St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-02
The Chicago Opening Was
Weak and a Bit Lower,
But Steady.
Partridge Bought Heavily,
Being Reported Millions
Short,
But Later His Brokers Let
Out With Some Very Free
Selling.
Only a Few Leading Stocks
Showed Any Activity on
Wall Street.

CHICAGO, Feb. Wheat opened weak and
slightly lower this morning and, as the news
was nearly all of bearish quality many trad
ers looked for sharp break. Cables were
weak, with Liverpool depressed and one
penny lower. Domestic markets were heavy
and tending downward. Receipts in the
Northwest were larger, and foreigners were
free sellers at the seaboard. The market.
however. was very steady for considerable
part of the forenoon in the neighborhOod of
the slight opening reduction i'll values, being
sustained by an Unexpectedly good demand.
Partridge was heavy buyer taking about
all that was offered at 99c; commission
houses also had buying orders at that figure ;
the scalping crowd tailed on and the sellers
were soon bailed out.
Then cold wake was reported as threaten
ing the winter wheat belt west of the Missis
sippi river, and as they have had recent lib
eral rains there and the wheat plant is ex-
posed fears were felt that short freeze
would do material injury. This helped to
develop considerable strength, and there
was a gradual upward turn. The visible
supply probabilities also proved strength
euing factor 1t was estimated Saturday
that all increase of 100000 bushels would be
shown. but as the figures came in 1t became
evident not only that there would be no in
crease, but that, on the contrary. there would
be very considerable decrease. This gave
buyers more confidence, and. Partridge con-
tinuing 10 buy, an appreciation of 34c from
the opening was secured.
Partridge was the central figure of the pit,
and his operations were. perhaps, the most
potent factor in the fixing of values. 1t was
understood that he sold about 100000 blu of
calls at * sS@09OIac Oh Saturday. Buying
against these by his brokers was very sharp
and helped to give the market its strong bias.
in spite OF the bearish character of the gem
era1 news 1t was part of the gossip that if
Pardridges wheat were called, he would be
short fully 100000 bu, and that the crowd
would make vigorous effort to run him in.
There was considerable buying in view of
this possibility.
When the advance eliminated, however,
the crowd was again disappointed, for Cut
Ter, Pardridge's most prominent broker, be-
gan selling heavily, and, in spite of the
efforts of Coster Martin, who were reported
to have bought 1000, 900 blu OF Pardridge's
calls. and who are said to have 100000
bu in all. prices began to weaken, and l2c
of the advance was lost. 1t tirmed I'D some
later and closed steady. May started@at 90c,
against 90Ac at the close on Saturday;
touched S97Bc, advanced to 9524c, broke to
91Ac, and closed ut 91l2c.
Corn was strong and somewhat higher; the
local receipts were moderate and contained
none OF the contract grade; the demand
from the East keeps generous; the wet
weather in the Southwest was rather a strong
factor, as was the strength in wheat May =.
opened lsc lower at 4034c. and, under liberal
covering, advanced to Also, then grew quiet
and easy and closed at 4ic.
Oats were without feature.
! Hog products opened lower; the receipts
OF live hogs at the yards were 5000 head. or
5000 head above the estimate, and prices
were quoted Ice lower. Products sympa-
thized with the hog market in the early trad
ing. then there were several little rallies and
recessions, and the market finally closed
steady at slight changes from Saturdays
final figures. Estimated receipts for tomor-
low: Wheat, 225 cars; corn, 80 cars; oats.
325 cars; hogs, 10000 head.
Tbe leading futures range as follows: