St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-22
TROUBLE IN THE PITS.
The Squeeze in Corn Produces
a Disturbance in Other
Grains.
The Wheat Market Very Act
i've From the Start and
Strong in Tone.
Heavy Buying Ali Around by
Prominent Operators on
the Board.
The Result OF the Days Deal
ings Simply a Panic
Among the Shorts.

CHICAGO. March 21.-EverythiDg went hop
ping when the bell tapped for the opening
on the board OF trade this morning. The
squeeze in corn was mainly RESPONSIBLE for
the early troubles in the other pits. The
wheat market was very active at the start.
First prices for May wheat were from S1.02 to
Sl02ls. and the demand was such as to carry
it quickly to S1.02I2. Realizing sales on this
rapid advance caused q reaction to Sl.02, and
1t huctuated nervously for a short time be-
tween S102A and Sl.02l2 before again start
ing TO climb. The second splurge carried up
to Sl.03. July wheat was even less irregular
and stronger than the March delivery.
1t started at from around 99A@99$s,
and before it stopped 1t sold up
TO S101, gaining nearly 1c upon May.
AL this was in the face of heavy receipts at
Minneapolis and Duluth, be sides Bradstreets
statement that the available stocks of the
world are now 100000 blu more Than they
were al the corresponding time last year. in
spite Of the further fact that, firm as spot
wheat end near eight cargoeS are quoted in
England, the farlher-of shipments were lac
lower and New York reported the flow of
gold TO Europe still in progress. Hutchinson
was heavy buyer of July. The buying by
prominent operators is based on convic-
hon that Europe must take q lot of wheat
from US, and they are preparing for the
higher prices which they think the statistical
situation lnstiiies. Later in the day. under
free selling by longs to realize the
handsome profits in sight, broke the
market to Sl.02A for May and 997sc for July
The widest kind of a scramble for corn took
place among the shorts when trading COM
menced and first transactions were stimuli
taneously made in the May delivery at from
66c 10 6Sl2c, and even 69c was paid by an eX-
cited trader for one 5000 blu lot. General
trading did not get above 6Sl2c. 1t was sim
ply matter of panic among the shorts. The
highest prices were paid at the first rush, but
sudden and material changes were the order
of the day up TO the close. The closing
prices gave very little indication of the day, s
turmoil, but q range of 234c or Whereabouts i'll
the days fluctuations means unusual agita-
ton in the corn crowd. The latest trading
IN May was at 6G1sc and in July at 651sc,
which is a mere 5s@$4c advance re-
speciyely on yesterdays closing figures.
The highest price on the oats crop was made
showing all advance of 1c on the previous
high point, and the squeeze still goes on,
The market was active early and rather quiet
toward the close. The opening for May was
at 54c: then TO 55c, to SIC, to 747sc, to 54l2c,
the close being Is higher than yesterday E
latter figure. The provision market felt the
fury of the storm which was raging in corn
and for time the tradersin the hog products
were only trifie behind the corn spectators
in their efforts TO come off the short side.
For May pork the opening price was Sl1.6s,
and it shot up smartly TO Sll.75 but reacted
again to around S11.6712. Another excited
advance sent prices booming once more and
$12.10 was paid before enough offerings
came out TO arrest its upheaval. Lard was
in strong request but less excited than pork.