The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-24
BULLS RULE IN The PIT
WEATHER SCARE CAUSES LIVELY
BOOM IN WHEAT PRICES
Trade Is Enormous, and Advances
Are Continuous Throughout a
Day, All Cereals BeneftinE in the
Increase In Quotations.

CHICAGO, April 23.-Bull enthusiasm
was paramount in all speculative pits on
the Board of Trade today The influence,
was well developed weather scare and
shorts We're the sufferers. Trade was
excited and stuff was held so tightly
that when the bull movement got into
swing, prices advanced with big Jumps
Wheat made gains of from 22s to PIC,
corn rs to 29sQ2a4c and oats ~ to 23kc
May wheat closed at 2Ac up, May corn
21sc higher ard May oats 1$ac advanced
Provisions closed 15GD1712c to soc higher
w neat went booming from the very
start. Ihere We're numerous bullish in
centYeS. Cables started out strong and
advanced This started the upturn.
Then came the crop damage scare that
set everyone buying. The rains in the
winter belt yesterday, though enough
TO al!ay the heat, were reported far from
sufficient to save crops. Added to this
came the weather report that freezin =
temperatures would probably be reached
III some sections of the Southwest to-
night. Receipts also were light and
argued rapidly decreasing stocks. High
er outside markets, especially in the
Southwest, where it was argued the
spectators had information nearer at
hand, augmented the upturn. Reports
both government and private, persisted
in the advice that crops were being bad
ly damaged. The Millers association.
of Kansas, reported the crop of that
state at a condition of 56. Indiana was
said to be suffering and advices stated
that from 20 to 20 per cent of the sown
fields would be plowed up. There was a
lot of liquidation for profits on the early
advance but commission house buying
started renewed spurts.
Trade on Enormous Scale.
The wheat traders were seriously
aroused over the critical condition of
the crop. Trad was enormous, possibly
as large as on the big bull campaign
last December. There was practically
when m n rlTo r,Of
Vancing May opened IA to 3sc up at
747sc and scared to TIC, closing very
strong and excited, PIC up at 767sc. July
closed PFC up at 781s17S1tc and Septem-
Der PIC advanced at 7SHc. Local re-
ceipts were 26 cars; Minneapolis and Du-
!, luth reported 109 cars, making a total
| for the three points of 1875 cars, against
| IA last week and 2S6 for a year ago.
i Primary receipts were 203, 900 bu, compar-
| ed to 100000 blu last year. Seaboard
clearances in wheat and flour equal1ed
| $4,000 bu- Cash business was good and
| the seaboard trade improved.
| Corn had the influence of the wheat
| boom to start it advancing, but the real
| incentive in this. pit was the renewed
! heavy buying by the big commission
house which was reported several weeks
ago to be trying to corner July options.
Wall street is said to be behind this
crowd and as the big lines were accumu-
lated ''tailers" bought feverishly. The
local crowd bought mainly on the theory
That d Dun IldIDpuldllNG campaign WAS
on foot. There was considerable Hquida-
ton at times for profits, and at these
moments the market eased a trif1e. Up
ward spurts Immediately followed, how
ever and as offerings were never ex-
cessive additional gains were made. The
market was strongest at the close. The
Southwestern markets were even more
bullish than Chicago and influenced
prices here. May opened "a to 12c higher
at 623s to 62s4c and advanced to 643sc,
closing strong 2Hc up at that figure.
July sold to 66c and closed 23s421sc at
Go7sc. Receipts were only GO cars.
Oats, Too, Are Strong.
Oats were strong throughout the ses-
sion on the influence of the strength in
the other grains and the fear that there
crop from lack of moisture. There was
also a good cash business which added
to the strength of the futures. Trace,
while not large, was of good character,
receiving and commission houses buy
ing. ScaIpers sold to some extent Crop
damage reports from Iowa and else
where were buliiSh incentives May sold
from 431sc to a strong close, l$sc advanc-
ed at 445sc. July (old) gained 13sc, clos
ing at 371aQ375sc. Receipts were only Is
cars.
Hog products had a strong and ad-
vancing market, Influenced by steady
hog market and the grain bulge. Trade,
however, was not very active considering
the rapid advances made. Buying was
good, particularly by the local crowd in
the way of covering. Packers sold mod
crately on the upturn, but supported by
Iarly in good demand. May pork closed
side. Heavy shipments Of products was
a bullish incentive. Lard was particn-
iarly in good demand. May pork closed
3Oc higher at 1915; May lard II 1-3c up at
s9S5 and May ribs 15Q1712c higher al
$500
The estimated receipts for tomorrow
are: Wheat, 20 cars; corn, 50 cars; oats
l55 cars and $4,000 head of hogs.
The leading futures ranged as follows: