St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-04-21
HIGHER AND HIGHER,
The Excitement in the Wheat
Pit Continues and Prices
Advance.
Indications That the Short
Interest in May Has Been
Liquidated.
Corn Relatively Quiet, the
Range Being Generally
Downward.
Bullish Movement in Stocks
Comes Principally From
the West.

CHICAGO, April 20.-The excitement among
traders on change which prevailed during
the latter half of last week was continued
to-day; but its influence was chiefly confined
to the wheat pit. Corn and oats sympathized
with that cereal to some extent, but the deal
ers in provisions were inclined TO run their
affairs independently. The result of the
days trading was ali advance of 1I2c for May
wheat and of 2Ac for july at the close, COM
pared with the closing figures of Saturday
The greater appreciation in the price of the
July option would seem to indicate that
about all of the short interest in May has
been liquidated. In fact in the trading to-
day, that month gave place in the volume OF
business done TO the July option
after the trading got fairly under
way. Cables received before the open
ing were strong French country markets
were dearer. Liverpool was I2034d higher
and cargoes were shilling higher at Lon
don. May started at S113 and touched
81. 12la momentarily, the result of sales by
holders, who had profit in sight, but brok-
ers were fortified with buying orders from
New York for that option, and their bidding
with their failing on of belated shorts, at
once put the price up to S1.15 the highest
figure touched OH Saturday Then it was
discovered that the New Torkers had played
sharp dodge and that they were disposing
OF their previous purchases at the advance.
In The meantime the New York men were
quietly at work in the July option picking
up such lots of it as they could get hold of,
without exposing their tactics The
July did not at once follow the ad-
vance in May, and the trade. there
fore began to sell it. They soon found that
the Eastern people had absorbed IL that the
local crowd had sold. This caused a de
cidedly sharp rally. Before it had entirely
subsidized Leopold Bloom began selling enor-
nous quantities of July. S. v White & Co.
and others acting for Eastern account abb
sorbed all offerings. The market did not
break. Another rally followed and the high
est prices of the season were made. The
May future did not keep pace with his rise.
July wheat started at SI.10, sold to 1.10s4
and to SLIP, all before II 80. May, when de-
serted by the Eastern contingent, sold from
SLID down to S1.13l2. Later Oh strong clos
ing cables it rallied to Sl.14l2, but lacking
support from the shorts settled back to
S1.13l2, but recovered to Sill before the
close. An enormous quantity of May wheat
was sold to-day by Hately Bros, who
were presumably acting on foreign account.
When the closing cables came in July wheat
sold I'D to S112S8, and May to Sl.144. The
cables quoted wheat at Paris 45Q1o5 centimeS,
and flour 30 centimes and franc, 20 confines
higher. Berlin was 2@314 marks up on
wheat, and London 1 shilling higher on
flour. The market was unsettled and nervous
at the close. Corn was relatively much more
quiet than wheat The range of prices was
generally downward though rather high fig
ures were made at the start. Hutchinson
sold rather freely, but other large operators
seemed to be fighting shy of it. July was the
active speculative month. 1t started at 6S5sc
and. was off later to 6SAc. Oats followed
corn. Hutchinson was, in corn the principal
seller. Trading in provisions was dull and
fluctuations covered but Il narrow range. At
the close pork was a small fraction under
Saturdays closing. Lard showed little
change, but ribs for May delivery were sc
lower and2l2c lower for September.
The leading futures ranged as follows: