St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-13
WHEAT H0lDSSTEADY
Local Traders on Chicago
Change Sell Out Before
the Rise.
Hay Wheat Advances in the
Main With an Occasional
Sag.
Foreigners Reported to Be
Buying Largely in New
York City.
Stock Dealings on Wall Street
Entirely Barren Of
Feature.

CHICAGO March 12.-The wheat market was
extremely nervous. 1t was ready at all times
to respond to bullish news, but sagged as
soon as the effect had worn off The volume
of business transacted was by no means as
large as it was yesterday. The country trad
ers apparently thought it too high to buy,
but were evidently indisposed to sell. Local
traders, some of the heaviest OF Them sold
out what wheat they had before the high
prices of the day were reached.-The lowest
prices. as on yesterday, were made during the
early morning. 1t was reported that Paris
bank was On the eve of failure Later
in the session it became known that
the failure had been averted. The
first report, together with the heavy
receipts at Duluth and Minneapolis, in
duced considerable selling early in the ses-
sion. George Smith sold out big line of
property, and Kennet-iIopkins aud various
oIhe- commission firms sold freely as soon
as valuas had advanced trif1e May wheat
started at Sl.0lla, sold to Sl.01A and then ad
vanced quickly 10 SLOPES. The sharp adj
vance in corn, oats and pork had caused
stampede among the small shorts. The real
lzing sales carried May off to S1.91l2, and it
ranged from Sl.0lSs to Si.02A all the fore
noon. Shortly after noon it advanced to
S1.03l2 because of the official closing cables,
WHICH quoted Berlin lllCOnSluefaDJN DlSner
Oh wheat and Paris higher on flour and
wheat. July wheat meanwhile started at
9S14c sold to Csc. ana ultimately ad-
vanced to 81. Foreigners were supposed to
be selling wheat here, but New York dis
patches said they where buying there. The
Cincinnati Price Current said that the gov
eminent report of reserves was very bullish
document. though the condition of the grow
ing crop was excellent. The trading in coru
was of the same general character as has
recently been noted. 1t took very little buy
ing from a certain quarter 10 start prices up,
and the execution of orders al any particular
price was as uncertain as ever. The shorts
are so thoroughly demoraliZed that they dare
hot originate any trading, but wait patiently
while attempting to catch on TO the pre-
vailing humor of the bulls. The opening
trades were of q chaotic character and
indicated many wildly divergent views of
the value of May corn, the ranae being
all the way from 62$Sc up up TO 63l4c, with
very little business done below the highest of
these prices. 1t touched top at 63l2c, and
thereafter went up and down frequently in a
nervous manner between 627sc and 6314c, be-
ing very firm toward the close. A prominent
operator i'll oats claims that comparatively
few shorts have covered since the squeeze
began. The transactions have been mostly
OF a scalping nature and the parties who
held long oats at the start have sold very
sparingly, consequently some have control OF
the situation. 1t is Il fact that large lines
have been put out above 49c, and it is quite
interest is larger now than when the price
was Ill the neighborhood Of 4Sc. The
market was active. with prices showing
range of s4c in May and 1859 in
July. The provision trade was again
enllvened by brisk demand for short pork.
The motive power was provided from the
corn pit the soaring tendencies of that
cereal again communicating itself to the
product of its consumption. May pork
opened at S10S5 TO 5000 and touched Sl1,
but the advance was checked by free selling
OIL account of the packers, who saw i'll the
bulge better return in barreling pork than
in cutting it up into box meats. There was
q decline to Sl075 but later the buying was
renewed and the price advanced to SLIPS
and it was being traded in at Sll. Is when the
bell tapped. Ribs and lard responded but
slowly to the advance, but in the end these
likewise had share of the prevailing de-
mand and closed at an advan ce of 7l2c for
May lard and &c for May ribs compared with
yesterdays closing quotations.
ha fI-t