St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-28
BULLS IN ASTAMPEDE
On Bear News the Chicago
Markets Suffer a Decided
Break.
Trades Hesitating and eau
tious, With General Bust
ness Dull.
Failure Of the Cold Wave and
Improbable Rumors Also
Had Effect.
Only Four Stocks Shared in
the Active Trading at
New York.

CHICAGO, Feb 21.-The wheat market had
q very decided break today; trade opened ex-
tremely dull, and for time prices held
quite steady. close to the closing figures Of
yesterday But the feeling gradually grew
weak, and, when few items of bearish news
were collected aud pervaded the pit the
bulls were srampeded, and prices dropped.
Cables were somewhat conflicting, some pri-
vate advices quoting dullness and lower
prices, while others SAID the market was
holding its own. The regular board of trade
cable was steady and firm.
The general business, however was eX-
Ceedingly dull and the trade seemed hesiat-
Ing and cautious. with timidlty the most
noticeable characteristic Longs seemed to
feel uncertain of their ground, while the
bears seemed tull of courage and confidence
With the trade in this condition ii did not re-
Quire much in the way of bear news or much
AggreSSiVeneSS en- the part OF sellers 10 put
the longs in 4 panic.
The fact that Liverpool was no lower after
our weak market of yesterday gave the
friends or wheat some courage AT the start
the price OF May around the opening being
g.iQ92Ec, AGAINST DISC at the close yes
terciay IL held within those figures for an
hour or more. The Il the failure of the ex-
pected cold wave TO develop any dangerously
low tempera tures III the winter wheat coun-
try began 10 have bearish effect. Next 1t
began TO be talked around that the visible
supply would show an increase of 100000 10
$4,000 bu; BradStreetS reported the exports
from both coasts for%he week at 33I1.0OO bu
against 4,04) Geo bu last week. Then followed
q rumor that Russia was 10 abrogaie the eX-
port prohibition ukaSe. and another that the
Russian crop OF last year had been found 10
be largely in excess of former estimates.
Improbable rs these russian rumOrs were
they had instant effect on 4 market that was
already weak. and there was rush Oh the
part OF the longs TO get rid OF their holdings
and short sellers were equally anxious 10 get
out their lines The continued heavy re-
CeiDtS i'll the Northwest were also drag on
the market. Weakness was the feature OF
the market from that time till the close
which was at 9CI4c the lowest figure OF the
day. and &c below the top price.
Corn was quiet. bit weak. owing partly to
the dullness of The trade and partly to the
break. The shipping demand was Stacker
than usual md there was very little specula-
tive buying Holders showed some discourage
ment and good many sold freely. The mar
kel opened Isc higher al 42l4c in sympathy
with the early firmuess i'll wheat. and i'm
proved lSc more. but 1t sold off to 4l7sc and
closed at 42c.
Oats were more active, but lower and weak.
The liquidation of several large lines which
was commenced yesterday was continued
today Helmholz was liberal seller offering
100 g01 busiiel blocks The close shows loss
OF Ac.
Pork had sharp break aud showed a loss
of 25c at the close The weakness in live
hogs and the break in wheat were partly re-
EpOnsible for this but sudden raid by
prominent SPECTATOR in the latter part of
the session aided in the depression. There
were one or two little rallies, but they were
feeble. Lard ami ribs were less affected, and
show only immaterial declines.
Estimated receipts for Monday: Wheat,
229sears; corn, go cars; OATS $50 cars: hogs,
5000
The leading futures ranged as follows: