St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-20
IN ROCKET STYLE.
Wheat Went Soaring Up, But
Came Down Like a
Stick.
INFLUENCED BY PARTRIDGE
Who Covered His Shorts at
an Enormous Loss for the
Day.
STOCKS ARE TAKING A REST
MaPket in Wall Street Was
Quiet, But Quotations
Firm.
STOCKS ARE TAKING A REST

CHICAGO, April 49, - Wheat today
went up like a rocket and down like
the stick, Partridge being the influence
both ways. His covering of an enor-
nous short line of 1900, 900 Or 5, 900, 900 bu
caused the advance, and when his
line was in, prices dropped from lack
of support. May closing unchanged,
after a NC bulge. May corn and oats
each closed bc higher and provisions
made slight gains.
Wheat was again in good demand
when the market opened, although
some little May wheat was sold at a
price as low as CSC, and July as low
as SEC at and around the opening
About two hours after the opening
shorts were with eagerness bidding
59Ac, and taking it at 591sc when sellers
appeared reluctant. The influences
were largely of a local character. but
Liverpool, LonLon, Paris and Berlin
all sent higher quotations at the open
ing. The demand for -four was re-
ported from all directions to be good
at daily improving prices. Primary
market receipts were light The ex-
ports from Atlantic ports were much
lighter than on the day before but the
shipping demand here for wheat to go
East was early in the day reported to
be excellent. Among other matters
was the continuation of the dry wealth
er. An advance to 595sc took place be-
fore the May shorts were allowed a
breathing spell, but at that price, which
was 112c per bushel more than it was
worth at the close yesterday there was
a general taking of profits, followed by
very quick reaction of 1c per bushel
from the top, $3.50 being the
TRADING PRICE FOR MAY
about five minutes before u o'clock.
The extra demand for May wheat, as
compared with the desire for July
is seen in the fact that while May on
the advance rose from So to $3.50, July
in the same time only improved from
69 to 6OAc, the spread thus narrowing
to sc per Blu, as against the recent
differences of about 1c. The business
In the pit was broad. Partridge COW
cred Z great deal of May wheat today
through houses other than through
Partridge and Leening, his usual
brokers' May settled down around
sSl2c, and stayed there for a consider
able time without life enough left to
move. In the last two minutes of the
session it became common rumor that
Partridge had covered between 4.OO0.-
geo and 100000 blu of his May and
July wheat, and was now practically
ashore. He certainly covered freely,
but is not supposed in well-informed
circles to have bought in one-half of
ais line. The market became heavy
toward the end. May sank gradually
TO 5Sc,. and closed at 5S1sc bid.
The corn market was firm, with a
tendency early in the day to follow
the fluctuations in wheat, but later
when the friends of wheat had de-
serted it, the corn market did not
respond to other weakness, and closed
a shade higher for the day, the latest
trading in May being at 457sc. 1t sold
as high as 461sc when. wheat was in
its high range. There were 1877 car
loads, and shorts covered rather
freely.
Oats met with a fairly good sale.
The advance in wheat was followed
only in moderate scale, and offerings
increased as the price was added to.
Carrington-HaDna and Bartlett
Frazer sold heavily. May started at
2S1sc, and sold up to 2S3lc. There was
rather scant buying at that price, and
drop followed. The decline went as
far as 2S3sc, at which price the market
closed. July sold from 27Hc to 275sc,
down to 2fas@27l2, and rested at 27h,
&c Tighter
The provision market opened weak
Dill receipts Of 3.00O more hogs than had
been estimated, and cents decline in
their value. Later the market be-
came firm with wheat, and in spots
quite strong with the early decline
turned into an advance. In the end
pork closed with a net gain of 121Ac,
lard an advance of PFC, and ribs of &c.
Estimates for tomorrow: Wheat,
IS cars; corn, 2C0; oats, Els; hogs, 5000
The leading futures ranged as fol-
lows: