St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-20
BULLS TAKE A WHIRl
They Make Things Lively and
Disastrous to Bears on
Change.
Trades Not Fast Enough to
Satisfy the Urgency Of
Shorts.
Corn Inclined to Yield to the
Improved Weather Con-
ditiCnS.
Bullish Feeling on the New
York Stock Exchange Is
Very Pronounced.

CHICAGO, April 1S.-It was a lively day on
change, a great day for the holders of
wheat 1t was day in which the speculative
giants fought a long and stubbornly con-
tested battle to decisive finish. The result
was disastrous to the bears, but highly profit
able to the bulls Enormous transactions
which showed tremendous losses were
evened up. One commission firm bought III
line of 100000 bushels May wheat, which
were sold short at 16 cents below the price al
which it was purchased to-day. and some
of it was bought even at 20 cents
above the price it had been sold at.
So far as known, only one of the
great traders who are nearly always to
be found on the bear side of the market re-
fused 10 haul down his color and surrender.
Cudahy. Kent. Ream. Partridge, Bloom and
Schwartz were all credited with evening up
all of their contracts. The first few trades in
wheat did not come out fast enough to satisfy
the urgency of the shorts. which continued
with gradually increasing ferceness for an
hour, May advancing about five cents in
that time. Although millions of bushels
were being offered at the heavy advance in
prices, which had Immediately succeeded
the first few trades shorts did not come
out fast enough to satisfy the ur-
gency of the buyers who frequently
IN their excitement bid more for the stuff
Than 1t was being offered at May started
with the first sale at 81 09s4, but 81 IL, 81 .10l4
Sl.lOl2 and 81. IL were then bid before any
came out. Before the memorandum or sale
could be Jotted down, the entire crowd was
shouting in chorus bids of 81 II. and in
minute more 81. 13 was paid. Reactions of
&c were instantaneous during the first half
hour, but the tendency was strongly upward
until 10 30 a. NJ, after which tired nature and
the call price, which by that time had been
reached, called a halt to the advance
and respite to the tortured shorts.
The price in the meantime had
advanced TO S1.14, and although some sales
were made even as high as S.15, there were
many orders to sell at 81. 14l2, which could
not be executed for lack of buyers. There
was nothing i'll the news OF the day to ac
count for such phenomenal strength. The
manipulated appearance of the May futures;
Bradstreets statement that visible and in
visible reserves on July would be down to
1G,90l,O00 or II, 100000 Du if the present ratio
of export was kept up may have helped the
feeling. Late cables from Liverpool, while
quoting values firmer began, never
theless, 10 express opinions that
the advance abroad was overdone.
The marked increase i'll the marketing OF
wheat by English farmers during the last two
weeks was also straw i'll the same direc ton.
The realizing sales by the large conservative
holders here was also taken as concession
that the pace abroad had been a little too hCt
to last much longer without a breathing spell
III the shape of q reaction. The liquidation
included July as well as May, but the adj
vance was about &c less. May remained
agtated during the greater part of the SEES
sion. but gradually weakened. The closing
quotations Si.12l2 Tor MAY and S1.09l2 for
July, show net gain of 15sc and 5sc respect
lively. The clearances from the seaboard
were light and the receipts III the Northwest
were fair. Corn at the opening was inclined
to yield TO the improved weather conditions,
but was defiecied for time out of its nat
ural course by the big advance in wheat. 1t
returned, however, after the more timid
shorts had covered to its first inclination,
and at the close was selling at loss for the
day of A0ssc. May started at 72Ssc, sold TO
74c and closed al 72Ac. The feature of the
oats market was the realizing by the longs,
who took ADVANTAGE of the high prices
that prevailed early to put out numer-
GUS lines. The market was fairly
active and weak during the latter
part of the session, the close being s407sc
lower. May opened at SIC, sold between 51i4
@I5GSsc, and closed at tie latter price. The
shipments amounted to $4,000 bu, the heav-
lest of the season.. The provision market was
very dull and looked like going lower, but
was upheld by the strength of the wheat
market Closing prices show May pork 7I2e
higher, July 2l3c higher. May lard lost sc
of its yesterday S value and July an equal
amount, while ribs gained 2l2c for the May
and September deliveries.
The leading futures ranged as follows: