St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-04-15
SHORTS ARE FRIGHTENED.
They Scramble to Cover Their Deals
in The Wheat Fut-
ures.
Speculation Is Wild and Prices Touch
the Highest Point This
Season.
Financial Operations of the Money
Kinus-.-The General Quota
tons.

CHICAGO, Ill, April 14.-Tne immense
strain in wheat was continued on
'change to-day. There was very eX-
cited opening, with May selling at"tlrst
flash all the way from soc to 93c.
The top point at which there was any
important trading was $3.50, and the
price soon settled TO 92c. and then OFF to
soc at the end of the hour. There were
a couple of bulges to soc or better dur
ing the following hour,Ibut before l
O'Clock May was back to S9$c. There
was a great changein the relative action
In May and July. On Saturday May
went flying to Ole on the buying by
shorts, while July held pretty natural
at SAGE at the close. This morning
July opened with first sales at $50 90
S615c. After touching S634c there was
a reaction to S515c. 1t was later that the
realization dawned on the trade. In get
ting out Of May there was great selling
of July. Many sold July who were not
in the May. The country kept buying
July. These orders came thick and
fast again this morning, and the trade
realized that July was bound to go up
in a sensational way also. a few oper-
ators who saw these conditions first sold
May and bought July. Then the shorts
in July became alarmed, and the price
went from S515c at II o'clock to SSc be-
fore l O'Clock, and the spread of six
cents between May and July was thus
narrowed down to less than two cents.
The trading at all hours was enormous,
but the first half hour was far beyond
all others, and individual transactions
were lost in the great volume in the pit.
Most of the news of the day was bullish,
which added to the furore already in
progress. 1t helped to increase the
bullish sentiment. which is carrying
the market up. Liverpool cables were
half penny higher. Cables regarding
India's wheat supply were bullish in
the extreme. The cold weather pre-
vented seeding in the Northwest and
helped increase the buying orders.
The visible supply, which it was
thought might decrease 100000 bushels,
showed decrease of nearly 100000
bushels. New York cleared about 100,-
600 bushels Of wheat. At o'clock July
was at SS15c, with May rominal at 90c to
Ole. Wheat did not fly high the lasthalf
hour. In fact prices dropped off on
realizing sales. Receipts were: Wheat,
Is cars; corn, 410 cars; oats, 723 cars.
Shipments were: Wheat, 46,440 bu;
corn, 742, 1863 bu; oats, 200, 100 bu. The
visible supply decreased $4,000 bu
on wheat, $4,000 bu on corn and $4,000
blu on oats. Corn was fairly active and
stronger early, largelyin sympathy with
the advance In wheat but. partly
owing to anticipated small arrivals ana
bad grading, May sold higher
than OH Saturday, OF from 325sc
to 33c, fell off to 3215c,
but on the decrease in the visible sup
ply and some up-turn in wheat went
back to nearly the high point. July was
pretty steadily lie over May, ranging at
$50 034c. Shorts were liberal buyers
most of the session, and the sales were
mostly to realize profits on long corn.
Oats were fairly active and rather
strong, chiefly in sympathy with the adj
vance in wheat and corn. Pork showed
little evidence of the excitement which
prevailed Saturday. Shorts we're still
nervous and eXcitable. but as it was I'M
derstood that Armour was ready to
throw great deal Oh the market in the
event of repetition of Saturdays per-
Torrance, this steadied the market.
May pork opened very unsettled, sell
ing at $3.50 to 1925 at nearly the same
time, but went up finally to Sl9.75, but
hung most of the day at S13.25@l3.5O.
The trading seems to be leaving May
and going into June and July. July
was nominally zoe over May, but the
reported sales ranged at s13.30@1S.7O.
Lard and ribs were in better demand
and higher than on Saturday.
The leading futures ranged as follows: