St. Paul daily globe., 1894-04-14
PLUHGIHG UP AND DOWN.
WHEAT FEVER. SH YESTERDAY FOR
SEYER.L REASONS.
a GAIN OF lss. FOR MAY MADE.
Turns OF the Market Were Sharp,
Quick and Decisive = Bulls
Afraid Of Water-Speculato tor
Post Canght on the Wrong
Side CT a Big Sfraddle-Corn
and Provisions Fcatureless.

and Provisions Fcatureless.
CHICAGO, April 13-Wheat was
feverish today, plunging up and down
the scale OF prices. and ending with a
gain of l3sc for May. Conflicting crop
reports. short covering; long selling, a
New York failure aud export buying
sent prices up and down. and n large
business was transacted. Corn is with
out change, and provisions, after start
ing out on bull rampage. left off tame
with a &c loss in pork, 2Ic advance in
lard and withou, much change in ribs.
Rain in Kansas startled the bulls in
the wheat market at the opening. and
they made haste to get rid of their hold
ings. That resulted in drop OF ~ as
soon as trading commenced. For a
matter of three or four minutes it looked
like a sure thing to sell wheat; the
scalpers were saying so to scare others
and to find buyers for fiyes, tens
of May at 59ss@591l. when upon
sudden demand sprung up.
In five minutes May wheat was
worth 60s4c. and no one wanted to sell
it for minute or two OH account of the
unexplained cause of the demand. Upon
inquiry, it was discovered that S. r.
Post, a heavy New York speculator,
had been caught playing the wrong side
of straddlein about 100000 bushels
of wheat between New York and
Chicago, and had sent buying orders to
cover the short end of his spread here.
That being the cause of the quick 1Lc
advance, the market reacted as soon as
the linn Nac oOvarad ond xukon IL I>.,
came known that there were no other
grounds for the bulge. there was de-
cline to about the opening figures in
the next forty minutes, but the rapid
changes SO easily brought about had
made the traders nervous, and there
was another quick upturn to 6O1s@601lc
before noon. California reported no
relief from the drought there. Foreign
markets were firm. The strength of
the closing cables and reports of the
taking of a great deal of wheat for eX-
port at New York, were assumed as in
some measure confirming the reports
of anxiety in Europe on &C.
count of dry weather there. The
market became very strong about an
hour from the close, and May Went up
beyond its highest previous price. July
kept going up about &c per bushel in
advance of May. The final strength
which made all else to be forgotten
came from the report that ever 80 boat.
loads having been taken for export at
New York-about 100000 bu. On that
May went up to 6l115c about twenty
minutes from the close. There were
denlals of any such number of boat
loads having been placed III New York.
Among others Mcintyre and Ward were
wiring near the close that all they could
trace was 80 loads.
May sold as high as 6159c, and July at
631ac, and Partridge was The most active
buyer on the jump. There was reac.
ton to 6111sc at the close, making net
gain for the day of 1880.
Corn was Tor the most part weak, but
not radically SO. 1t was claimed that
there was no demand from the East.
but at the same time sellers were not
inclined to follow decline very far.
The DAYS range IN May went from $500
up to $3.50, then down to 3S115c, recOv-
ing for the remainder of the day be-
tween 3S14@3S1ac. 1t closed at the latter
price.
The buying in of some short corn for
account of S. r. Post, of New York,
caused the first advance to 3S3Ic, and,
after the selling out of some long corn
for the same Individual, caused the
Olner extreme HuctuatlOn OF 3S1Sc.
There was more independent strength
shown in the oats market today. There
were good many buying orders ON the
market, and trading was moderately
active. May started shade under yes
terday's last quotation at 317sc. sold up
to 3212c. 1t fell back again to 321Sc, but
sold again at 3219c, and closed with
sellers at that price.
Provisions starte1 very strong. When
wheat was making its IS. r. POST ad-
vance, similar influence was being
felt In May lard. George Baldwin had
lot of the latter to cover for the New
York spec ulator referred to, and the
price of it rose 1870 at the start. whereas
July lard only advanced 21ac at that
time. Pork for July from Sl2.S5 at the
opening went up to $13.O5, but at the
advance there was quite free realizing
by longs, and in the end the price got
down below yesterdays closing price
to S12.7O, and left Oft at $3.50, making
loss for the day of cents. May lard
dropped TO $40, aud closed at $7.421S.
Ribs after irregular fluctuations, closed
steady and unchanged.
Estimated receipts for tomorrow:
Wheat. 63 cars; corn, 160 cars; oats. I29
cars; hogs. $4,000.
The leading futures ranged as follows: