St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-01
SHORTS ON THE RUN.
Roaring Bulls Have the Chi
cago Wheat Market at
Their Feet.
Nay Wheat Tops One Dollar
Three-Eighths at the Tap
Of the Bell.
Wild Scramble for Scanty
Offerings Of May and July
Deliveries.
New York Stock Market Rules
Throughout Dull and
Heavy.

CHICAGO, Jan. 31.-Not since the lat
ter days of August have the bulls in
wheat had the market at their feet and
the shorts on the run in such style as
during this days session. The market
was quite beyond individual control,
and Partridge was apparently cogni-
zant of that fact and did not make any
effort in that direction. Cudahy started
the ball "a-rolling'' in bullish direc-
ton, and every trader in the pit gave it
kick toward the bulls goal in the
course of the day. Partridge toward
the end was apparently covering some
wheat, judging from the proceedings OF
his brokers. who were bidding for
wheat, and at the same time Hutchinson,
who is now said to have been
heavy buyer on the recent de-
cline to 95c, following it down
to 93c and continuing his pur-
chases on the succeeding advance, had
his brokers bidding $1.00$5 for May
wheat as the bell tapped. Before the
opening of the session Omaha wired as
follows, regarding the weather there;
"Cloudy; indications of rain" Des
MONIES reported the weather at that
point: CLOUDY, warm, thawiDg some
what" The Minneapolis weather man
predicted drop of 40 deg. in the tenn
perature of that region within the next
twenty-four hours. These, with the
official assurance of the Washington
service that a genuine, truly" cold
wave was spreading from the North
west, made the scene in the wheat pit
at the start wild scramble for portion
of che scanty offerings OF the May and
July deliveries. The crowd to man were
willing to pay 97$4c for May wheat,
but only a few of them were fortunate
enough to secure any at that figure, al
though it was plump sc higher than
sellers were plentiful at as the market
closed on Friday. There was rather
more for sale at CSC, but still not enough
for the numbers who clamNred for it,
and all the way up to 9S56 was paid i'm
mediately at the start. The big buyer
at the opening and for the next half
hour was Jack" Cudahy, and, strange
to say, he was not Influenced to any
considerable extent by the problemat
ical cold wave, which in any case is not
expected to damage the May wheat he
was bidding for. Dispatches from Min
neapoliS reported sales of flour there at
1890 per sack more money than
had previously been paid since har-
vest, and In consequence thereof an
active demand Tor cash wheat. 1t was
the foregoing state of affairs which
started the crowd to covering "shorts"
and going along at a rate which sellers
would not supply without an advance
in the price at each fresh sale. Under
these circumstances an advance to 99c
was not long III its accomplishment, and
as the market was kept whipped up by
bull dispatches all day long an advance
to 81 was not surprising. One Of the
most stimulating announcements OF the
day, which caused an advance from 99c
to 81 in very short time, was made in
a dispatch from New York, which re-
ported that vessel charters had been
made there for the shipment of 100000
bushels of wheat in March, and the yes
sci room for 100000 bushels had also
been engaged for February shipment
from New Orleans. Corn opened
firm. The receipts of corn were
so cars less than the previous
days estimates, and the weather
was unfavOrable to any improvement in
the grading. These were the motives
for the market opening about &c higher
than it had closed yesterday, and the
advance in the price of wheat raised it
to 5315c for May. The opening price
was 5235c, with few sales at 52115c and
some at $3.50. 1t subsequently sold as
stated to $3.50. Oats were dull and in
active; May opened at 452S(946c, sold to
46@461Sc, to 457s@46c, to 46Is@4611c,
closing &c above yesterday. Pork-A
fair business was transacted, and the
feeling was comparatively steady; early
prices ruled 215@5c higher, but receded
5@715c; at the decline the demand i'm
proved, and prices rallied 15@1715c and
closed quiet, firm. Lard-Trading was
moderately active; prices ruled 2119@5c
higher early, but little pressure to sell
caused a weaker feeling, and the adj
vance was lost: toward the close prices
rallied again and ruled steady. Short
Ribs-Good trade reported within a
range of 5@719c.
The leading futures ranged as follows: