St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-26
A BEARISH TENDENCY
But an Expressed Belief That
Bottom Prices are Not
Far Off.
Wheat Active, Irregular and Lower,
Having Been Hammered Down
lac by the big A.
Pork, After Strong Opening, Fell to
$18.12 12 on 'Change--Lard Weak
in Sympathy.
Free Selling in Wall Street--Futile Efforts
by the Bears--A Bullish Outlook.
Free Selling in Wall Street--FutiIe Efforts
by the Bears--A Bullish Outlook.
CHICAGO.
Especial Telegram to the Globe. !

in the ascendency all day, and are very
happy There were no sustaining influence
from the outside and the feeling was one OF
weakness from the opening to the close,
although prices did not show as much fuctu-
alton as the big operators would like to have
SEEN The tendency of the crowd is decid-
edly bearish, and as the market for wheat and
corn declines they become more so. The
feeling is also extending into the provision
market, and although it is not so visible as
In grain, it is becoming more so among a
certain class of operators who have lately
been largely in the grain trade, but to-day
changed their base and entered the provision
pit as sellers, and succeeded in making a
break of 271ac on pork, 15c on lard and 15c
on ribs.
The "big four'' hamm cred wheat all day,
which secured decline of I@9lc at the
close Notwithstanding the fact that Ira
Holmes and several other large shorts
bought about 500,0 90 bushels on which they
had good profit. In corn it was the 'big
two''-Ream and''Nat Jones that did the bulk
of the trading. But they were unable to get
the morket much below the first price, $50,
until after the call as there was about 2,000,
600 bushels of puts sold at 5Sc Saturday
disposed of 75O, 900 bushels, every bushel of
which was put In the afternoon wheat was
active, irregular, weak and lower.
Liverpool was quoted dull for prompt de-
livery, but firm for cargoes to arrive and the
Mark Lane express reported better tone
New York advices were unfavorable and
other markets showed a downward tendency
and the general outlook at the opening was
favorable to the bears who sold freely. There
was also large realizing for the account Of
miscellaneous longs, whose margins were ex-
hausted, and a good many lots on which lin
its had been placed were thrown over when
such figures were reached. This influences
coupled with the persistent hammering by
the bears broke prices 1c per bushel, and dur
ing the early part Of the season there was no
demand except to cover the shorts.
The firm rates were at 9734099c; from
this it receded to 97c, and was very irregular
There was, however, an increased disposition
to cover at about bottom prices, and when
the longs were pretty well closed out, the Of
ferings materially lessened
The reported sales of 5000 sacks of flour
by miller here, for the English markets, at
an advance of Sd per barrel over the best
from the same markets last week, accom-
panied by statement from the mills that
they were oversold %, 900 bags, and that they
had filed an order for 125 barrels from New
Orleans, being the first sent there
in seven years, caused stronger feel
ing, and Influenced by more liberia
buying prices rallied and closed on 'change
at 9779@97%c. The fact that some of the
sharpest bears covered their shorts and kept
out of the market and that prices have now
receded 505115c from the figures from where
they turned down, in addition to the gradual
increase in the purchases of flour for export.
induces many to think that bottom prices
are not far off, if they have not already been
reached.
Corn was active but weak and lower and
the fluctuations were confined to a narrow
range. The inspection showed 546 cars, 8S
OF contract. Trading was mostly
on local account, but there were
number of outside buying
orders at 5Sc which with at large purchasing
by parties who had bought puts, was the only
sustaining feature on change, but on the call
the weakness became greater ON account of
the break in wheat and provisions and at
the close on the curb was &c below the last
sales of Saturday. May opened at 5814@5S3sc
declined under free selling to l57X@59,
rallied to 5S7sc and closed on change at $50
eS1sc and on the curb at 57I.
Pork ODeOed strong ON Supnoeit;oD 4bo+
the bulls intended to take advantage of the
higher receipts of hogs to bull
the prices of the products and
early sales were at $1S 5O@1S. 55
for May, but the ''big four'' failed to put in
an appearance in the provision pit and when
the few anxious buyers who bought in an
ticipation of bulge were filled, prices start
ed on the down grade, and although Armour
brokers caused slight upward reaction by
buying small parcels to check the decline,
sellers were more numerous than buyers and
at the close of 'change prices touched $1925.
After the call the free selling by disgusted
longs who unloaded their early purchases
broke prices to $1SO71s and closed on the
curb at $181215.
Lard was weak and closed 1917 lower in
sympathy with pork. Fowlers are largest
holders and their brokers sell on every up
ward reaction, their object being to unload,
and the market closed at $9.7719 for May,
the lowest prices of the day.
Short ribs were destitute of interest and
closed at S9.45, showing decline of 15c.
The action of the market to-day plainly
showed that the manipulators we're working
for decline that will shake out weak holders
and induce the bears to sell when they will
be caught by an upturn
Crittenden & Harvey say: ''Trading
only moderate in volume and almost entirely
local in character, can see nothing to en-
courage buying even at the decline. Prices
are low, but that fact fails to bring out much
support, and holders who have tried to check
the current act discouraged and seemed dis
posed to let things go, and have apparently
sold out the majority of their early purchases,
and will wait for the selling craze to subside.
Short buying would of course advance prices
some, but not permanently, and
the situation seems to have reached
point where consumptive demand
must prove the controlling factor. Corn
averaged firmer than wheat and declined a
few points mainly in sympathy. The situa-
ton is healthier and there is more reason to
look for better prices permanently than in
wheat, owing to the continued good demand
unfavorable crop condition and poor quality
of arrivals. The market would do great
deal better should speculatiod increase in it.
We note considerable good buying from day
to day by the right parties, and believe it but
question of time when we shall