St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-02
ANAPRILF FOOL MARKET
The Countersign at Chicago
Was "Whipsaw" and the
Tone Panicky.
Wide Range and Quick Action
i Fooled Large and Small
5 Dealers.
at the Close Every Article on
the List Shows an
Advance.
p
Upward Tendency Checked by
Reports Touching Gold at
New York.

CHICAGO, April 1-"Whipsaw' was the
countersign today in the wheat pit 1t was
sure enough April fool market for some Ct
the big houses, as well as the scalpers. There
was an action of nearly &c in the price in less
than two hours. This evening wheat and
every article on the list shows an advance
over the prices current twenty-four hours
ago, but wheat opened SO weak as to be semi
panicky. The heavy closing here last night
and the depression which seemed to pervade
wheat markets elsewhere brought in good
many selling orders, and the market was $50
1l&c lower, May selling at 77l2Q177s4c at about
the same moment. But the local sentiment
was very strong. The offerings were rapidly
absorbed, and there was an unsatisfied greed
for more. Soon the selling fever was over,
and bids were rapidly raised. The price
quickly touched 73I2c, went off some, but
then rallied to 738sc, and at IL O'Clock was
about 791ac.
Gables we're decidedly weak and Id to 1I9d
lower but export movement was fair, and
the demand for cash wheat was repeated ac-
tive at nearly all outside points, and prices
generally quoted at large premium over
May. This was particularly the case at st.
Louis and New York and to Chicagoans in
dicated light stocks of cash ana greatly
strengthened the confidence OF holders. 1t
was also said that the weather had been such
in North Dakota as to nearly destroy 8.0J0000
to 10. 900 pu of wheat which was left in shock
or stack last winter. There was also some
talk of a. cold wave which was gradually
working it's way into the winter wheat belt.
The market was generally regarded as over
sold Considering the steady decline of 10c
which had taken place during the last lew
weeks. and the indications that the lquida-
ton had been very complete and that little
was left to come out. the shorts were easily
frightened, and when the buying showed ac-
tivity, courage and vigor they quickly ran 10
cover. Logan, Lamson Brothers, Mimine
Bodman. Schwartz Dupee and nearly all the
private wire houses were active buyers. Cut
Ter bought heavily early, presumably for
Partridge. taking all he could get under 7Sc,
and Lester bought generously for New York.
st. Louis had good many buying orders
here, and that market was very strong.
During the last hour wheat had week
turn and sold off to roc for May annd there
rested while. Later there was sharp
squirt on some better cables and large buying
bv prominent houses, with Logan i'll the lead,
and under considerable excitement the cereal
sold to S0lsc or 9sc above the low point early,
and at o'clock was about SIC, closing firm
at 1850 bid.
One explanation of the remarkable recov
cry in wheat is that lot of $1,000 bu was
worked here for export 1000 blu of it No.
spring, the remainder red of various grades.
An elevator proprietor was also quoted as
authority for the statement that orders were
received here today for over 500, 0J0 bu OF reg
ular No . spring, bnt it was wanted at lac
per blu under May price. and not an elevator
man in Chicago would sell except at some
premium.
,tThere is much curiosity regarding Dodge's
Forthcoming report Of the April condition of
wheat. The general opinion seems to favor
some improvement upon the $50 status of
the plant as it went into winter quarters. nj.
j, BuXbaumb. who, from having guessed
IS n, rf
wheat in farmers hands is thousht to be
able to read the mind of the Washington
stntistcian, is reported as saying he expects
the forthcoming statement to show condi-
ton of 81 and u fraction. George Smith mad
a. Liverpool cable reading, Depressed and
lower owing TO American adylces; Otherwise
position strong
In corn the bulls are said to be after Pard
ridge, who is represented as being heavily
short The champion short seller is reported
10 be less confident of. his ability TO cope with
the corn crowd than he is with The people in
the pit. The market opened weak and Ac
lower in sympathy with the depression at
the same time in wheat. The sudden recoy-
ery in the latter had an Immediately similar
effect upon corn, which, after selling mo-
mentarily Ac below the opening price,
bulged s4c from the low point, and after
while bumped itself again. getting its back
up to 49l404CSsc on The latter occasion, after
having been down to 39Ac near the opening.
The offerings were light and it took but little
buying to put the price up.
Oats showed but little independence Of
feeling, and on unimportant trading tiuc-
tuated with wheat and corn. closing ss0l2c
higher than yesterday
The provision market followed the huc-
tuatlons i'll grain. The first transactions
were at the lowest prices of the day, and the
closing rates were the highest Mitchell and
Helmholz were vigorous buyers in the inter-
est of Wright. Pork closed l712c higher; lard
is up 7L2c, and ribs 10c.
The estimated receipts for tomorrow aae
105 cars of wheat; 80 cars of corn: 1856 cors
OF oats, and 1900 hogs.
The leading futures ranged as follows: