St. Paul daily globe., 1892-05-21
SHORT SELLERS STRUCK BY A PANIC
Scarcity of Grain and Provisions Creates Scene of Wild
Clamor and Excitement in the Pits on
Chicago Board of Trade.
JoTATIoNs SHOT UP AT AN AMAZING GAIT
The Blizzard failing on to Flood Rains, Was the Agitat-
ing Factor Bearishness Still Contro-
ing at New York.

CHICAGO, May 90.-Wilder elQmor and ex-
citement over scarcity of grain and provis
ions than was witnessed today on ,change
could scarcely be imagined in starving
Russia. Short sellers big and little, were in
q panic. The price of May corn shot up7c
and closed within lc of the top. The July
option gained 3Isc. Wheat is up Use and
pork, lard and ribs are respectively GOc, f5c
and l1l2c higher. A blizzard following dis
astrous rain floods for a month was the
horror.
Corn was agitated from the start and an
immense volume of business was transacted.
The opening found the crowd anxious and
offerings light. Partridge was heavily short
in July, and rushed brokers from half dozen
houses into III pit to get his corn back. The
trade had none 10 sell 10 meet so great n de-
maud. The small shorts, too, were scram
bling for corn. and every message on the
floor was discouraging.
The May price held at 55Ac at the start,
went to SIC, and on to 5Sc as soon as the bid
ding began, and sellers held it at Gee. June
was quoted at 46l2c and 47lac. and sellers of
fered it at 4gc on the early bulge. July was
at 45c to 454c at the start, went TO 46l2c. back
to s6c. and then jnmped to 47S4c before ii
o'clock For an hour there was no let-up i'll
the panicky feeling and July dropped back
to 465sc. Later Partridge tried to buy, and
the price jumped to 47l2c Ill few minutes.
This opened up the excitement anew, and
May solo quite freely at 60c, jumped to bic.
and went on to Tee before l O'Clock. June
was quoted at 4J4c at the same time. while
July passed the high point of the morning.
and went squarely up TO 4Sc. Corn closed
with the trade greatly excited, and top prices
pretty well held.
In wheat the opening was about 4c higher
than Yesterdays closing. advanced lac. re-
ceded s4c advanced lac. then .receded lSc,
rallied l5sc. fluctua;eu some and closed about
2ssc higher than yesterday sharp demand
existed and outside parties bought freely.
The short interest covered freely and felt
rather easy at the~situation. There was no
great quantity of wheat offered, though on
the different bulges some realizing followed.
The feeling was decidedly nervous.
A heavy trade was carried OF in oats, the
market being greatly stimulated by the
strength of corn. and closing from lac to
11ac higher. Business was generally scat
tered. although Murray Nelson disposed of
considerable July.
The provision trade caught the bull fever
from the grain pits. The greatest specula-
tive interest was in pork. The opening
price was f0c over last night i'll sympathy
with corn. This was the key to the situation
danger to the corn crop and higher prices in
the corn pit. The strength caused the local
shorts to cover early III the day. Then the
packers began taking products. Armour
bought lard and Cudahy bought ribs. and
Ryan K Co. bought ribs, lard and pork all
day. and were very bullish on the situation.
Many operators after covering short sales
took the long side for the upturn, and the
final figures were the highest of all.
Offerings of vessel room light. Rates
held steady at &c for wheat and lac for corn
to Buffalo. Estimated receipts for tomor-
row: Wheat 125 cars, corn 20J cars, oats 199
cars. hogs l4.0J0.
The leading futures ranged as follows: