Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-20
NEW YORK STOCKS FOLLOW SUIT.
The Leading Cereals all Irregular and
Depressed in Value.
WEAK AND DECLINING,
A Slight Advance in the British Grain
Markets the Past Week.
CHICAGO.
Especial Telegram to the Globe. |

and too great to be fully sustained. While
there is little doubt but the tendency of
wheat is toward higher figures, yet it is not
to be expected that they are to be reached
at one bound and many among the bull
crowd who predict $1.25 May wheat have
claimed there must be reaction more or
less severe from the recent upward move
ment. This reaction came to-day, and was
naturally aided by the clear weather and
troubles of a financial nature.
On the board the wheat market was act
i've for the May futures, but qniet
for nearly all other fu-
lures and prices we're somewhat
unsettled but generally weaker, and at the
close March was about ~ c lower, than it
closed Saturday, April 15sc lower and May
! 115c lower. The first sales of May were
at b @Ac decline from the closing figures
at o'clock Saturday, ruled weak and fell
irregularly, about 4 c from the opening,
then frmed up and improved i~regularly
! &c, again weakened some, then fuctuated
and closed tolerably steady. The weak
ness was attributed to several causes,
among which was the heavy mercantile
failure of Saturday, the fine weather to-
day and there was some manipulation for
the purpose of breaking the market for
speculative purposes. Rumors of
another business failure were
also circulated, and though
unconfrmed, helped to depress the market.
Although the receipts were no larger than
usual of late, the speculative offerings were
larger and the decline brought out few
offerings. In the afternoon this market
was still weaker, and although very fair
demand was evinced and further decline
of 1ac was was suffered on the call board,
May however, closed at $1.1358@1.13A,tw
cents under what it sold at one time on
Saturday. Three hundred thousand bush
els of this future were then offered and
found takers at these figures. May held
its own better in the latter hours than did
other months. Spring wheat was in mod
crate request at lower prices, and winter
quiet with small offerings and prices about
nominal
Flour was quiet and trading for the day
light, with the depression in the grain mar
kets having sufficient influence to keep
buyers away and prevent business. Still
the quantity on sale was light and holders
were not caring to sell unless about their
prices were obtainable. Rye and buck
wheat -four were dull. Bran and all mill
stuffs were going off readily and at firm
prices.
Corn was fairly active, but somewhat
unsettled and generally easier, and at the
close February was 11Sc lower, May 1c
lower. The market was Influenced
to some extent by sympathy
with the weakness in wheat, but
the improved condition of the weather
also had considerable influence, as it gave
promise of more liberal receipts and
higher grading. There was an uncon-
frmed rumor of another business failure,
which created some distrust and helped
the depression. The market, however
showed good deal of rallying power, and
recovered considerably from each decline,
closing 15c under the opening figures. On
call firmer feeling was established and
an &c was added to prices in most in
stances. An active business was done in
May corn. Very little of this grain was
received to-day and speculative influences
contributed largely to the early decline.
Oats were weaker and reacted consider
able from the improvement of late last
week. The principal futures ranged go
1c lower and for some of the more de-
ferred deliveries the decline was even
more severe. The depressed feeling
in the markets generally made buyers
scarce. The cash in store market was al
most nominal, very few cars offered and
but little inquiry, the market quotable at
$3.50. Sample lots in large supply. Buy
ers of all classes held off and bought only
to provide for their most urgent wants.
Sales were slow and prices easier. For
futures there was decline of 3$@1c in
prices as compared with the closing quota
tions of last week. The demand was
light, owing to an unsettled
feeling generally prevailing. At inside
quotations the market became steady and
ruled quiet. No strength was gained dur
ing the afternoon, the feeling being even
weaker and prices again shaded.
Rye was steady despite the weakness in
other markets. The principal interest in
the market is centered in seller May.
There were few offerings of this future be-
sides holders were firm and this accounts
for the steadiness of the market. The de-
mand generally was limited.
Barley-The cash market was dull. Store
barley entirely lninal and holders of
sample lots had to shade prices 1@2c
in order to sell, and then it was
hard to work of anything but the best and
brightest lots. No. in store offered at
85c. No bids. Barley has shown none of
the activity which has marked the trade in
other grains of late, and speculation has
been nothing all winter. The condition
has been brought about by malsters and
brewers in working against high prices OF
any speculation, and using all their efforts
to depress prices for No. 3, the grade most
used for beer making, and the buyers have
had sufficient influence to control the trade
and lose money to any one attempting tc
work the market for higher rates.
| Provisions-The market was moderately