St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-08
BEARS IN CONTROL,
Wheat, Corn. Oats and Pro-
visions Fall Into Their
Embrace.
The Receipts Are Again Lib
eral at Duluth and Min
neapoliS.
Nothing in Sight to Stop De-
cline But Buying Against
Puts.
Wall Street Bears Also Ham
mer Prices Without OPP
position.

CHICAGO, Feb. 1.-THE bears were in
supreme control of speculation in the
future deliveries of wheat, corn, oats
and provisions. The sun was SHINING
in at the windows of the trading hall
with the brightness of day in May,
md Partridge was fighting actively Oh
he bear side once more. He was
heavy seller of wheat, and had the sup
port Of SchWartz-Dupee,sB aldWln-tar-
mum, George Parker, W. Linn, Walker,
Poole, Sullivan, Hough and the smaller
lights of the local talent in an almost
unanimous body. Baxter, LamSon and
Mitchell were buyers early, and so also
we're S. Y. White & Co., Logan u Co.,
Rumsay, Everingham, William Dunn,
Irwin-Green aud Norton Worthington.
Hutch was a moderate buyer for
while, but he sold heavily
alter. At the opening the pit was
pverhowing with sellers of May wheat
1t 9Si5c, and there were no buyers to
speak of except from those who were
.utting prices &c below $3.50. AT 1898
d9914c there were some buyers Tor a
second or two. but the uproariOuS anXi-
4Uy Of the sellers to dispose of the stuff
made those who were inclined to buy
iesist, and they were rewarded for the
exercise of little patience by finding
plenty for sale at csc before trading bad
been over ten minutes in progress.
There was really nothing in sight to
stop the decline but buying against
puts and the caution of some shorts.
who were apparently willing to cry
enough to a drop of sc under the
closing price of the previous day.
The class of traders referred to had no
reason to regret their moderation, for
twenty minutes later they had an OPP
pOrtunity to put out their short wheat
again al 9835c, and in the course of an
hour thereafter to buy it back again at
9715c. The receipts were again liberal
at Minneapolis and Duluth. Bradstreets
statistics were diScouraging in most
particulars to those who were hoping
for an advance in prices. The guesses
on the probable change this week in
the official visible supply were also
against the bulls, being for a decrease
of only 100000 bushels compared with
over 735, 900 bushels on the correspond
ing week of last year. Rain was re-
ported as having fallen at Portland, Or,
The export clearanceS were light and
the winter wheat market reported
Il freer movement from farmers. There
could be no effectual resistance to
bear attack under the foregoing influ
ences, aud consequently further drop
in May wheat to 91c was not surprising.
The prices in resonant had recovered
from 9715c Oh the break previously al
luded to to 9734c, and it was from the
latter point that the break to 91c was
started. The news which was forth
coming on the bull side was unim-
portant. The corn market was intlu
enced principally by spreading belief
that receipts are upon the eve of in
Iowa and Nebraska that the farmers
were lOOsening their grip upon their
stock Counselman. Kennett-Hopkins
and Hutchinson sold, and the buying
was for the most part against puts.
Oats followed wheat and corn closely,
declining steadily from the opening
prices, which were about steady. The
market was fairly active, with the trad
ing we'll scattered among the local
crowd. A large quantity of long oats
were sold. The market for provisions
was weighted down at the opening by
the very heavy receipts for Saturday of
81 900 hogs, as advised from the yards.
The receipts at six Western points to-
day exceeded those at the same places a
year ago by $1,000 head. Baxter was
free seller of pork, and at So the open
ing price for May, there were numerous
stop orders with buyers scarce at that
price. There was a decline to $3.50 and
a subsequent recovery to 1885. leaving
a loss of 2215c since the close of Fridays
session. Lard closed at decline of
715c, and ribs found no considerable
support until a similar decline had been
submitted to.
The leading futures ranged as follows: