St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-06
BEARS GAIN CONTROL
And May Wheat Closes About
One-Half Cent Off Open
ing Prices.
Hutchinson Buys at the Open
ing and Sells Again at
the Advance.
all Outside Trading Through
the Day Light and Life
Rather Strong Undertone ON
the Wall Street Stock
Market.

CHICAGO Feb. 5.-There was a weak feel
ing regarding wheat pervading the minds OF
the Spectators at the opening. The very
much milder weather probably relieved the
strain of anxiety about the winter wheat
plant and further reinsurance on this point
was furnished by the report of the secretary
OF the Kansas board OF agriculture. who re-
ported highly of the present condition of the
plant in that state. The cables also were re-
assuring to the shorts. The crowd started as
sellers of May wheat at 993s and 99l2c but at
those prices there were plenty OF buying Or
ders and the offerings were quickly alb
sorbed The trading on outside account was
light. An advance to 9978c was followed by
decline to 99A090sSc, one Of the influences
on the decline being very free selling OF July
wheat by Linn. Hutchinson bought at
the opening, sold at the advance,
bought again on the subsequent de-
cline The Cincinnati Price Currents
usual weekly review of the situation was
very bunish, as regards May wheat, and ex-
actly the reverse concerning july but it took
some time for this report to make an impress
sion upon the market. To it was added the
information that SeavernS had sold yesterday
afternoon fifty cars Of No. 3 red winter
wheat at Csc Tor shipment interior millers,
and this price being only &c under the price
for May delivery, while the discount has
hitherto been Sc, was a factor in lifting the
price in the pit A dispatch received from
Stockton, Cal, reported yesterdays rains
there insufficient to relieve the drought but
the signal service report indicated contin-
uance of the moistening process as likely for
the Pacific slope. The export clearances
were again disappointing to the bulls The
price of May was arrested at Sl.0Jl2 by the
liberal selling orders in the hands of Hutch
insop brokers, and it was generally held up
by the same influence when in its fits of de-
preston it gave indication of selling under
99I2c. The bears were in control during the
last fifteen minutes of the session, and dur
ing that time the prices dropped from
around 81 to 99l2c. The drop was oc-
casioped by report that 1t was rain
ing again in California The corn market
was strong on the small receipts and scarcity
OF the contract grain The good demand for
cash corn was also stimulant to the specu-
lative buyers These facts would probably
not have weighed heavily with the specula-
tons in May corn had not Hutchinson thrown
his influence into the scale in favor of higher
prices He was the principal buyer all day.
The oats market was barely steady. There
was only small amount of business and not
much interest manifested in the deal. The
tone OF the Trading in the provision pit was
firmer than of late. There were smaller re-
ceipts of hogs than had been estimated, and
the price paid for them was reported from
the yards at a shade improvement. compared
with yesterdays quotations, but the figures
of the weeks packing in the West showed an
increase for last week OF 100000 head more
than for the like time year ago, and the in
crease for the season already reaches the en-
Ormous total OF $4,000 head McMitchell
and T. NJ. Baxter we're among the active buy
ers of pork. Ryan sold some. Swift sold
lard and Hutchinson bought.
The leading futures ranged as follows: