St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-29
1T JUMPED THREE CENTS.
WHEAT MOVES UP RAPIDLY ON wealth.
En- REPORTS.
BIG HOUSES BUY THE CEREAL.
The Foreign Contingent Buys
Stocks in Large Blocks, st. Paul
and Union Pacific Being the
Favorites-Grange Were in.
Good Demand and Closed at
High Points. NJ

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*
CHICAGO. March 2s.-Whest surprised
even its warmest friends when il took a
jump of Sc. and appeared to feel quite
comfortable at the height it had reached.
1t was wholly due to the effect of the.
weather that the market woke to an
activity to which it had long been a
stranger. For half an hour. although.
there was decided firmness. there were
as yet no signs of the wild scrambling
and whoops and yells for wheat which,
a little later made the carpenters tenn
porary scaffolding, with which the hall
is filled, culver with sympathetic ex-
element. The price for May at the
opening was 5S5sc, which, com
pared with yesterdays resting
price, showed gain of 1se. 1t
rose gradually under good demand
from f. q. Logan & Co., Boyden & Co.
Kennett-Hopkins, Lamson Bros, and
other commission houses until it had
got to 5954c. When Coo was bid, sellers
: practically withdrew, and the cries of
the shorts as they bid in quickly ascend
ing Jumps of &c at q time became
piteous. Before relenting holders gave
heed 10 those cries 6l15c was bid and
paid for May. July i'll the same time
rose from 6013c at the opening to 631 Sc.
lie expectation of warmer weather
tonight, following upon the prevailing
blizzard, and that warmer weather to be
immediately succeeded by severely
cold wave, was the occasion of the
alarm which the advance indicated.
The usual market news was not of a
sensational character, but IN the main
favored the bulls.
Foreign markets were rather apathet-
ic, and for the most part weak.
There was general covering by the
local shorts. Barreits, Cudahy, Capt.
Phillips, Brandt Walker and the other
numerous runners among the beariShly
inclined home talent took in deep
draughts of short wheat. A good deal
OF wheat was sold out when the shorts
were in their anxious mood. Perhaps
the biggest seller of wheat which had a
good profit attached to it was j. e.
SchWarz, who figured so successfully a
lew months ago on the short side OF
corn. He sold out not less than 2,000..
600, having about cents per bu profit
attached to it, making him about S4U,-
600. One broker sold for him 500. 600 bu
OF the lot in ten minutes time. The
elevator men got badly scorcheG. They
sold July wheat on the first little adj
vance, expecting to depress May
thereby.
The price after the early razzle fluc-
tuated between 605sc and 6l1sc for May
The price of May was fiuctuatlng in
the balance at from 601sc to Gle in the
last fifteen minutes, and the closing
quotation was 605sc, or 2555c higher than
of bn md Of
The corn deal was helped by wheat,
but it did not enthuss very much. Liv-i
erpool was quoted firmer and some what.
higher. and receipts here were only 81
cars. The bullish points were of some
assistance in starting May at sc adj
vance compared with yesterdays rest;
ing price. The bulIishness of wheat
caused q further advance of &c, bring:
ing the price of May up from Size at
the opening to 3753sc. but the superior
attractions of the wheat deal empliedi
the corn pit. The closing price was at
the highest notch of the day.
Early in the session trading in oats
was active, but later, after the market
had fallen off slightly. the demand
slackened, and only very small amount
OF business was done from that time up
to the close. The firmneSs was mainly
utC W Vic oy panty Will cOEu. MAY
opened steady at size, sold right up TO
3l$lc, and declined to 311S@315Sc. 1t;
was offered at that price at the close.
The provision market promised to be
the center of attraction at the opening.
The biggest crowd was congregated
there. bnt wheat drew them off, although
interest in the hog products was well
maintained by the regular traders in
those goods. The market was again
strong, and prices considerably higher.
Hogs were quoted at from 5@l0c higher
at the yards.
Packers and shorts were the buyers,
and some rather lively reactions were
Occasoned by the realizing sales of
longs. May pork closed zoe higher
May lard closed with a gain for the day
Of 10c, and ribs of 15c.
The BOOM today came as great deal
to the holders of wheat. They have
been forced TO endure tremendous
Shrnkage in values and pay tor CARRYING
the property besides. The decline in
price was nearly 2 cents bushel and
the carrying charges were Is to 20 cents
DuShel, making a total of So to 40
cents buShel which was borne by the
bull spectators. On local stocks alone
the loss amounts to between 7.0CO,0O
and 100000. The advance today car
ries the cash price up over cents
bushel. Stocks or wheat in Chioag 20
warehouses and loaded lii vessels in the
river approximate 25,0O0.O00 bushels.
A scent rally therefore means a diff
ference Of S1.250,000 OH the cash grain
alone to the bulls. This days work
alone ADDS $750.000 to the value of Chi
cagO stocks.
The amount of wheat that was COW
to 100000 pu, but those who are
familiar with trade laugh at the claim
heard in certain quarters that the shorts
were all run iii on today's bulge. 1t
would take week of steady buying to
liquidate such a terrific short interest
as this market has developed as result
of six months trading inthe May option.
Capt. Phillips was one of the first 10
take alarm today. Seeing early in the
week that the local crowd was oversold,
and being trifie lame, he concluded to
Start at once III his race for cover. He
brought in the last of his wheat this
morning among the first. Hartmann,
the big st. Louis bear plunger, has, it
is said, also been heavy BUYER
for two days. Having a large line
out, he could not get it all in and was
one Of the bidders at 6l15c today. The
Cudahy brokers bought ali day long,
and hundreds of room traders VINO were
short never let chance escape to yet
hold OF wheat on the bulge, and
Partridge and Teaming sold freely ON
the way up.
1t is singular fact that year ago
today the market was more excited than
it was today, but the trend then was
downward, May selling from $3.50 to
75s4c, drop of ceptS. +
The leading futures ranged as follows:
OPEN High Low Clos
ARTICLES. ing est. est. ing.