The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-03-13
CHICAGO.
The Markets Mirrored by Our Core

spOndent.
Special to The Statesman.
CHICAGO, March 6-The speculative
markets on change to-day are ONLY
fairly active, with the feeling in pro-
visions firm, but in grain decidedly
slumpy.
Wheat is weak and prices irregular.
Outside Influences are favorable to
the bears. including lower quotations
from New York, dull and heavy Eng
lish markets, large stocks in foreign
ports, and reports that the winter
wheat fields. as rule, are well COW
cred with snow, thereby securing the
plant from present damage by cold.
Receipts are large, while only small
amount of No. 2 spring wheat is be-
ing withdrawn from store. The de-
mand for futures is mainly to cover
short sales, and from scalpers
who buy on breaks; but the offerings
are very free, including good many
lots on which the margins
have been exhausted or on
which stop-loss orders have
been placed. 1t is la noticeable fact
that at the opening of the week, al
though the New York market was
quoted weak, it declined only 3Sc
while we lost over lie, and the same
was true later on; so we made &c de-
cline while they fell back less than 1c.
The reason for this is found in the
fact that New York stocks of wheat
in store were reduced during the last
six days 10000 bushels, and stocks
afloa5 there were reduced 100000
bushels. This gradual decrease at the
seaboIrd inclines operators there to
the bull side, while in the west the
continually increasing stocks is
standing bear argument that is con-
stantly winning converts to that side,
aud they now have large majority.
Since thefirst day of last August there
have been inspected in Chicago 167 ,O55
cars of grain, against 107, 131 cars a
year ago. and 130,674 two.
years ago, and arrivals still continue
above the average. Some dispatches
are shown saying that damage is APP
pretended to the winter wheat crop,
but these scareS are so insignificant as
compared with former years that they
might be safely disregarded for the
present. The milling demand for
winter wheat keeps up, but what is
wanted is demand for some of this
immense stock of spring wheat. Mon
ey is plenty, which enables carriers to
get fair charges from one month to
another. The speculative tide here is
now setting very strongly toward
lower prices and there seems nothing
ahead to break its force, except the
exigencies of the weather, until an ex-
port basis is reached that will take
the stuff freely out of store. let it
must be remembered. that although
the statistical position of the market
is weak land other influences unfavor-
able for an advance, it is not safe
to suppose that prices will
always go one way, and should the
bears continue to sell short, there is
more than chance that the bulls will
turn on them when they least suspect,
and. by making show of strength,
induce them to cover with such eager
ness that they will put prices up on
themselves, as is generally the case
when the market is as largely over
sold SIS it now is.
Corn is tame. Receipts at all poiets
are inconsistent with short crop theo-
ries, and promises of decrease in the
supply. Latest advices show that
are on the increase, and
even Iowa, that was supposed to have
raised no corn, is sending out her usual
quota. The bulls declare that warm