St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-20
HUNTING FOR HUTCH.
The Chicago Wheat Crowd
Give Him a Right Lively
Run for Cover.
He Throws Away Long Grain
to Accelerate His Rapid
Flight.
May Wheat Closes Firm With
Decidedly Bullish
Tone.
Wall Street Trading Was Of
An Entirely Profess
siOnal Nature.

MCuICAGo. Feb. 19.-The wheat pit
was the scene of a strange spectacle
during the first half hour of the session.
The lambs turned upon their shearer.
or in plain language, the crowd was
after Mr. Hutchinson, who was throw
ing away his long wheat in $4,000 bushel
lots TO accelerate his flight. The early
dispatches were not of so very discour-
aging a nature as is indicated by a drop
in May wheat of 135c in the cou rse OF
thirty minutes trading. 1t closed yes
terday afternoon at 9715c, and at 10
O'Clock to-day it was being sold at $3.50.
The Liverpool market was easy; the
cargo market in England was very firm
for near by cargoes, and strong for
fresh shipments to arrive about
June or July, and the demand was
said to be principally on continental ae-
count. The frost damage to the wheat
plant in France was described in some
of the private cable advices as calami-
tous in Its severity, of which the con-
tinued buying by the grain dealers of
that country for forward delivery was
taken to be corroborative to certain
extent. Against the foregoing items,
which were certainly not of a notice to
disquiet holders of wheat, were the re-
ports from various places in the West
that snow covered the ground and it
was still falling at many reporting sta
tons. The agricultural bureau OF Kan
sas was out with statement proclaim
ing the prospect of a heavy crop of
waeat in that state, adding that danger
from the Hessian fly was past. The lat
ter statement was, however, questioned
by the Chicago entomologlsts. Inc
price of May, which touched its lowest
point, 961s. about 10 o'clock, gradually
recovered to 9655 and sold off again to
9615, around which latter point it was
being traded In about an hour from the
close. Business was extremely active,
while the price was breaking and sell
ers were so pressing after it had gotten
under 81 that between 96s4 and 96Ac,
very little could be disposed OF until the
lower figure was reached, heavy guam
titles of long holdings being abandoned
at the low figures. The recovery was
largely due TO the bullish excitement in
the corn and oats crowds. 1t reacted to
971S and closed at 97c sellers.
There was uneaSineSS among the shorts
in corn. The alarm was lot visible, and
probably did not exist at the opening,
the weakness in wheat apparently pre-
Guiding the idea of any snch possibility
as the after action of the market pro-
duced. The weather was reported damp
in the West, which meant to the specu-
lators continued restriction of the con-
tract grade, and receivers were predict
ing smaller gross receipts. The open
ing price for May was 535sc, with some
sales at $500, and there was no special
change during the first half hours trad
ing. When the break in wheat failed
to weaken the holders of corn the
shorts took fright and then the
scrimmage among the latter COM
menced. The prices advanced as the
shorts attempted to buy and much ex-
element attended an advance in the
May delivery to 553sc, and the price at
the close was 5515c sellers. Oats at
tracted considerable attention, moving
upward under the influence OF free buy
ing by Bartlett e Frazer, and the firm
ness in corn. Provisions were sustained
by the frmness In corn, and in the end
everything on the list closed with sub
stantial gains; pork for May 1772c;
lard nc, and ribs gained nc.
The leading futures ranged as follows: