St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-03-23
IT WAS FUN FOR THE BULLS
May Wheat Does Seine Lofty Soaring,
Gaining Six Cents,
CLOSING AT AN ADVANCE.
4 Buzz-Saw Market, Causing Great
Excitement Among the Shorts
The Days Prices.

CHICAGO, March 22-It was a great
day for the bulls in the wheat pit, the
greatest day since the year began. The
range for May wheat i'll this market be-
fore u O'Clock was from 99c to 81 .05.
The volume of trading was not in keep
ing with the advance, OF failures might
have followed thick and fast. 1t was
.buzz-Saw market for the shorts, and
the outside world. knowing the char
acter of the deal, looked on without
getting hurt. The violent action of the
market yesterday left 10 doubt of the
intentions of the clique. After the first
half-hour passed quietly and no reac-
ton came, the shorts thought to get
some wheat. There was practically
none for sale. The clique did not care
TO peddle it cut at 99e with the eXpee
lation to get S1.25, for feeding
the shorts. The great rush by
buyers of all descriptions followed.
May opened at go sc. and sold at 99c,
and back to 9914c. Here the whirlwind
commenced. May went to $1.01 in five
minutes without the crowd getting So
GOO bu. There was reaction OF frac-
ton, and the price jumped to s1.02 i'll
similar manner. After another slight
reaction, the third whirl put the price
to S1.0315. Here, it is thought, the
clique feared the gait was getting too
fast. and enough wheat was let go to
ease it to S1.023l. But the shorts we're
wild. Three times in side of few min
utes the price few up to $685., and off
E5e to &c each time, oil selling of clique
wheat, or on realizing sales by those
who were scalping the market. The
end was not yet. The price, once past
the S1.0315 point. went in three
minutes to S1.0i34, reacted to
sl.04, and On final bound
touched s1.G5 at midday-an advance
of Sic over the close last night, an adj
vance OF &c over the lowest point of the
morning and an advance OF 10c since
"Wednesday morning. During the last
hour of the session the price capered
about between Sl.031l and S1.0415 until
Rbout p. M, when it jumped a second
time 10 sI.05, with tIade to S1.0516.
The close in wheat was somewhat
easier. May, after touching at s1.0518,
closed at S1.0355. June ranged between
- +'1/2S anu JOI4N. anu 81 al DClhN 90 at
Rnd 9015c. Receipts were "a cars.
Corn was stronger, in sympathy with
wheat, and closed &c to &c higher than
yesterday. Receipts $50 cars. Oats
were also frmer and &c higher. Re-
reipts Ill cars. Provisions advanced
under good demand and a feeling of
confidence in higher prices. Pork
gained 1115c to 2215c, lard, &C to 71ac,
and ribs, sc to sl5c.
THE DAYS TRADING.
CHICAGO. March 22.-From the wide
and rapid fluctuations in wheat to-day,
one would be led to believe that the
volume of trading was was very heavy,
but such was not the case. A very fair
business was transacted, but there was
SO little wheat to be had at times as to
restrict trading and a good many orders
could not be filled OH account of prices
getting beyond the limits at which the
orders were placed. May wheat opened
&c lower than Yesterdays closing, and
declined &c more, then started I'D
ward, advancing with numerous 1ucu a.
lions &C, then Zig-Zagged back again
114c, advanced 13sc and closed 41sc
higher than yesterday. June opened at
yesterdays closing and advanced 41Sc,
and closed 414c higher than yesterday.
closed abou 115c higher than Yesterday
While interest centered principally in
the May future, good many operators
are diScouraging the trading i'll this fu-
ture and are endeayOring to induce
traders to operate in July. The advance
was again matter of local speculation,
with shorts frightened and anxious
TO cover, many i'll fact were forced TO do
so. Stop limit loss orders came in play
and the fluctuations were SO rapid as to
make the filling Of these orders very
unsatisfactory, some not beng executed
within 10l15c of the limit placed on
them. Changes of = 1c occurred fire.
quently, without chance of doing much
trading. The short interest no doubt
feared themSelve trapped and were
anxious to escape a further squeeze.
There were some reports of too much
ana prolonged dry weather III Illinois
and Indiana. with weather indications
predicting clear, cooler weather. The
condition of supply is no doubt having
some effect on the market Corn opened
slightly lower than the closing prices of
yesterday, was quiet and steady Tor some
time, then ruled active and firmer, adj
Vancing &c upon buying by two or three
large local houses and covering by
shorts" eaSed off &c; again advanced;
recovered the decline, and closed firm
at 14M3Sc higher than yesterday. There
was fair business in oats at yeSter-
days range OF prices. Quite an active
speculative business was transacted in
mess pork. Sales at the opening were
made at about the closing figures of
yesterday, and later in the day an adj
vance of 20025c was gained. Outside
figures were not fully supported, how
ever. but the market closed rather firm.
Lard and short ribs tiuctuated in SYM
pathy with pork.
PRICES FOR THE DAY.
The leading futures ranged as follows:
Wheat-No. 2, May, opened at 99l4c,
closing at sl.0S5s; June. 9411@c, closing at
9S$4c; July, S615c, closing at SSc; year,
S019c, closing at Sic. Corn-No. ., April,
opened at 3435c, closing at 347sc; May,
closing at 355sc. Oats-No. 2, MAY,
opened at 255Se, closing at 257Sc; June.
2514c, closing at 251@c; July, 25c, clos
ing at 25115c. Mess Pork (per bbII-Mav
opened at s12.25, closing at So 45; June.
$3.50, closing at $124715: july,
S12.40. closing at S12.571@. Lard (per 100
lbs)-May opened at $6.a5. closing at
S7.021z; June, s7,closing at S7.05; July,
$7.05. closing at S7.10. Short Ribs
(per LOO lbs}-May opened at $500, clos
ing at 1925; June, S6.2711%, closing at
S6.3211I; July, $3.50. closing at $751;.
Cash quotations were as follows: Flour
firm and unchanged. Wheat No. .
spring, Sl.o1sl@101I; No. 8 spring,9lc
No. 2 red, $1.0134@L01X. Corn-No. 2,
S433sc. Oats-No. 2, 243sc. Rye-No. 2,
dc. Barley-NO. 9. none. Flax Seed
No. 1, $3.50. Timothy Seed-Prime,
sl.45G91.4 &c. Mess pork. per Dbl. Sl2.35
Cd12.40. Lard, per 100 lbs. $6.95a6.9 %.
Short ribs sides, Qoose), Sc. 20ta6. 80.
Shoulders-Dr sailed, (boxedl, $500
5.75. Sides-Short clear, Gboxed), S6.5oGp
e COZ Whisl.r- DiS.illerc, E,,irhad