St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-28
SHORTS RUSH TO BUY
Hearty a 2-Cent Advance in
Wheat Piled on SatuP-
days Gain.
Bears Get Nervous and Buy
Heavily to Cover Short
Lines.
ether Pits Neglected, All OF
the Operators Trading
in Wheat.
Clocks in Wall Street Irreg-
ulaP, With a Firm Tone
at the Clio Sc.

CHICAGO, March 27.-March wheat
Jumped to soc a bushel today, a &c adj
vance over Saturdays highest mark.
and closed at 79&c The advance of lc
Saturday scared the shorts and they
started in at the opening to cover part
o. their line. The market was wild,
and the opening quotations ranged from
- c TO 1S&4c. The heavy buying sent
the market to ~ c with rush. Then
The clique came III by selling some of
lis holdings, the price dropped TO the
opening figure. The shorts then began
10 buy again and the. market went to
soc, the clique aiding in the advance by
taking back part of their original offer
ings. The traders became nervous. and
from this point until the close the mar
ket See-Sawed between 19$ic and 7935c,
closing near the top. july wheat was
firm, but closed without material change
in its value. Corn opened firm, but
closed very weak at sc under Satur-
days latest quotations. Oats were weak
from start 10 finish, and closed after an
active days business at isc below the
prices ruling on Saturday afternoon.
IOhISiOllS were uuil. uuL III III.
The visible supply of wheat uneXpect-
eddy decreased $4,000 bushels, COM
pared with an increase Ofl54.000 bushels
the SpOnding week last year, but
tie figures had no appreciate effect upon
the market. The interest in the May
deal dominates the market TO the eXelu-
SION of everything else. The clique
brokers were being closely watched,
and, although they must have disposed
of a considerable quantity of May wheat
on the hard spots, the traders could see
that there must be heavy buying orders
IN the market from shorts, which en-
abled realizing to be done without
breaking the prices. Kaufman, of st.
Louis, was one OF the heavy shorts who
FACED the music" today. The whole
trade was restless. Outside shorts
were very ANXIOUS. StraddlerS at
St. Louis, Duluth, Milwaukee
and Chicago all had trades outstanding
that were getting very Improbable.
This forced considerable buying for
May aside from the question of what
the big Northwestern shorts may have
covered. 1t is claimed in some quar-
tiers that the bull clique houses in wheat
have of late been b ending their ener-
giles to holding the market within
bonds. \ break would be quite disas-
trOuS to them. An advance at this time
would but attract more wheat from
other centers to Chicago. This might
prove disastrous. When May wheat got
twist of lc over Saturday TO 7Sc the
move was first charged to the clique.
Later, according TO these theorists, 1t
was the best opinion that shorts were
largely responsible, and the clique did
as much as possible to hold the market
together This morning they had the
same task on hand in aggravated form.
Pardrige says of wheat:
The clique poses as target for the
entire grain trade Of the country.
While not having the hrOadsideS of
barn, this target is of sufficient size to
be muchly riddled before June l. Prob
ably the capital of the clique is opposed
by equally large amounts. and the tao
ties arrayed against it are as shreWd as
its own. The contract stocks of wheat
have lately increased about 100000 bu
weekly. There yet remain nine weeks
10 fill sales of May wheat. We think
the least the clique can expect to re-
ceive in that time will be 100000 bu
week, which would raise the total con-
tract stocks by June l to over 5000, 900
bu. Car lots of No. 2 wheat are selling
SC under the May price, and only
thirty-siX days to May l. By look
ing at the daily out inspection of
wheat none of the car lots of No. ? red
OF No. wheat are found, but the ship
ments all consist of grades selling S(G15c
less. \ fair price for No. 2 red III this
market today would be 67c, and No. 2
spring toe. Either New York must adj
vance from 75c to Soc, and Toledo and
Detroit from 69c to 7Sc, or Chicago must
sooner or later fall into line, and we
Shall not incline to the bull side until
values all around are adjusted in their
usual positions"
The wheat pit took the attention of
operators today to such an extent that
other pits were neglected. The feature
in corn and oats was the seeming desire
of country longs to get out of their hold
ings. Tonight. compared with Satur
day night. pork is up l0c, and lard re.
Ribs are about unchanged.
The leading futures ranged as follows: