St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-03
Nothing Powerful Enough to
Arrest an Upward Ten
dency.
Partridge the Biggest Target
for Missiles of the Bull
Crowd.
Improved Condition Of Prices
Now Prevails on Wall
Street.
The Strongest Stocks Lake
Shore, Manhattan and
Wheeling.

CHICAGO, Feb. 2.-Indfferently firm cables,
snow falling in the winter wheat region, rain
in California, and smaller decrease in the
visible supply than had been expected were
poweriess to arrest the strong upward ten
ency of prices for wheat in view of the fact
that some heavy shorts. both here and at st.
Louis, we're covering their short lines. Pard-
ridge was the biggest local target at which
the bulls hurled their missiles, but st. Louis
shorts were known to be on the anxious seat.
and before the close of the market there was
a rumor that member of the famous "art
club" of that city. was in financial straits.
The price of wheat for May stood SEC higher
at the close to-day than it did Saturday, and
11sc lower than the highest point touched to-
day. Partridge was heavily short, exactly
how much nobody but himself knew, but
careful observers said that 100000 or $780,
900 blu would be a conservative esti-
mate. Hutchinson was long, perhaps as
much or more, and while the former big
Spectator had loss in every bushel of his
short line at prices ruling when the market
closed Saturday, the latter operator had a
good profit in all of his, and was, therefore,
in a fine position to play the man1pulative
tactics at which he is facile princeps. The
crowd, while expecting decline. was, as
afterward appeared, prepared to join III OH
should circumstances incline that way. The
opening price for May was an indication of
the influence which might ordinarily be
looked for from such news as had then been
received. The opening price was anywhere
from 9912c to 99s4c, or Ice to S4c below its
closing point on Saturday. The slight re-
action named was, however of only mo-
mentary duration. Partridge was seized
with desire to even up his trades, and it is
a characteristic and well-known feature of
n
possible, and upon the best terms
procurabe when he is convinced he is wrong.
This started the battle royal, and before
twenty minutes of the session had gone by
the price had advanced to S1.01a4, just enough
selling at the extreme price to make quota
ton. Hutchinson spurred the market with
some buying orders. There was trading on
an immense scale all over the pit. the feeling
ceeding fluctuations were frequent and
heavy decline to S10012 was succeeded by
a reaction to $1.01I2 and that again by a
slump which lett the price at $1.00& ten
excitement and nervousness continued to the
close. The strength in the corn was due
principally, as was the case in wheat to the
nervousness of the shorts. Partridge
was heavily short in this cereal also,
and Hutchinson was vigorous buyer
on the first bulge From 531sc
at the start May corn made quick advance
to SIC, chiefly under Hutchinson's efforts to
buy, and then subsidized to around 53S4c when
he desisted Partridge succeeded Hutchin-
son as the most active buyer and his bro,
kers paid 54Ac before he in turn had secured
enough. At the last named price Nc
Mitchell bought 100000 bu, giving up the
firm of S. v White q Co. as his principals.
and that firm was supposed to be acting in
the matter for Partridge. The oat market
was very active and at times greatly excited.
The crowd was bullish, although the news
was of bearish nature. Hutchinson was a
Ill No. ,1o ID
Frazee led the buying. The provision mar
ket was irresponsible to the excitement and
advance in prices of grain. Trade was
rather duh and the feature of it was the de-
sire of the longs to sell out, with no buyers
apparently but the packers, who were short.
Tho LEADING fnturac 70 mood nc fnI1Oxucs