St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-02-13
Frightened Shorts Make Wild Bids for
May Wheat, Which Advances
Three Points.
1t Was the Widest Wheat Market Since
Old Hutch's Famous Corner in
September.
Corn Firm, Oats Quiet and Steady, Pro-
visions Steady---rinancial
Operations.

keC TOT wheat was very Wllu one.
Shorts were anXiously bidding for the
property, but there seemed to be no one
to sell it to them till after the market
had scored a big advance. May wheat,
which closed last night at s1.055s,
opened at S1.0615, and in less than five
minutes sold at S1.072s. II was wild,
exciting market. Lester, Linn and
SchwartZ-Dupee sold large quantities
of wheat, and Counselman 81 Day were
heavy buyers. The wild demand for
wheat was from shorts. These shorts
were only partially satisfied by the sales
by the smaller longs. The balance of
the property sold to them was by other
traders. who were willing to risk going
short after such a large advance. For
the time being, the latter class of shorts
felt safe. The advance from. SLOT to
sl.O9M was accomplished in less than
half an hour. There was a subse-
quent reaction to S1.OS11. but at 1
O'clock, May was firm at S1.094. In the
last fifteen minutes of the session May
wheat sold up to s1.1014, off to s1.0s%,
and closed at s1.O936. The trading was
something enormous, but it was very
general in character. 1t was the wild
est wheat market the board has seen in
many day, The advance was so rapid
that the best traders on the floor were
unuble to keep up with it, and govern
their operations as they wished. A large
number of the small longs unloaded
their wheat on each up-turn, but the
market swallowed it all up and the adj
vance moved irresistibly on. There
was no indication that the big lines of
wheat, such as the Fairbank line, ETC..
were at all decreased. In fact, it is
probable that they were slightly in
creased. While these lines remain i'll
tact, the same scenes as those of this
molniug are liable at any time to be re-
peated. A great deal of speculation
is abroad as to Hutchinson's position
on the market. Careful observers
say that he has had brokers in the pit
buying July wheat during the last ten
days. Others assert with equal posi-
tiveness that he has had brokers selling
during that period of time. In all prob
ability he has done both. but in bis US
ual way he has succeeded in binding
the crowd as to his real operations. and
no one knows now whether he is long
several million of the July future. or
short similar quantity. It's probable,
however, judging from the present ac-
ton of the market, that he was doing
more buying than selling. Receipts
were 46 cars. Corn firmed up in sympa-
thy with wheat. 1t also received great
deal of strength from the story that
leaked out that New York people had
bought 100000 to 5000, 900 bu of April
corn here recently, which they intended
to load in vessels and ship out early in
the spring. Receipts, 1913 cars. Oats
were quiet and steady; receipts, POI
cars. The provision market was un-
settled, INTERPRETATIONS were narrow,
and closing prices were lower than last
night,
THE ROUTINE REPORT.
CHICAGO. Feb. 12.-TradiDg was act
i've in wheat to-day, and an unusually
large business was transacted. The
feeling developed was very nervous
and unsettled, and the market at times
excited. Outside orders were more
numerous and trading was quite. gen
eral. The opening for May was 94@lc
ruled very firm and prices were adj
vanced, though not without numerous
fluctuations sc or more; then declined
1slc, ruled Irregular and closed 3$4c
Higher than yesterday. July opened ex-
cited and 2@2l4c higher, and advanced
&c more, then broke off very suddenly
about 2alc, advanced 215c, declined lAc
and closed about &c higher than yes
terday. Judging from the action of the
market ''shOrts" were again thor
oughly frightened, and many whom
the low prices did not scare i'll
were forced to cover. The advances
brought out considerable wheat, but
the belief remains that large lines of
"long" wheat remain intact, and that
the realizing is being done by parties
who have been buying off and on. and
sell whenever fair profits are offered.
In corn only moderate degree of
speculative activity was manifested in
the market. Operators who usually
trade in corn were giving wheat their
attention, and transactions were
mainly local and consisted chiefly in
coverings by ''Shorts." The feeling de-
veloped was firmer, Influenced almost
entirely by the strength in wheat. A
stronger feeling developed in oats, due
chiefly to sharp advance in wheat.
which induced shorts to buy quite
freely. Holders were not disposed to
sell with any degree Of freedom early
in the session, and prices for May adj
vanced 3Sc. On the bulge offerings be-
came more numerous, and a liberal bus
mess TRANSFERRED. A recession followed,
but the market closed steady at a slight
advance over yesterdays last sales.
Considerable interest was manifested
in the market for hog products, and
speculative trading was quite active.
The feeling was weak early in the day,
but the strength developed in the grain
markets and the eagerneSS of shorts to
provide for their outstanding contracts
checked the downward tendency. Of
feringS were not quite SO free. and
prices gradually advanced to outside
figures, with quite an active business
reported, credited mainly to local oper-
ators. At this improvement the offer
ings were enlarged somewhat. particu-
larly by room traders" who desired to
realize on early purchases. and prices
settled back again to inside figures and
closed steady.
THE GENERAL QUOTATIONS.
Wheat-NO. 2, February opened at
S1.0419. closing at Sl.06%; March, S1.05;
May, s1061S, closing at s1.U9ss; July,
96c, closing at 951sc. Corn-No. 2, Feb
ruary. opened at 81, closing at 3433sc:
March, sac. closing at 341ac; May
3514c, closing at 3511@c; July, 3513c, clos
ing at SIC. Oats-No. 2, February,
closing at pc; May. 271sc, closing at
erie. Mess Pork per bbD-February,
opened at S1l.30, closing at Sl1.20;
March, Sl1.4O. closing at Sl1.30; May.
s11.571a. closing S1l.5211s; July, S11.70,
closing at S11.70. Lard (per 100 lbs
February. opered at $685., closing at
1865; March, $6.6715, closing at $685.;
May, s6.7tt11s, closing 1913; July, closing
at $685.. Short Ribs (per 100 lbS(-