St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-04
Chicago Wheat Market Has
Struck That Undesirable
Point.
The Disccuraging European
Situation Chief Factor in
Is the Depression.
Partridge Rumored to Have
Made $1,50O,O0O in the
Past Few Days.
Feverish and Badly Mixed Is
the Condition of Markets
~ on Wall Street.

CHICAGO, Feb Yesterdays weakness
in wheat was continued today. and values
struck the lowest point far recorded Oh
the last crop. The chief depressing cause for
some time has been the discouraging situa.
ton abroad. Stocks in Great Britain and Ell
the continent have been large, and the tend
ency in prices has been downward for the
past TWO weeks. The Gillian war scare
helped to maintain prices on this side for a
time, but now that that trouble has been
averted. conservative traders here do not look
for any marked improvement in values until
the export demand and the European prices
improve, or unless the growing winter wheat
crop suffers material damage
The trading in this market for some days
has been largely Of scalping character.
Partridge has been conspicuous as the leader
in this line, selling on the advances and COW
eriug on the recessiOns at Isc or Ac profit.
His transactions in this way and i'll the sale
of options have been enormous, and the
trade generally credit him with having made
immense profits. some dealers putting them
as high as Sl,sOo000, but this of course, is
probably greatly exaggerated.
The market today was rather slow and de-
cidedly lower There was little in the way
of news, that was encouraging to holders.
and much that was the reverse. Cables were
lower and weak. domestic markets heavy.
the receipts in the Northwest liberal
and the export clearances moderate. These
weak features, with the fact that
the depression OF yesterday brought in large
selling orders from outside points, caused the
lower opening. For u time the offerings
were generous. Schwartz-Dupee, Logan.
Milmine- Bodman. Mcdonald and others sell
Ing very free. Liquidation was quite tree on
the down turn, and as there was little de-
mand, concessions had to be made to find
market for it,
Partridge was again all aggressive seller
and hammered the market viciously- On the
break some of the early sellers began to
cover and cables coming steadier. with de-
crease of over 100000 bus in the available
supply reported by Bradstreet's there was
rally. which carried prices almost to the
closing price of yesterday. The strength was
only momentaiy. however. as another ava
lanche of offers quickly democrat
lied the market and the down;
continued without material reaction till
the lowest price of the day was touched.
Confidence seemed to be wholly gone, and
this, with exhausted margins and the vicious
courage displayed was tad for holders At
the decline Partridge and the other shorts
began to cover and take their profits literally.
and causing a rally to medium figures and
the close was steady at the reaction in spite
of late weak and lower cables, May opening
at,SSs4c, settled around that figure for time.
then advanced to S9c, broke to SSc, rallied
and closed at SSl2c. Corn showed decided
strength at the start and was going up stead
lily, until the weakness i'll wheat became pro-
nount ed, when it came to a standstill, then
receded in sympathy and closed at bottom
figures, with prices unchanged, to shade
lower N comparison with yesterday. The
situation i'll corn is generally regarded
as having good element of strength.
The receipts are moderate and the grad
ing unprecedentIedy poor, not single car
having proved of contract quality in the en-
tire receipts of the past three days. Stocks
are few everywhere. and decreasing and the
exports ar generous. Shorts were a little
uneasy, ana disposed to cover. The near
futures were strong, as we'll as May. The
latter opened unchanged at 411sc advanced
to 41lac, eased Off TO and closed at the open
| ing price.
I Oats were firm early. in sympathy with
corn but weakened later and closed at yes
terdays last price to a shade higher.
Hog products were lower. although the
receipts of hogs were smaller than expected.
and prices at the yards higher The weak
ness In the other speculative pits had q
| tendency to pull down provisions. but the
chief cause OF the weakness was the receipt
of large outside orders to sell short ribs.
Prices declined until near the close. when
there was slight reaction. Pork shows q
loss of 12Iac. Ribs are unchanged to 10c
lower, and lard is 2l205c off. Estimated re-
ceipts for tomorrow: Wheat 160 cars: corn,
175 cars; oats 12o cars; hogs, $1,000 head.
The leading futures range as follows:
IOnen-, Biph-I Inv. | Clos