St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-04-11
The COMMERCIAL RECORD.
The Bulls Made a Great Raid on ALI
the Markets Yesterday
Morning,
Causing a Notable Advance in Every
thing They Touched--A Lively
Market.
The Government Crop Report Creates
a Lively Scene Among the Bulls
and Bears.
Special to the Globe.

nm the hoard. and they went all through the
list. not all together, but soberly ana deco-
rouslv. taking each market in its due Or
der and putting the prices up. Inc nrst al
tack was made in the provision pit, Where
the price of pork was advanced zoe parrei
In a very short time. While this was going
on the grain markets had been slowly sag
ging, but presently there was a STIR IN lhe
corn pit and up went the price OF May corh
about 54c in q few minutes. when thls was
done and for some little time afterWaro the
price of wheat scarcely moved, put us turn
finally came, and proceedings IN that market
were the most exciting of all. The price OF
May wheat advanced 1Ssc with scarcely malt
before there was the slightest reaction, the
price at the top being 1l20 5Sc above
the lowest point Of the session.
The government crop report was SO
much the most powerful influence IN the
wheat market that when it came all other
news and circumstances were completely
lost sight Of The only point in 1t for when
the wheat traders cared was that the condi-
ton of winter wheat was put at 81 against
SS last year. when a light crop of winter
wheat was raised. Evidently the crowd had
expected quite a different report; indeed
there was an early rumor that the report
acres and in. condition of 3 per cent, and
there had been short selling and early weak
ness, with a slight decline early on account
of it. Accordingly, when the true report
came in shorts. big and little, ''set the pace,
and bid for wheat as if this was the last day
In which grain could be bought on this
earth. 1t was a very lively scramble, and
after Il time the buyers began 10
fear that they were overriding the
thing Somebody was selling wheat
and the suspicion grew that some of the big
bears who were openly and in person bidding
for large blocks of wheat without actually
buying much. had broken in the pit, selling
more wheat on the bulge. Then the crowd
turned seller and the price fell S4c, but again
advanced lac and closed within Ac OF the
highest point of the session Receipts OF
corn were 43 cars less than the estimate, and
there was good buying about the opening
which caused small advance, but Hutch1n-
son was heavy seller, and for time buyers
had enough to DO 10 take care of his offerings.
HIS sales were estimated at 10000 bushels,
and before he had finished there had been a
drop of &c in the price, but the demand con-
tnued after these offerings ceased, and the
price advanced sharply about s4c and closed
nearly at the top. The swift upturn in wheat
seemed to have no effect upon corn, which
remained almost stationary while it occurred.
Trading here was not especially large with the
exception above noted. IN provisions an
ether day Of more than ordinary interest was
experienced. Trading was animated, yet
outside of May pork, which was bought freely
by old raiders ard their tailers TO cover short
contracts the business was by no means as
large as might be inferred from the str wit
messed. In May pork the initial sales were
made al $II05. but the market advanced
an Giraffe manner to $14.77l2, declined SOC
and closed at Sl4.30. June pork, which re
ceyed less than usual attention, sold at a
small premium to 5@1I2c under May, clos
ing. however at the>May price. Later deiv-
cries tban .jme were quiet. The representa-
tive Of the holders clique was the PRINCIPAL
seller Of May pork. and the advance estab-
liSEel was 32i5Gl35c. Lard was held very
steady though at l o'clock the quotations
showed decline of 2i2c, May being quoted a.
s i.59l2. June at 81 .JUl2 and July at So 62I2.
ShGrl ibis were 2l2@ DC hig lcr at the close
and during the day ruled irregular. For May
short ribs closed at SOB, for June at ST. 1915
and for jGly ut ST.22i2 Cash product was
III betterdelnand. at the afternoon session
wheat and corn were active and strong; wheat
advanced nearly lie and corn Ssc. Provisions
were easier and pork 2i2c lower. At 2:30 D.
m: Wheat April, 1Ic; May, 7S4@7S2sc;
June. 15lSe; July. 795sc. Corn, April 49c;
V.
