St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-26
SHAKING OUT THE LONGS.
An Unusually Active Market, With a
Decline of Over a Cent in
May Wheat.
The Situation in Cereals Decidedly
Weak--A Majority of Traders
on the Bear Side.
Provisions Show Material Weakness Under
Increased Receipts, Closing Lower
and Unsteady.
The Stock Market Opens Irregular and Closes
Higher and Stronger all Along
the Line.
Chicago.
Special 10 the Clone.

Chicago.
Special 10 the Clone.
CHICAGO, Feb. 25.-Compared with that OF
the past week or two, the scene on the floor
of 'cnange this forenoon was nothing short OF
an innovation. The principal features OF
the market were such that a majority of local
traders, who are long, were left no choice.
They couldn't stand the decline as it was,
and the remarkable weakness frightened
them They were compelled TO throw every
thing overheard and in doing so created
scene of animation in the pit that has not
been witnessed lately. The few capitalists
owning wheat. of course, held firm. Even
though prices should not again touch the
point at which they purchased, they felt safe
in calculating on at least a TEN
porary reaction after the break
had run its present course. Nat Jones and
Field Lindley were notable shorts, who were
selling again to-day. This is believed to be
the last straw which, being added to the
cumulation of woes heaped upon the backs
of the Slam bs, will break them individually
and collectively, past all mending. The
grain and provision markets
WERE MODERATELY ACTIVE
but nervous, and prices averaged lower.
Wheat attracted more attention in grain cir
cles.and showed the heaviest depreciation in
values. There were no sustaining features
of a pronounced character while those of an
adverse nature were abundant, including
weak and lower eastern seaboard and foreign
markets. and increased receipts. The opening
sales were about 4 c under Yesterdays close,
and under strong realizing for account of
lots held for parties whose margins were out,
and selling on stop orders for outside specu-
lators, who were not inclined TO follow the
market further on the down grade, an addi
tional recession of 115c was recorded, max
ing total decline Of Be from Yesterdays
outside prices and 4 c from the afternoons
close. Each decline of &c apparently
brought fresh lots on the market, and at
times further break seemed certain, but
the disaster was averted by free buying to
lower shorts, and the usual supply Of weather
and crop-scare stories, the chief of which
consisted of reports Of heavy rains and
sleet in the Ohio valley. better
export business was also reported from
-
the explanation that such takings included
the execution of old orders held on a certain
limit that was only reached by to-day's de-
cline. During the last half hour of the regu-
lar session the free covering by local and
outside shorts, who were anxious to secure
profits on sales,
CAUSED A RALLY
go Tbo ut.
noon session was the most active of any for
a month OF more A host Of small holders of
wheat were unccremoniously Il" shaken out"
and small shorts had an opportunity, which
they pretty generally EN- braced, TO cover their
sales Of May wheat at from SIC down to Sic.
The big shorts-the professional spectators
of the wheat pit-are short, and to-day went
shorter. They regard May wheat, even at Sic,
a sale, and they are certainly living up to their
theory. The offerings were more liberal, aud
prices went off &c below the lowest prices Of
the morning session, and without sustaining
features closed at near the lowest prices of
the day, quoting February at 7514c, March
75lIc and May at Sic. Corn was remarkably
steady under the weakness which was mani
Tested in wheat. March and May opened at
yesterdays closing prices and only declined
&c during all the racket In the adjoining
pit. Liverpool was steady on corn, and our
visible supply showed a decrease Of $40, AL
bushels during the last week, with the
New York estimate over $50, 900 bushels
larger. The receipts to-day were 633 cars
against 1G6 yesterday, and 27l Of
this number graded No. =. Under any ordi-
nary circumstances this amount of corn
would have created a weakness in the mar
kct, but the supply Is so small and is de-
creasing so rapidly that even natural bears
were cautious about selling it short. March
opened at 31lGc, was slow at 371E@3T5zc,
and closed at 31Sc. April opened at 37&tc
and closed at 3724@3IIsc. May opened at
Ale, was moderately active at 405SG4l4c,
and closed at Ale. Low grades were firm,
but buying by shippers was materially ham
percd by the inability of east bound railroads
10 take more than moicty Of the corn for
which shipping orders were received.
SPECULATIVE DEMAND WAS LIGHT,
the interest for the first time in many days
centering on the wheat pit. Oats continued
quiet, inclining to inactivity with only mod
crate speculative trading delivery at 1880
Sic, closing at 3O5Sc, and practically nothing
doing in other futures or cash stuff. Pro
visions were adversely affected by the de-
cline in the grain markets, opening at de-
cline Of 10000 per 100 fbs in hogs. May
pork opened unsteady and weak at SI2.10
and under a vigorous attsck b. bear mauip-
ulators number of small holders were
shaken out The offerings became slow
and steadier feeling developed. Nav sold
up 10 $l291lS later, but closed easier at
Sl2.S0. Lard was slow aud without especial
change all day, opening at 500 y for May
selling up to S5JO5is and closing weak at
the opening prices. Short ribs were
sctive aud unsettled, opening loo lower at
$6.3sis MAY, but advanced to $3.50 on good
buying by shorts and scalpers and closing at
$6.45.
AT THE STOCK YARDS
business in general way was fairly active
The receipts were liberal and prices were 10
@l5c lower on ordinary run Of shipping and
drcssed-beef stock. Other sorts were steady.
With fresh receipts and the number left last
night, there were 1000 70 $1,000 hogs on
sale. The general market was 5GlOc lower,
but closed steady at a decline. The arrivals
OF sheep yesterday were the greatest for any
one day since Chicago became a market, the
number reaching nearly IL, coo head.
The Quotations