St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-16
But May Declines a Number
Of Points in the Chi
cago Pit.
For Awhile Hutchinson DOled
Out the Cereal at Ninety
Eight.
Brokers Generally Have More
Selling Than Buying
Orders.
Jay Gould's Return Deadens
the Wall Street Stock
Market.

CHICAGO. Feb. 1.-THE cables quoted the
English and French markets firm, and that
piece of information was all there was at the
opening to put up against splendid weather
for July wheat and receipts of 254 cars at
Minneapolis and Duluth. Hutchinson threw
the weight of his operations at the start on
the side Of lower prices, while NJ. G. Mitchell
and a few of the heaviest scalpers tried the
effect of a few purchases at the opening fig
ures, which were A@ssc lower than at the
close of the market Friday. The opening
price for the May delivery was 9SIsc, and Csc
ruled Immediately thereafter. Hutchinson
continued to dole out wheat at CSC. and it
very soon declined to $3.50. at which
point Mitchell turned seller on a lib
eral scale. Logan q Co. were also
dispensing wheat freely, and Mccormick &
Co. Baldwin & Farnum and ennett & Hop
kins were likewise supplied with more sell
ing than buying orders. The market looked
heavy, and was so in fact, for the publica-
ton Of Bradstreet's estimates of the exports
from both coasts this week failed 10 affect it,
although showing :, 1886, 6S4 bu to have been
clearedin the shape of wheat and -four, com
pared with .366, 600 bu on the previous week,
and confirming also the insufliciency so far
of the rainfall IN California. The price
halted a long time around 9i&c and 81 &c. but
finally declined 10 yl2c, and before noon it
had gotten down TO 9 AZ sellers. The dis
patches which came TO hand in the course of
Inc forenoon gave short seller the advantage.
had rained again at Portland, and was still
cloudy at San Fancisco. The guesses about
the official visible supply were wide apart,
ranging all the way from only 100, 600 bushels
decrease up to 800, 900 bushels decrease. The
sole reliance of the bulls was the known
good demand for cash wheat and the firm
ness with which holders maintain their fig
ure of May prices for 1t. Toward the close
of the session. On reports of good sales of
cash wheat to New York parties, May recov-
cred to 91Sc. The corn market was weak
and inactive undo the influence of dry, clear
and mild weather, together with fairly good
receipts and sympathy with the weakness in
wheat. HutcnlnsOns selling operations was
the chief local influence along with the
promise of increasing receipts. Outside Or
ders appeared scarce, and q local scalping
business for small fractions was the feature.
Oats were dull and quiet. ruling easier
through sympathy with wheat. Bartlett
Frazer continued to sell, while Hutchinson
was a buyer. Considerable activity was no
ticeable in rye, but the boom fiattened out,
and the close of the May future was Sc
lower. The provision market was nervous.
with an apparent reluctance among the trad
ers on either side 10 make heavy ventures.
The impression appeared to be quite general
that after the very considerable decline of the
past TWO or three weeks, selling for a further
fall did not promise much immediate profit,
and on the other hand, with such enormous
stocks of product and the continuation of
The present big movement of hogs, a pur-
chase appeared equally uninvilng. The re-
ceipts of hogs this week were so, COO head over
the estimates made a week ago. To-day's re-
eeipts we're smaller by 5000 head than had
been generally looked for, and gave a firm
tone to the early trading, but that influence
was lost later, and the early advance it
caused disappeared, aud left prices at the
close to-day about level with yesterdays final
quotations.
The leading futures ranged as follows.