St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-02-03
Dizziness Added to Weakness
Encourages a Declining
Market.
The Leading Wheat Future Is
Nearly Two Cents Lower
on the Day.
Partridge Bought, but With
Such Ease, That He Soon
Turned Seller.
Restricted Activity and De-
creased Dealings on Wall
Street.

CHICAGO. ILL.,, Feb. 2.-Wheat declined
nearly all day and closed easy at bottom fig
ures with a loss of lssc ON May, the active
future, compared with yesterdays last price.
Besides being weak. the market was dull.
About all of the news was unfavorabe to
holders. and discouraged longs were gener-
ally inclined to let go. Cables brought lower
quotations and foreigners were said to be
selling generously at the seaboard. Receipts
at the Northwest were LIBERAL and weather
in the Southwest was moderating. There
was good deal of buying at the start about
91c, but 1t did not take long to satisfy the de-
mand, and. as the offerings continued liberal,
weakness soon appeared. The on-passage
report showed a decrease of only $1,000
bu of wheat and -four during the week,
where 100000 to 100000 tu had been ex-
pected, and export clearances were light.
Partridge, who had been good buyer at
90c, soon found that he was getting it too
easily. and quickly drew out. hurried around
among his brokers' and cancelled all buying
orders; he then put his earlier purchases OH
the market and followed it up with liberal
selling. The tailers soon got in his wake,
and as the market went off stop-orders and
liquidation helped the down turn, and May,
which opened at 901sc against 90l2c at the
close yesterday, soon declined to S9Ssc.
There was rather free covering by shorts at
the decline and some investment buying.
with a reaction on to S9l2c. The market
weakened again on free selling during the
last hour, and closed easy at S91sc. Late
cables sho wed some advance in Berlin, but
Paris was lower.
Corn was fairly active and showed a good
deal of strength. The liberal export move
ment the brisk Eastern and New England
demand and the continued poor grading
were all strong factors. Short sellers were
showing great deal of concern and a gen.
eral inclination to cover. One of the notable
features of the market was the strength dis
played i'll the near futures. which are very
close to May. This is because of the contin-
ued poor grading causing fears of a scarcity
of grain to fill nearby contract: in fact there
are fears OF a natural corner. OF the 372 cars
of corn inspected into store today not one
graded contract; of the 1900 cars during the
last ten days only 10 have been contract.
AS result of this condition of affairs Febru-
airy shows an advance of 1c over yesterday,
closing within lac OF top figures, while May
closed unchanged, after having been 9ac
higher. The advance was steady with very
little reaction.
Oats were quiet steady and without feat
ure.
The smaller stocks Of provisions than
were looked for gave hog products temporary
strength this morning. but tree offerings
caused the market to weaken afterwards.
There were several narrow fluctuations later,
ileaying pork unchanged, Lard is &c lower,
and ribs, in which the stocks showed The
greatest diminition, Tl2c higher. Estimated
receipts for tomorrow: Wheat $50 cars;
corn, 200 cars; oats, 1872 cars; hogs, $4,000
head.
The leading futures range as follows:
irrl,I I IIa