St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-10
WENT DOWN WITH A Rush.
l.,HEAT Drops TWO CENTS, BREIKlRG
ALL REC. RDS.
kELLING FAST AND FURIOUS

Armour Leads the Onslaught, and
Holders of Wheat Begin to
Think There Is No Bottom
Price-Stock Market in Very
Sleepy Condition-No Settled
Plan of Action.
CHICAGO, Feb. 9.-Wheat went down
with rush today, and after losing &c
and smashing all low-pricei records
closed with May 1910 lower, at 60$lc.
Free selling by Armour about two
hours after the opening started the de-
cline, and from that on the selling was
fast and furious. Corn resisted the
action of wheat, and closed unchanged
FOR May. Oats closed sc lower. Pro-
visions, in sympathy with wheat, Nh
lShed lower all around, May pork los
ing 45e. Wheat opened steady, with
May sc lower, at 624c. The indica-
lions that a vicious cold wave was bear
ing down on the rain-Soaked wheat
belt aided the discounted bulls in re-
gaining a little of their lost nerve, ana
May soon advanced TO 6255c, where it
closed yesterday. Until II o'clock
honors were easy with bears and bulls,
and fluctuations were confined to sc
limit. But the news of the day
was generally bearish. Cables were
not encouraging and the Northwestern
receipts were again i'll excess of those
Of last year. Minneapolis and Duluth
received 2S4 cars, compared with ISL on
the corresponding day last year.
Primary market receipts, too. were
larger than year ago. Inc export
clearances from the four principal At
Iantic ports, including New Orleans,
were under 100000 bu in wheat and
flour. Lister sold a big lot of wheat for
Armour, who had bought yesterday.
That started the decline. and May
climbed on the tobOggan slide, landing
after the first break at 6215c. From
that figure it recovered slightly, and
then, with another slide, went to 603sc.
the lowest price for May ever made Oh
the Chicago board. A long line of New
York wheat came out, free liquidation
by St. Louis followed, and every one
seemed to have selling orders. The
selling was at times of Il semi-panicky
character and continued to the close,
with rally of but &c at the finish
from the days bottom figures. May
vanced &c, declined &c, rallied
56c. lost II, rallied 4 to close at 6015c.
Corn-Tnere was not much doing. the
market ruling rather quiet. The teel-
ing developed was steady. considering
the action in the surrounding pits. The
market showed strength at the start.
Initial trades being at fractional adj
vance, and upon good buying sold up s
frpa
while the demand was considerably I'M
proved. The better tone was due to
the stormy weather and to a reported
better and more activeEuropean inquiry
for cash corn at higher prices. The adj
vance increased the selling pressure
principally flom room traders, who sold,
thinking the market would SympathiZe
with the heavinesS in wheat and prices
went down sc, rallied sc, became
steady, and closed with May at the
opening figure and but &c from the
highest price OF the day.
There was stubborn market IN oats.
Business was moderate and prices held
within q range. being firmer and &c
higher early, on the early steadlness of
wheat, but later when wheat weakened
prices receded &c, and Tie close was
easy, with May but sc above the bot
tom figures of the day.
Provisions were dull early and steady,
with an undert0ne of weakness. The
offerings were hight, and some DISPOSE
ton was exhibited on the part of the
local operators to advance prices for
hogs at the yards on the run being less
than estimated, and the unchanged con-
dition OF wheat and corn. Later on the
bottom fell out of the market on the
break in wheat, and Oh the product be-
ing offered down. In the absence OF any
support whatever. there was all attempt
at rally subsequently, but there was
no stability i'll it, the market closing
weak and near the inside prices of the
day. Compared with last night May
pork is 45c lower, May lard 10c lower
and May ribs 2215c lower.
Estimated receipts for tomorrow:
Wheat, So cars; corn, 500 cars; oats, 165
cars; hogs, 10000.
The leading futurpS RANGED as follows.