St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-20
ALL DOOMED FOR AN ADVANCE.
Every Pit the Chicago Board Of Trade Sharp Move
ments in Price and Heavy Transactions
We're the Rule.
Every Article the List Is Improved in the Quotations
New York Stock Market in the Hands
of Alert Bears.

CHICAGO, May 19.-Flood excitement broke
out in new place today, the Chicago
board of trade. The newspapers here were
full of reports of calamities in all directions
and everybody OH change was apparently
apprehepsive and nervous about the crop
outlook. The difficulty in getting communl-
cation, owing to the washing away OF tele-
graph poles. added to the abnormal feeling.
Locally the weather was phenomenally bad,
and as the shortage was large it only needed
a starter" to get the bears OH the run, and
this was not long DELAYED.
Schwartz Dupee got higher Paris cable
and attempted to buy wheat OH it, but found
that there was hardly any to be had and be-
gan to bid up for it. This was all that was
necessary to start the stampede, and after a
few sales had been made at SLICE there was a
rapid boom at S3c But there was sus-
piciously large amount for sale at this point,
and quick break of S17sc followed.
Corn shared in the excitement, sample
reason being dispatches from Bloomington,
telling of constant floods and rain through
out Central Illinois and scarcely any corn
yet planted. The signal service says more
rain has fallen throughout the'corn belt than
has fallen in any other part Of the country.
IFaOeTS OH TIC
Booming was the word in every pit on
Change today. Wheat shorts were scared,
and sent prices up for time nearly 2l2c.
Corn this evening compared with last night,
is up lac for July and 2s4c for May. All
kinds of provisions scored an advance.
In wheat not only was there sharp action
in prices, but the transactions were heavy.
The first indication that bulge was coming
was felt OH the curb after hours yester-
day, when a few shorts sought TO cover
ahead of the crowd. 1t was even limited that
q number of operators had sort of eau
cus' at which it was decided to have offer
ings so light and bidding so strong this
morning that the shorts would take to their
heels and the market get big lift. This is
not seriously believed, but the market acted
just like it.
The opening was l9@5sc higher than yes
terday's closing, eased off lsc or so. and then
became strong. and prices were advanced
Use, became easier and declined lIsc ruled
steadier, and the closing was about 1l5c
higher than yesterday. 1t was to the wet,
stormy weather and the possibility of q
freeze that the advance was attributed. The
Jump began when private cablegram from
Paris was received by Schwartz-Dupee d
Mccormick quoting that market very firm,
with prospects of higher prices. upon re-
ceipt of which they commenced to bid for
wheat.
Previous sellers turned around at the same
time to the buying side. and astonishing
unanimity developed, every one in the. pit
apparently wishing to buy, and no one for n
time daring to sell. dispatch from Mar
shall Ind, from one OF Logan Co. S GUS
toners, while the advance was under way,
materially added to the excitement 1t was
supposed to refer to wheat although it did
not say. and read: THE bluest outlook farm
ers have seen i'll twenty years" A dispatch
from New York giving the clearances of
wheat as only little under half million
bushels was another of the bull fulcrums.
Realizing sales were what brought prices
away from the apex.
The corn market was one that had to be
closely watched all day by all parties with
open trades. June and July shorts showed
a great desire to get out. While there was
some prospect of clearing weather in the far
West. the reports of damage already done
and the thought that great area of corn
land is yet unplowed, with but TEN w orking
days remaining Ill May, caused the trade to
take hold very confidently on the buying
side. During the morning hour, however,
there was free selling by longs with profits.
The offerings were taken chiefly by shorts.
There was some reaction from the high
prices but, as later dispatches came in from
hundreds of points covering several states
stating that it was still raining and no field
work possible for many days, the market got
a second upturn and the market closed at
the top.
Oats ruled much stronger today, with corn.
on the reports of bad weather. the close
being made from 34c to 7sc higher. Trade
was active, but of a general, scattered char
acter.
Provisions had no independent action. The
great strength in corn caused shorts to get
restless, and on moderate covering prices
unit n fI1oh ncf
in pork. July pork went 15c above last
nights close, and left off with net gain of
10c.
A fair inquiry was made for vessel room
and rates were held firm at &c for wheat and
lac for corn 10 Buffalo. Estimated receipts
for tomorrow: Wheat. So cars; corn, 230
cars; oats, 140 cars; hogs, $4,000.
The leading futures ranged as follows: