St. Paul daily globe., 1891-04-17
BULLS HAVE A TURN.
In the Wheat and Corn Pits
Everything Was Bull
iSh.
All the News Of the Day Was
Favorable to Higher
Prices.
Corn Market Wildly Excited
and Makes Big Jumps
Without Trading.
The New York Stock Market
Shows Strength Only in
Spots.

CHICAGO, April 16-The bulls had every
thing their own way in the wheat and
corn pits today, and these cereals at the top
figures of the session, which were practically
the closing prices, scored advances Of 2Ssc
and 314c respectively. and when the bell
tapped at the close, there was so much steam
on that 1t was impossible to put stop to the
trading i'll the wheat crowd until further
advance of 7Bc had taken place. Nearly all
the news OF the day was favorable to higher
prices. The most important piece of intelli-
gence was the delayed report of Bradstreets,
due yesterday, on the visible supply of wheat,
east and west of the Rocky mountains. 1t
showed a decrease during the week east
of the Rockies of 100000 bu and
west of those mountains of Cos 600 bu In
addition to this cables were strong and there
were various reports of a more or less sensa-
tional character as to exports and sales for
exports. New York reported III boatloads
of wheat and flour, mostly wheat, sold there
yesterday, and Baltimore reported an urgent
demand there for wheat for May shipments
1t was rumored that sale of 100000 bu of
cash wheat was made late Yesterday at Min
neapolis. This, 1t was said, was the last of
the unengaged wheat there. The closing
cables reported that prices at London closed
3 pence per quarter higher on May and that
cargoes on passage were up a like amount
Berlin and Paris also closed higher.
Much strength was derived from corn, which
was advancing rapidly under excited pur-
chases by the shorts. May opened strong at
SI.055s-an increase of l2c as compared with
the closing price yesterday. and on good
general buying, quickly advanced to 81 .06Ss
Hutchinson was selling July, but early
futures were helped by the report that Dunn
had sold $4,000 bushels for export during May
and June. The Cincinnati Price Current re-
ported favorable outlook for winter wheat
ana the seeding of spring wheat making sat
lsfactory progress in the Northwest. But
this had no influence on the market in view
of the avalanche of bull news already noted.
At Sl.G6ss there was some rather
heavy selling by st. Louis parties,
and the price sagged off TO SfO6
But the bull fever was on, and a rally to
S1.07 followed. In the meantime July, which
opened at S1.04A, advanced to S1.04l2 and re-
acted to S1.O4A, jumped to S1.05l2. A re-
action carried May down to Sl.O6ss, ana July
Si.047s. Then came news that the shorts in
Milwaukee in turn squeezed with the result
of a sensational advance in the price of the
May future, and this, together with the adj
vancing price in corn here, caused May to
bound to Sl.075s, which was the closing
price, with July at Sl.06. But before the ex-
cited operators could be slenced by the gong
May was selling at S1.0sl9 and July at S1.074.
Corn was wildly excited and higher. the
combined effects of light receipts, light
stocks, heavy demand for the cash article
andEfrantic covering by shorts in May future
which was relatively stronger than
July. May advanced from Zoe at
the opening to 727sc with many
wide and sudden fluctuations. jumps of 1c
per bushel without any trading having
occurred more than once during the day.
The demand for cash corn was so urgent
that No. sold as high as 74c, and even No.
brought 72l2c. The highest prices paid on
the present crop were made during the day,
and the close was within lsc of the top figure.
Oats were active and excited in sympathy
with corn and wheat, and scored an advance
of about 1c. This is rather surprising, i'll
view of the large quantity of long oats that
have recently been put on the market, Pro-
visions were rather inclined to duliness and
weakness at the opening, but the strength in
the grain pits was sufficient to overcome this
tendency and carry off the market perceptibly
in the other direction. Pork closed at an ad-
vance of 30c; lard, 7l2@12l2c, and ribs, 151
1!l2c.
The leaGin futures ranged as follows: