St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-05
MAY WnEkTA DOLLAR
Lively Times on Chicago
Change and Free Buying
All Around.
Corn and Oats Markets Boom
to the Top Prices Of
the Crop.
Shorts Stampede in a Body
and Values Go Soaring
SkyWard.
Stagnant and Narrow Market
the Rule in Wall Street
Dealings.

CHICAGO, March 4.-More than the usual
amount of excitement prevailed in all of the
speculative markets to-day. Wheat attracted
attention early more from what it did not do.
There was no fault TO lie found on this score
Later in the Gay. With the corn and oats
I markets booming to the highest prices OF the
crop, it was thought that early wheat should
certainly have shown marked advance.
All who wanted the grain, however, seemed
for time TO have no trouble in getting il
from those who already had it. he narrow
ness of the early market was all the more sur
prisng because of the sensationally large de
crease i'll available supplies OF wheat last
week, as reported this morning by Brad
streets, showing them to have de-
creased 1.76 900 bu. 114500O bu of
which decrease was at points on the At
lantic slope. For about twenty minutes the
crowd would motel believe i'll those figures,
that appeared so utterly out of line with the
official visible supply, but when their cor
rectness was substantiated there was an
excited scramble to buy. Hutchinson. King
Harlow and SchwartZ-Dupee led the early
pnying but Hutchinson was apparently
peddling the grain out again on the little
bulges Meanwhile. corn and oat values
kept cropping UP. and they ultimately got so
high that the shorts in wheat could stand the
strain no longer. They stampeded in body,
and values went soaring. May wheat. which
had started AT 911sc. and which had ranged
at91 4D91l2c all the morning. got up TO 917sc.
about noon. This was tie price at which
many of the calls were made last night. 1t
had sold so near this price so many times be-
fore that holders of these privileges had sold
against them As soon as. the market over
came this barrier it went upward with q
rush. BY l2:3O May was up to 81. bot il broke
back TO 99lsc in short order. Many holders
haG nlnntK n
and by this time most OF the shorts were i'll
out OF the dampneSs. Corn acted suspicious
ly strong from the start There was no par
tcuiar reason that was apparent on the sur
face for this strength beyond the scarcity on
contract corn in sight, but people just seemed
10 want it. Most of these were people who
sold II short. They found supplies
very scarce The holders of the grain
were waiting for large transactions at
the bulge. When these came To buy the
grain back, which they ultimately did they
found the market rising very fast. May corn
started at 56l2c sold for a moment at 56Ssc,
then clept up to 5j7sc. after reacting to
5Ul2c it again started upward, and after ii
once passed SIC. the shorts were stampeded,
ana 1t Wenl up to 5Sl2c in very short order.
Bartlett-FraZer a commission firm that
owned Qultea line of corn, .peddled some of
ii ont during the bulge. and thus relieved
great deal of the strain. Oats were simply
repetition of corn. There was good general
demand, followed by stampede of the
shorts. May started at 4s$sc and ultimately
reached SOC. The provision market was APP
parently willing 10 settle back little if let
alone, but it could not under the surrounding
influence of the grain pits. May started
about 2i2c easier than Yesterdays closing
figures and the advices from the yards of
5000 more hogs than had been looked for
was the cause of the decline; later there was
an amended report, making the hog receipts
about 5000 more than al first advised and this
caused continued depression. Spectators
from the grain pits fled in among the pro-
vision brokers when the former articles be-
lifted bodily almost in spite of themselves
Shorts were the chief buyers. MAY pork de-
clined from S9.s5 at the start to 81 50. ad-
yanced to Sl005. Lard was &c lower at start
but advanced 1l2c over the opening price
and closed with u net gain of 2i2c. The net
gain in ribs since yesterday is &c.
The leading futures ranged as follows