-04-18
WHEAT TAKES A JUMP,
And, Despite Bear Reasoning to the Con-
- trary, Goes Up sac in Twenty
Four Hours.
The Bulls Have it Their Own Way all
Day, and Talk Big About Flu
ture Prices.
Big Professional Bears Believed TO
Have Closed the Last of Their
Deals--Other Markets.
Stocks Inactive in New York, With
No Pronounced Movement Either
Way--Pointers.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO, April 17.-"There has been no
radical change in the situation within the
past seventy-two hours, but the speculative
world is just finding out what the situation
really is" was the explanation advanced by
a philOsophic commission man to-day when
asked to give a reason for the jump in wheat
this morning and the rally of S$4c in twenty
four hours. Il don't know any reason for
it." said another, unless it is that the mar
ket got ready to go up and Just
went" There is no excuse for wheat
acting in this way" observed a
third PARTY. ''such conduct is objectionable.
lit is criminal" Another critic could not
understand it. Everybody says wheat
must 90 up and it is up, that is all can
make of it" he remarked. Bearish houses
telegraphed their clients to sell short as
there was nothing in the situation to justify
any such bulge as we have been having,
3%c advance after an sc decline. a great
majority of the private cables were en-
couraging to investment holders and the
board Of trade market report was
in accord with this sentiment ''quot-
ing' higher prices asked for cargoes
off coast. but no advance established,
and paris a turn dearer." Hamill IL
Brines cable was that wheat was higher,
and that holders were not disposed to sell
at the advance Nightingale and Laden
burg telegraphed dozen houses that the
foreign markets were dull, that no new eX-
port business had been done for week,
and that the situation was once more
gloomy 1.-The doleful song of the Night
ingale should be
SET TO FUNERAL MUSIC
and framed" was the comment of a citizen
who had listened daily TO the same mOnot-
onous wall on the subject of lost and
ruined wheat market Dunn was reported
to have selling orders from foreign houses,
and New York sent in budgets of bear
''pointers" and bull tips" of about equal
quantities. CIearances from that port for
the week were placed at S25, 900 bushels,
but cold water was thrown on this bull
item by the statement that of that amount
400 600 bushels belonged TO last week, hav
ing been included in the visible supply de-
crease. Houses in the receiving and ship
ping business reported an active demand for
cash wheat from local millers throughout
the winter wheat region, and the same re-
ports came in from Toledo and Detroit.
Young Bros. of Toledo telegraphed
their correspondent here that wheat
would go 10 cents higher before it
! went > cents lower Rail shipments from
! Western points Of accumulation, to which
millers look for supplies, have been on
liberal scale during the past week, and
[, considerable percentage of it stops at Indi-
ana and other points. There was good
deal of short wheat covered to-day, and the
/ wiseacres had it that the buying was on ac-
F(count of Ream and his associates. The be-
lief N pirplnc that 40
! combination of big professionals had their
deals well eyened up, when the market was
. 3@315c lower, and some think if the buying
Eto-day was not on account of the grand
army of "tailers," it might be for the pro-
( fessionals, who are as likely to look for
EmOney on one side of the market as the
/ other, if they
FANCY IT Is THERE.
of such speculation was the gossip made
up to-day. May advanced from 7S1Sc at
the opening to 79c. and for an hour or more
stayed close to 7SM@7S5sc. then the mar
llet slowly reacted to 7S19c. When it
seemed weakest Roche and several others
gave up Cudahy on their sales. The
price thereupon jumped to roc for
some unaccountable reason, the
crowd edvidently laboring under the
impression that the big speculator was try
wheat was on the down turn all sorts of
depressing strike news and bear opinions as
SO the break that was to follow the arrival
l0f Western wheat IN New York were in
icirculatiOn. Late cables" were trotted
iout and the crowd was literally plugged,
but without more than temporarily cooling
the aTdOr of the bulls. 1t was bull day
and the bulls wouldn't have it any
other way. The market kept bounding up
Xind the price of May never stopped until it
touched 7975c, June going to S13lc. New
York came in excited and the take showed
a squirt of &c almost at one leap. Tele-
grams announced that thirty boat loads had
been taken at New York were followed by
others that fears were entertained of a cor
ner in that market, and that sensational
war news from Europe (Greece) was
about to arrive. New York showed an adj
vance, as compared with yesterday, of 216c.
and this market of 1%@13Ic. In both
places the last half hour of trading was
characterized by excitement. Corn and
oats sympathized to
SOME EXTENT WITH WHEAT
but the attention of the crowd was centered
wholly i'll the latter commodity, and ''sde
issues were temporarily lost sight of.
Changes in quotations are nconsderable.
Provisions were very dull, and until well
along in the day the indica-
tons pointed toward slightly lower
prices, but just before the close the
market hardened and last trades were at
about yesterdays final figures. The curb
was excited and the feeling very bullish on
expected large movement next week. Puts
sold at roe at the start dropped to 7S5Ic.
and assembled to roe again. Calls began at
Sic and went to SIC.