St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-10
SHORTS SURRENDER.
May Wheat Cpawls Up the
Ladder Of Quotations
Right Lively.
The Bulls Seem to Have Their
Own Sweet Will in the
Matter.

CHICAGO, March 9.-Shorts in wheat sur
rendered as gracefully as they could. Before
the day was over il was generally conceded
that Cudahy, as well as host Of bears of
lesser note, had decided not to remain short
over tomorrow, when the final government
report of the weight of last years crop is due.
The opening was strong, excited and a!c
higher than the closing price of Saturday.
There was q sharp little reaction from tie
opening because OF the enormous receipts
(5s2 cars) at Duluth and Minneapolis and
the $4,000 bu at ST. Louis. 1t was on this
break that Cudahy's brokers began to buy
wheat. About this time also there was heavy
buying by Dunn, Geddes, Hately and Baker,
which was presumed to be for foreign ac-
count. This set the trade Wild. The May
future, which started at SLOl2s. and which
sold at SL0ll2, and off at S1.0jS, ad-
vanced TO Sl.02Ss The realizing
sales carried il off TO S1015s0
1.0ls4, but the demand at this figure was
good. After fluctuating nervously around
Sl.02 for some time, The market lifted to
S1G2l2. This rise was due to the official
closing quotations from Berlin. Paris, Ant
werp, London and Liverpool. All Of these
markets were much higher. When it was
known that IS. 900 bu were engaged at Boston
and 10000 bu at New York for export, the
price here, which had sagged to 81. 02I5, lifted
to S1.02ss. TAKEN altogether, the market
was an exceedingly wild and nervous one
The price fluctuations were so radical and
frequent that il was Il difficult matter at all
times for brokers 10 fill orders. A London
correspondent said: The outlook for the
English wheat crop is good but in the North
ern and Western departments of France and
through most of Spain the young plant is
killed. 1t is estimated that a least third
of the 1.000,O 600 acres i'll France have been af
fected. and the present condition indicates a
loss OF one-eighth of the WholeFrench crop A
vast amount of resolving will have to be
done, but this Will be only of use under eX-
cepuonally and uniformly favorable condi-
tons. The chamber of deputies has voted
TO remit 100000 francs Of the land tax on ac-
corn market was at about the same price as
il closed on Saturday. at from 5SS4615e 7Sc for
May, and 5675c for July. The receipts were
liberal, amounting TO 442 cars. but only three
tract grade. II was expected that to-mor
rows receipts would be much heavier than
to days but when they were estimated at
400 cars that was rather disappointment to
those who had sold short and gave the longs
another opportunity of showing how com
pletely the present condition of affairs has
put short sellers AZ their mercy. July corn
was i'll especially good request early
ciamored for toward the close Sellers
could scarcely be found at times when the
houses associated in the minds of the local
traders with the bull deal were bidding I'D
the market. May advanced toward the close
TO 6lssc and closed at Gle. July sold as high
as 5Jl2c. sparingly at the extreme. and closed
at soc. The trade in oats was all OF d scalp
ing nature. The market was firm and active.
scoring an advance of 1l2c on the strength in
corn and good buying by the shorts who are
still fairly numerous. The provision market
was very dull, and for a long time showed
very little affinity with the bulls in The grain
pits. Prices in the cid advanced little but
from the appearance Of the pit the better
prices were submitted to under protest from
the trade, which was weighted down with the
continued heavy receipts of hogs The estl-
mates CT 5000 al the wards this :noruiug and