St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-28
The Markets Decidedly Irregular and
all Features are Weak and
Lower.
The Break in Wheat Continues, May
Showing a Further Decline of
One Cent.
Corn, Oats and Provisions Suffer in Sympathy
with Wheat, Closing Dull and
Weak.
The Bull Pool Suffers Raid by the Bears
and Stocks Close Easier and
Unsettled.
Chicago.
Special to the Globe.


CHICAGO, Feb. 27.-The mob has now all
wheeled around aud is as vehemently talking
Csc for May wheat as fortnight ago it was
preaching 81 for the same option. 1t is one
of the marvels of this market that the little
fellows can go to bed at night all determined
bulls and wake up and begin the next morn
ing, and without any conferences either, all
determined bears. 1t is the doctrine of the
crowd to keep along with the market, good
enough doctrine if the start is made prom pity,
but it isn't When wheat on that last bulge
began to bull the local crowd fought it until
a considerable advance had been made.
When the figures had gotten up to about 9Oc
for May, then every member Of the mob was
buyer. When May began to drop again it
was the wheat If the little fellow which " as
sacrificed each day, and it was his money
which
WAS SWALLOWED Up
in exhausted margins. The big traders, the
leaders, like Jones and Rean, have not been
playing this market of late for great profits.
They have been on one side Of the market in
The morning and on the other side at night.
They are not now playing for Csc. They are
not taking it. There has been a break from
Sac to 7835c inside of a week, and the most
natural thing in the world now is a rally.
The market is fixed for it. The outsiders
are out Of their holdings; everybody has been
selling. Everybody wants 'puts' and no
BODY asks for ''calls." 1t is just the kind of
time when ''call'' is the best property, and
when the trader who flies in the
face of Providence and takes on a
little wheat viii make the most money.
Increased weakness and 4 lower level for
prices were the predominating features for
articles Of grain and provisions handled on
speculative account. Wheat, rs usual, fur
nished the keynote to the market, and was
the most active on the grain list, and its
prices showed the widest range and most
severe diminuton in values. As on the pre-
ceding days of the current week there were
no sustaining features of pronounced char
acter, while factors of depressing nature
were abundant and induced fair receipts
Predictions are that next Tuesdays statement
Of visible supply will show an increase. There
were dull and lower Eastern seaboard and
British markets, a strong realizing pressure
exhausted, and almost a total absence of
buying orders from strong parties, who were
disposed to take wheat off the market and
hold for an advance.
THE SITUATION WAS AGGRAVATED
by general disposition among the scalpers
on the bear side to sell on every bulge. The
opening sales were 14@35c below yesterdays
last transactions, and under the stimulus of
an active demand to cover shorts, in which
sellers had good profit, and buying by floor
traders for an upturn, prices appre-
ciated 2I@%c, at which there was in
creased selling by early buyers, who
were disposed to take the scAp Of
heavy holders for Chicago, st. Louis and Mil
waukee account also for New Workers, and
prices quickly started on the down grade
Each depreciation of &c increased the real
zing pressure, which continued until de-
sline Of &c from the outside figures was re-
corded, and the closing sales were 1s@Lc
over the lowest prices. At the close February
and March wheat sold at 725Sc aud May at
7S4c. The heavy buyers Of the day were
Field, Lindley ~ Co., Hamil 81 Congdon,
Orr, Crittenden 81 Comes and Hamill d
Brine, all of whom thought wheat
good purchase at 7S% to 7914c.
Nat Jones bought largely in the earlier hours,
but suddenly concluded to unload, and dur
Ing the balance Of the day led the bears in
the pork deal
Corn felt the depression less than was ex-
pected, and contented itself as a slow re-
sponsiye market.
FEW TRADES OF NOTE
we're made, the bulk of attention being alb
Iorbed by wheat. No. cash corn was
quoted from 3Sc down to 37S(c The open
Ing in corn was at less OF decline than in
wheat, being &c, from which there was an
advance early of &c, but later the tone be-
came easy aud during the last hours ruled
little better than wheat closing at 3G3tc for
February aud March and 4Olfc Cor May.
Oats were in greater receipt By 40 or 80 ycars
than was expected, and eased of in both
the speculative and sample markets. All
quotations except May were little better than
nominal. May opened at 9Ol(c, advanced
sc, aud closed weaker at Sole.
PROVISIONS WERE WEAK
and prices for future delivery lower. The
course of values thus far the current week in
dicates that those who manipulate the mar
ket are enjoying their annual amusement by
shaking the inferior holders and other In -
nocent lambs who generally buy on bulges,
and put up just sufficient margins 10 allow
them to be shook out, at such
times as the managers see proper TO
make vigorous attack As prices have suf-
fered severe depreciation since the bearing
proecss commenced, 1t is possible that they
are near the bottom, and those who have
been forced out need not be surprised to dis
cover ere long that the present apparently
rampant bears have become believing bulls,
who own the bulk Of The hog products Nav
pork got down 10 $3.50 This Is the figure
that clever fellows talked when Nav was sail
ing around at $3.50, but when traders set
figure at which an advance hall stop, or
on figure st which decline shall be
stayed. they generally, let them
be ever so clever, prove bad
prophets. Advances and declines
become uumanageable, and it's just as likely
that May pork may 40 to Sl2 as when it was
$3.50 it was likely that Il would 60 to $40 80.
The situation in provisions has not changed
at all, The demand remains good and the
position is promi> :. The decline is alto
gether because Of speculative causes. The
eouutrymen have
NOT YET REEN SHAKEN OFT.
Armour leaves tomorrow for thirty DAYS
tauut aud who SuppoSes that be viii bother
his head about getting hold Of the produc,
until he returns.
May pork opened at Sls. 7ais aud managed