St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-26
Local Spectators Hasten to
Get Rid of Early Pur-
chaSes.
Fulfillment Of Cold Weather
Predictions a Market
re Factor.
Wall Street Trading Element
Divided Between Bulls
and Bears.
Dizziness, However, Is Re-
garded as Only Tempo
rary in Bull Circles.

CHICAGO, Feb. 25.-The course of the
wheat market was surprise to those
who allowed themselves to be impressed
with the strong tone of the bulk OF to-
days dispatches. There was everything
in favor of higher prices except outside
business, and, when the local Specula-
tors who had bought rly,relying upon
some support from that source. realized
that it was not forthcoming, they
fastened to rid themselves of their
early purchases, and then enSued
stampede Of the holders. resulting in
break of 1115c in May. The chief factor
in the market when trading commenced
was the fulfillment of the cold weather
predictions. The cables received from
the private correspondents of the com
mission houses here were generally
stronger in tone than the public dispatch
from Liverpool. The tone Of specula-
ton was only slightly more bullish than
on the preceding afternoon. The OPEN
ing price for May was for the most part
$3.50, sellers at 965sc being quite nu-
merous. The pressure to sell was the
strongest for few moments, and some
trades took place at 965sc. There was
an accession of strength, due to the
liberal clearanceS of wheat from New
York, under which an advance to 9714c
was effected, but business, which ruled
fairly active during the first forty-five
minutes, sackened considerably, and
the fluctuations following were con-
fined between 97@974c up to within an
hour of the close. A change occurred
at the time referred to, which was
somewhat OF surprise to the
receivers of the foreign dis
patches, which came stronger and
stronger as the day progressed. About
quietly around 971S@9714c. At 1880
the price was 9615c. A cablegram re-
ceived by Mcpherson Il James quoting
the Glasgow market as weak and lower,
for -four was the only discoverable cause
of the break, but as it was entirely out
of line with every other foreign dis
patch received here to-day it was not
generally credited, and therefore the
local conditions OF the speculative hold
ings, it may safely be assumed, were
chiefly responsible for the sudden
change from strength to weakness. The
corn market opened strong OH light re-
ceiptS. The first transactions ranged at
from 5411a(0543s@54$4c for May. There
were some few sales later at around 54as
0541Sc, but the general tendency was
upward until the bulls in wheat began
to throw down their hands, when
corn declined in sympathy from Soto
which price it had in the m eantlme ad-
vanced to 551sc, at which price it closed.
Oats opened firm and active at the top
prices OF yesterday. The market was
bull one until the decline in wheat be-
gan. when it weakened slightly, but
closed &c higher than on the previous
day. The opening of the provision mar
ket gave indications of less desire eX-
listing among the -holders to get rid of
their property. A few buying orders
were on hand also, and as the recent
break must have shaken out large
proportion of the weak holders, the
scalpers were indisposed to work the
selling side of the market. The re-
ceipts of hogs were liberal, $4,000, but
bringing better prices. The best prices
of the day were prevailing as the ses-
sion came to an end. Pork at the close
stood 1Oc higher than at the correspond
ing time yesterday, and lard and ribs at
an advance of from sc to nc.
The leading futures ranged as follows: