The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-14
WHEAT PIT WAR FURRY
A WILD SCRAMBLE BY THE
SHORT SIDE TO COVER
May BID Up to the Record Price
for. the SEASON md July Advanced
Nearly Three Gents Over the Close
of the Previous Day Big
Bulls Unloaded Largely ON the
Bulge. -e;se


CHICAGO. April 13-The war crisis
caused the most activity in the wheat
market that has been seen in many
months" May sold to $1.O91s, the high
est yet reached. July sold to SSKc. an
| advance Of 234c over last nights price
There was general and heavy covering
by. shorts all day, and although Letter
and other bull leaders took advantage
| of the bulge to unload large quanti-
ties Of their holdings the market WEES
firm to the close. July closed at STAG.
and May at $1.0SA. -
Everything in wheat was very strong
at the, opening. Even. May, which has
been almost nominal, Of late, exhibited
| a great deal Of activity and, in fact,
was the feature Of the early trading.
The most prominent factor in the
strength was undoubtedly the gravity
of the reports from Washington. An
other factor was the knowledge which
leaked out before trading commenced
that Letter" had received acceptances
from abroad of all the wheat he had
offered the previous afternoon at prices
based on yesterdays advance This
quantity was put up by Letter at about
100000 bushels, and this proof Of the
determination Of foreigners to get all
hostilities created n genuine anxiety
among shorts, big and little, and start
ed them to covering as soon as trading
commenced
May started at .$1.08, an advance Of
a cent, and advanced at once to s.. O91h
the highest point yet reached on that
option. Very little was offered at first
put Letter soon took advantage of the
bulge and disposed of. large Quantities
through brokers. satisfying for a time
the short demand; and the price eased
off to $1OS 80,
The big trading, however, was done
In July. That OPTION, opened at from
S5Ac to $3.50, compared with s5Rc@
S59sc. t.All classes of. buyers came info
tne market, but offerings were de-
cidedly limited until the price got nm to
| $3.50. This was above call fignres and
free selling BY. holders Of those priyi-
| ieges. with. extensive sdrealizing bv
longs, caused a little softenine ~
prices. July getting back to $3.50
go, For a time after that there was a
little cessation in the buying fever. and
prices did not. change much. Rut
ABOUT l:3O the, influence of the Wash
lilseon news vas augmented by more
sensational news regarding the Calf
fornia- crop. The condition in that
state was said. to be, the worst since
1896, and predictions of not moro than
thlfd OF a crop were made unless rain
comes soon. Before IL o'clock the Inv
ing .had' become larger than before and
as Inc session wore on it became prac-
tically a scramble among shorts TO
cover. ~
Ordinary news of the day cut little
hgure, everything else being overshad-
owed by the war news and Letters big
cash sales. Continental markets We're
flrm and higher Northwest receipts
were small. 142 cars against. 253 last
week and 29S a year ago. Chicago re-
ceipts were II ears. The addition to
contract stocks today amounted to
about 1lS,C coo bushels. Cleagances were
rather light.
The Letter interest sold largely of
May and also of July right up to the
close, but even. his offerings were not
sufficient to satisfy the: demand, and a
few minutes ffom the END Of. the 1ses-
sion July was bid up to $3.50. The
market then reacted to s77sc, which.wa
the closing price. May closed at s1.0SA.
Letter brokers today called a 10 per
cent margin on everybody on May
trades. '''F-"