April and May, 3la4c; June, Sic; July, 3Oa4c
Pork, April Sl4.27l2: May, S14.27l2c; June,
SIL21l2 July. S1i.:}1! Lard. April S. 30:
May. 1921; June, S7.37I2; July, S762l2
Short ribs, April, S7;01l2; May, S70712;
June, S7.iJ: July, $725.
THE ROUTINE REPORT.
CHICAGO, April l0.-Sharp bulges in wheat
and pork and brisk trading made things
lock like old times today on change 1t
was very evident as soon as the board opened
fh1t thn, Sht Ants i'm MI IN, i
squeeze. and those who doubted that this
article was cornered had their doubts re-,
moved. From the opening of $14.05 to
$l4.77l2 the advance was rapid and continu-
Gus. The only halts on the way up were
when the shorts stopped bidding. This they
did at several stages of the advance, for the
reason that the amount Of stuff they were
able to. Purchase was out of all proportion tie
the advances which their bidding occa-
stoned. Later there was decline of SOC.
The market closed at Sl427l2. Lard re-
manned steady all day, declining 212c Short
ribs were a shade finer and somewhat irreg-
ular. The grain pits startedsotf rather dull,
with first trades at last nights closing figures
About the hour that pork reached the top
for the morning, wheat corn and oats were
A@Ssc under the opening, and markets dull
and dragging. Before noon there was q re-
v1val of activity, and an advance in prices all
around. Corn sold from 52Is052Bc, and re-
acted slightly. Then the whirl in wheat be-
gun. May had sold from 76SS076l2c down
TO rs and 76I8c. III just thirty minutes the
price jumped to 71l2c, with intense excite
ment III the pit. The market had been stirred
up by the government crop report When
the statistician's figures were made pablo at
noon they showed a decrease in condition
from SSc in 1887 to SIC at the present time
This caused Il goOd-sized furry in the floor,
and the big wheat pit could not accommo-
date the crowd OF short sellers who were
frightened to cover, and au equally large
crowd of enthusiastic bulls who rushed in to
buy for the advance. There was a spas
mod1c advance of 54c in few minutes, fol
lowed by reaction, of l2c caused by the
sudden realizing by those who were content
to take profits. The action in the leading fut-
ureS was as follows: May opened at 763Sc,
sold at 7GSS@76l2c and down to 76@7618c,
then then up up Of to On, aal2e Teactng to &c.
up to 78c, reacting slightly. July sold be-
tween 774c and 79S4c The morning session
closed with prices very near the top up to
that hour, as follows: April, 73lSc; May,
57Ssc; June, 7SAc; July, 7SI2c; December,
above the prices of the morning and reached
the top notch at closing, as follows: April,
74c: May, 7S88c; June, 799Sc. Corn and
oats only firmed up trifle. May corn closed
at 53c bid. and May oats at 81 4c asked.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No. May, opened at 763sc, closing
at 79Ac;. June, nc, closing at 79lsc: July,
7Is8c, closing at 1850; December, 791ac,
closing at s1%c. Corn-No. 2 opened at
at 52I9c; July, 517so, closing at 52l2c.
Oats-No. May opened at 3O7Sc, closing at
31Ac; June 3034c, closing at Sic; July,
3084c, closing at 30&c; August 271sc; clos
ing at 2714c. Mess Pork, per bbl-May opened
at Sl405, closing at $14.27la; June, $f410,
closing at S14.27l2. Lard, per 100 lbs
May opened at S7.5712, closing at S7.52Ia;
June, $3.50, closing at $7.57l2; July, 81 65,
closing at $762I2. Short Ribs per 100 lbs
81. 17l5 closing at 81. Is; July, S7.25, closing
at 1928; August, 1921, closing at $3.50.
Cash quotations were as follows: Flour
Steady. Wheat-No. 2 spring, 73lS@76Ac;
No. spring, 71@72l2c; No. 2 red, 91Ac.
Rye--No. q 5912c. Barley-No 2, 77@S0c.
Flax Seed-No. l, $1.45. Timothy Seed
Prime, S2.67l2. Mess Pork-Per Dbl, SLIPS.
D--- II