The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-30
CRAZY WHEAT PIT
cynAr1oSs OF THE DAY KEPT
THE TRAD---Rs ON THE
JUMP. -
NET GAIN OF A QUARTER.
CHICAGO PRICES ROAMED ABOUT
RECKLEsSLY OVER A TWO
CENT RANGE.
PREMIUM FOR MAY WIPED OUT.
The Market Opened With an IncIina-
ton to Bulge and Then the
Trouble Began.
MARKET SUMMARY.
FINANCIAL.

CHICAGO, April 29.-Wheat today outdid all
Of its recent eccentricities. 1t boiled and froze
alternately and kept on the jump the Few
traders who had nerve enough to keep hold
of the market 1t closed at an advance of Nc
after roaming over range OF &c. Inc
weather played quite an important part In the
gyrations OF the market. Corn lost NC and
oats the same, while provisions advanced 2h
Q71hc.
Wheat started, as 1t did yesterdad, with a
general feeling that a rally was about due.
July opened at an advance of from &c to Nc,
the first trades being at 7O1aQ703sc, with one
or two transactions as high as 70%c. That
was the highest price paid in the first two
hours Of the session, but in that time the
market rose and fell in a manner that was
bewildering and dangerous. One feature OF
the speculative market was the gradual dis
appearance of May premium, which was about
1c at the openeing, but before noon was nearly
all lost. The opening hrmness was partly due
to the bad weather, frost being reported IN
Kansas and Nebraska, and more rain in the
Northwest, while the English market was
holding with more steadiness than was ex-
pected in view of the decided break on this
side Yesterday But the advance started free
realizing sales and the market, once started,
went to 691sc in hurry. The scalping ele-
ment in the crowd have largely deserted the
market and with the business thus reduced,
1t takes very little to start it running away
After the decline to 6912c the market turned
The recovery was gradual at first, but be-
came more pressing about an hour from the
close. by which time July had risen to nhc.
San Francisco advices, reporting dry weather,
continuing, and temperature rising, had some
thing to do with the strength that developed,
and a private telegram from Berlin, reporting
strength of that market due to continuation
of drought in Russia, was another FACTOR
Liverpool closed weak, at %@1Ac decline
Northwestern receipts at Minneapolis and
Duluth were 800 cars against 307 week ago
and 200 last year. Chicago receipts were four
carloads Atlantic ports exports of wheat ana
-four were equal to only 10000 blu. A report
from San Francisco giving the signal service
as predicting the possibility of rain tomorrow
caused the market to take another sudden
tumble in the last half hour, July winding up
the day at 7O2sc bid.
Corn was quiet and easy, with some May
nrcssure The wet cold weather had a
strengthening effect at first but prices weak
ened easily to liquidation, which started on
predicted weather improvement tomorrow
and consequent increased receipts. Exports
were 800 900 Blu. July opened unchanged at
25ssc and slowly sold down to 25Ac, where 1t
closed. In oats, liquidation of May, on I'D
eral sca,e was the cause of the weak market.
There was a good demand at the ueClne'
but not enough to absorb offerings, and the
market was weak throughout. Exports were
10000 Blu. May opened unchanged, at 1S1sc.
1t declined to 17%c, and reacted to 171sc,
where it closed. Provisions had rather easy
start due to the weakness Of yard prices,
bl< the market soon became firm and re-
NAMED So Prices have declined for three
DAYS and today saw a natural reaction. Inc
Cudahys led the buying. At the close pork
was nc higher, at $8.55; July lard sc higher,
at $4l712q4.2o, and July ribs ~, 73Sc higher r at
I cars; corn, 266; oats, 240 hogs %, 900.
The lead:ng futures ranged as follows: