St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-20
Strange as 1t May Seem, 1t
Occurred on Chicago
Board Of Trade.
The Situation Was Bullish,
y y but the Market Opened
81 Lower.
Nearly a Cent Of Loss on the
Days Trading in the Lead
! ing Cereal.
Strong Tone, but Diminishing
Dealings on Wall
Street.

CHICAGO. Feb. 10.-The strongly bullish
feeling which dominated the wheat market
at the close yesterday seemed to have moder-
ated considerably during the night, and the
opening this morning was at lower figures.
The change appeared to be largely a senti-
mental one, MS the situation as whole re-
manned bullish. Cables were generally strong,
the boards first dispatch quoting Liverpool
SlMld higher and London Cd higher. The
weather i'll the West continued unfavorabIe.
the signal service predicting a general cold
wave for tomorrow. following the widespread
rains OF the past few days. a condition of
affairs full of peril to the winter wheat crop.
On the other hand, domestic markets were
weak and lower and a good many private
cables reported the foreign market as show
ing much weakness, the advance having
checked business. New York had selling
orders from the start, and the local profess
SIGNALS soon fell into line. Linn led the local
talent in this direction, but Logan, Schwartz
and McDougall all sold freely. Many dealers
had long wheat in which there was profit,
and they proceeded to realize.
The export movement was light, only 300
900 blu of wheat and flour having been cleared
from the seaboard yesterday. and some of
the big houses with close foreign connections
were free sellers. Ream and Mitchell
were among the best buyers early in the day.
but. on the subsequent break. a good portion
OF their purchases went overheard. a prom
lnent operator, in summing up the situation,
said: New York has taken another trick !;
this is about the tenth time in the last month
that they have skinked the trade out of a
cent; and still the stream is full of suckers"
Partridge was reported to be still soon. GOD
bushels short, and there was some talk to
the effect that he WIS to be run in; but he
let it be understood that his line was mar
gined up to 81 and seemed full OF fight, pro-
dieting 75-cent wheat in the near future.
May opened at 94ls@94hc against Csc at the
close Yesterday, sold up 10 9i34c, broke grad
ually to 03lac, advanced to y3S4c became
very heavy after the noon hour. breaking to
e5Ac. Near the close the market grew ex-
cited and fiuctuated violently. 1t was re-
ported from New York that eighty-fve boat
loads had been taken for export and that
large sales of -four had been made, and that
Pardrldge was covering. On this May jumped
10 95c. but broke again TO 93ssc, rallied, and
of 75c.
Corn ruled quiet and easier the weakness
being due largely to the softness i'll wheat.
Early prices were shade higher on the
smaller receipts than expected. The free
movement from the SeabOard also helped to
cause some firmneSS early in the day. but the
advance brought free offerings and the mar
ket sagged off. Toward the close, however.
there was partial recovery owing to the ex-
element e51sa in wheat May opened lsc lower
rallied TO 4214c and closed steady at 421sc
g Oats were quiet, fluctuating within range
of Ac. and closing at inside figures, with
s1ioss of ISc in values
Hog products were little firmer at the
opening, owing to the higher prices for hogs,
but the weakness in wheat caused prices to
ease off some, and pork closed 7l2c lower,
and lard 2lac, whlesribs were unchanged.
= Estimated receipts for tomorrow: Wheat,
145 cars; corn, 4S5 cars; oats, 2225 cars; hogs,
12,000 head.
The leading futures range as follows: