St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-22
BIG TRADE IN MAY WHEAT.
PARTRIDGE SELLS HEAVILY END FILLS
TIE CROWD UP.
JOHN CUDAHY A BUYER OF 1T.

Dull Stock Market, but Specu-
Iation Was Decidedly Strong
er-Comfo fort for Those Who
Are Waiting for an Upturn-
Good Buying of Sugar Chi
cago Buys Gas Stock.
CHICAGO. Feb. 21.-There was 4 big
Tade in wheat today, fluctuations COW
ering a 1850 range. At the close May
was unchanged. Free selling and
heavy covering by shorts sent the prices
up and down the scale several times
during the session. Better cables and
light receipts aided in the advances,
and disappointing second cables, and
sales by elevator men and Partridge
were bearish influences. Nav corn
closed sc lower. May oats unchanged
and provisions finished slightly higher
for May pork and unchanged for May
lard and ribs.
May wheat, watch closed yesterday at
6015c, was offered at from Coo down TO
$3.50 as soon as the market opened to-
day and. for about twenty minutes the
tendency WAS toward a still further de-
cline. On free offerings it sold as low
as $3.50 before the decline was arrested,
but it revived again at that point and
during the next half hour gave indubit-
able evidence of a bull spirit. By 1918
O'Clock the price was up to 60Lc, a re-
covery of 11Sc in that time from the
early drop. The receip pts were lighter
than for Il long time. Liverpool was
quoted Irmer at I'D advance and with
improved demand. The weather in
England was called very cold. AT Lon
don cargoes were quoted firmer and
held for more money. Pardridge's
brokers illed the crowd up with
short wheat as soon as the market
opened. on orders from him, it was
claimed, and this proved a bear in
tluence. The last named advance
reached 6O5sc before it eliminated. ana
the business done while it vas in prog
resS was lively and of considerable vol
ume. New York wired that second ca
bleS were disappointing, more especially
from French sources, and that foreign
erS were sellers Of wheat in New York.
New York city sent a great many sell
ing orders here before the advance
started. The Atlantic clearanceS were
fairly liberal. but neither these nor any
item in the early news were considered
sufficiently bullish to account for the
great strength which followed weak
ness, The rue i~nwardness of the
heavy buying was tTaceable. it was
thought, more TO the prudential pur-
chases Of some heavy local shorts
than to any important purchases
for long ccount. John Cudahy,
who was said to have been by
far the heaviest buyer yesterday.
was reproted TO be again a diiigent
buyer OF short wheat today. Other
shorts with more moderate lines also
took advantage of the early slump to
take in their profits. Before the latter
for a little May wheat. Elevator men
were credited with selling a good deal
of July wheat on the bulge. thereby re-
ducing the premium between it and
May from &c to about 13sc. Bradstreet's
report OF the visible supply, as first re-
ceiVed, gave a decrease Of only 1900 bu
in the worlds visible for the week.
That was afterwards corrected to agree
with the details of the statement to a
decrease of 1.007. GOO bu. The price of
May wheat dropped to 592Sc on the first
report, and reacted to 60Bc on the cor
rection. There vas a rumor about five
minutes from the close that the French
ch3mber had rejected the bill to add to
the duty OH wheat, on which the price
here rose to Gu4c, but it closed at 600
6OBc, with May midway between the
top and bottom figures OF the day.
Corn was moderately active, with a
fair volume of business early, the mar
ket ruling rather quiet late in the seS-
sion. A comparatively steady feeling
prevailed. The opening was firm at
yesterdays closing prices, and after
easing off 4c, rallied 4@36c, declined
a6c and ruled firm. The market followed
3heat to a great extent, but at the top
aices a good deal of July was put on
market. which caused prices to re-
%-Ee TO nearly inside figures. the recov-
cry leaving May, at the close. but Ac
from the days top figures.
In oats there was a steady tone, and
prices moved within nc range and
closed about the same as yesterday.
The offerings were light and not a great
many wanted. The strength came
largely from The advance of &c in cash
lots. May closed at the top figures of
the day. With the receipts of live hogs
at the yards less tlIan estimated and
higher prices, provisions opened strong
ar a slight advance, but declined to a
moderate extern on the temporary
weakness IN wheat. When that cereal
rallied this market responded in sym
patty, scoring a fair advance. The vol
ulne of trading was light and the
strength was contributed to by the scar
city of offerings, with the transactions
confined to the local operators. The
price t%luctuated more or less with the
up and down movement in wheat, but a
firm undertone was apparent, independ-
emily of that cereal, Of the support ac-
corded to the market by the LEGAL opera
tors. The unloading of a block of May
lard caused Il temporary reaction in thai
future. At the close pork ruled strong,
while lard and ribs were steady. Com
pared with last night, May pork is nc
higher, May lard unchanged and May
ribs unchanged.
Estimated receipts for tomorrow:
Wheat, 43 cars: corn, 2G0 cars; oats, LII
cars; hogs. $4,000 head.
Tim lnudiyur futnrae rannad or foIIo~c