St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-01-29
Chicago Markets Opened Low,
but Later Gained Strength
and a Raise.
Free Purchasing Of Offerings
Helped to Harden Wheat
Market.
Corn, Oats and Hog Products
We're Active and Closed
at a Good Gain.
Wall Street Deals Confined
Within Narrow Limits Ex-
cept In Spots.

CHICAGO Jan. 80 "A fair volume of bust
ness was done i'll wheut today. The 'ening
was lower, but that proved to be about the
bottom price of the day. Thereafter, with
one or two breaks, the market was strong
and the close was near the top and at an ad-
vance OF I2c compared with the close yester-
day. The weaker opening was due to the
receipt of weaker cables, a bearish summary
of the winter wheat situation by the Cinci u
natl Price Current which said that the con-
dition Of the plant had not deteriorated dur
ing the past week and to the pacific tone of
the CHILEAN dispatches in the morning pa
pers. May opened l2c lower at 9012c, but
Cutler. Logon, Schwartz-Dupee and other
large operators began to pick up the Offer
ings and the market hardened. Cutler pur-
chases were thought to be for Partridge,
ana, as he has quite a following, his buying
caused others to fall in, and there was a
slow, but gradual improvement.
The news of the liberal export business at
New York, where $1,000 bu OF wheat was
cleared yesterday, with reported engagements
for 600 0J0 blu. put little more life into the
market, as it began to look az though for
eigners were willing to take the market at
present figures. About the same time unex-
pected but very decided strength began to
show itself in the corn, oats and provision
pits, which impaired some additional
strength TO wheat.
Early short sellers began to take back their
wheat, and there was good deal Of frmnesS
displayed. and May finally touched 91@911sc.
At this point good deal of the wheat Pard-
ridge had taken early at 9084c and under be-
gan to come out, and prices We're forced Off
some, May reaching 9USbc. Rather active
buying of cash wheat by foreigners was then
reported at the seaboard, though they were
said to be selling for future delivery. This
and the strength in corn caused sudden
rally: the price went to 915sc, and closed at
9ll2c.
Corn was more active and decidedly higher.
May started at about the closing price yester-
day, but there was very little for sale, and
with good covering by shorts and improved
shipping demand and the free export move
ment there was gradual upward movement.
On the advance good many operators from
the wheat pit. who were heavily short came
in ana covered. Boyden & Co., Bartlett
Frazier, Andrews and other well-known
friends of corn, all did good deal of buying
and helped along the advance. 1t is said that
there has been very little corn cribbed this
year, and as this Is usually the chief source
of supply for May, shorts began to feel very
| uneasy.
The fact, too that it is being exported at
the rate Of 100000 to 100000 bushels per
week, and that stocks are steadily decreasing
and that scarcely per cent of the weekly
arrivals are contract were all strong
factors. For some days it has been
noticed that the Cudahy Packing company,
| and the wear Commission company, have
| been steady and liberal buyers, their pur-
| chases for the past week having been esti-
mated all the way from 3,0U9,000 to 1000 900
| blu. May opened at 40c, advanced to 4os4D
| 407sc, receded to 49sSc,. on which the shorts
| rushed into cover and put the price up to
| 41s4c, closing at 41Ac, an advance of 1lsc.
Oats were strong, Ill sympathy with corn,
| the increasing demand from shippers and
| free covering by shorts. An advance of 1c
| was scored.
| Hog products were active and higher. The
receipts of hogs were fully up to the expec-
| tations and prices at the yards were 5@10c
| lower, but Armour, the Anglo American COM
pany and packers generally were good buy
| ers and the shorts made rush to cover
There were spells of temporary weakness,
but the general tendency was upward, and
| the close shows an advance of 27Iac In pork
| 17l2c in lard and 15@17l2c in ribs. Estimated
| receipts for tomorrow: Wheat. 125 cars {;
corn $50 cars; oats, 40 cars; hogs. i.O00
| head.
The leading futures ranged as follows: