St. Paul daily globe., 1885-02-03
WEAKENING
MARKET,
Grain Market Weak and Lower. Wheat Show
ing Decline of Nearly One
Cent.
Corn Quiet and Depressed by Large Receipts
Oats Weaker, and Provisions Higher
but Dull and Inactive.
Wall Street Shows More Life and Better
Prices, but too Much Manipulation
for Safe Dealing.
Chicago.
Specinl Telegrnu

barter and speculation on 'chauge re-
ceived support from anybody to-day. There
was nothing to support the bulls, 50 the bulls
couldn't support the wheat market, and, as
bears never support anything but . decline,
they had the best of the light, and the mar
ket went down. The decline, however, was
not great. May wheat opened 15c of at SO &c,
went down to S23sc, closing at S23@c. Corn
defined LQLc, with sales of No. for May
at 991I@4Oc, closing at 39%c. Oats were
3lc lower. selling at 263z@26Tc February
and 3OI030L May, closing II slight advance
above the opening figures at 26Xc, February
and 30H on May. Provisions were firm and
steady, opening at slightly better figures than
Saturdays closing, frming up toward the
close, with latest quotations for May products
as follows: Mess pork, Sl2 255; lard, S7.O71l;
nbs, S6.4O.
The grain markets were weak, wheat
opening 55@Ac lower for March and
May, aud under the stimulus Of few buying
orders stood for time near the opening, but
when these orders were filed the market fell
of of its own weight, the improvement re-
corded at the close of Saturday being all lost.
Wheat was the chief center of speculative
trading and showing the largest
depreciation in values, although the
weakness was apparently not great
enough to bring much outside
stuff ou market, and trade was almost wholly
Of local or scalping nature. 1t was be-
heved the shorts had covered pretty well on
Saturday, aud general bearish attitude was
the predominant feature. Public cables were
lower and weaker, and there was an absence
Of anything like support on outside buying
orders. Added TO this were reports that the
next visible supply statement will show
large increase and many who had loaded up
on Saturday, on the supposition that the pre-
vious bear clique had covered their
SHORTS and taken the bull side, failed
10 discover any evidence to substantiate
their belief and their efforts TO unload
added weakness The offerings from opening
10 the close Of the day were quite liberal.
There were rumOrs that sharp reduction in
freight rates on grain was imminent, but they
did not gain sufficient credence TO give the
bulls much hope. Advices from the north
west were Of a character to encourage the
bears in their war on prices, a reduction of
q per ou5lci III DufAuS pilCco DCluB iCp pJlbCu
from Minneapolis, and fine weather and in
creased deliveries by farmers being every
where reported. Prices touched the lowest
point Of the day before the close OF the morn
ing session, May selling at S235c. The local
bulls then commenced buying freely which
resulted in a reaction Of &c, showing firm
feeling at the close Of the afternoon session
March closed 2(c of at 77J5c, and May 5c
under Saturdays closing at s22[c.
Wheat now after decline Of &c is as inde-
csiye at aboutS2GS3c as it was at sS@S9c for
MAY. There has been, too, the same iude-
cision on the part Of the speculI Itors who are
usually in the lead of this market. They
have been ''Gears" onwheat despite most un-
favorable In auences. There lisa steady increase
IN the visible supply, an absence Of crop
alarms and no export demand, still the price
can't apparently be gotten down to soc. Shall
they turn now as they did at S9c2 Some OF
them have already. Sid Kent. who was the lar
gestand most determined bear, all the way up,
who fought the advance, doubling
up his "shorts' when bulls were
the boldest aud fercest, has covered.
He has gone ''long," ," aud Instead Of belong
Ing to the party seeking to depress prices is
now with those who are trying 20 manipulate
them. Nor IS Kent the only recruit the bull
side has gained. John Cudahy, who has
been short, covered last week. and II not
with wheat bulls, is no longer against them.
There are only two local operators who have
been trading in the scale to much affect the
market. There are large commission houses
buyers. Poole, Sherman a. Co, and Geo. c.
Walker IL Co, appear TO be loading up by
systematic buying FOR customers, who, judging
from their persistent buying, must be strong
people, but that this aud that great specuator
and this aud that commission house have
turned from selling 10 buying Is not half as
good n bull argument as this other. The
country has been frozen out. 1t is true
that the couutrymeu who did not believe
that there vas anything In wheat until It had
advanced or 10 cents, and who then were
convinced that q great boom had come 10
carry the price up, back 10 the Old dollar
market, are now all out Of pocket and out Of
wheat They bought at Soc aud doubled up
at SSc. While great operators were selling
aud reducing their averages, the country
men were selling aud making their averages
worse aud their margins thinner. The drop
from soc TO s5c wiped out part Of them. In
the decline from s5c TO see there was
nothing chrouiclrd but sacrificing OF
long wheat for country account
on stop orders and because
Of extended margins. When see WAS
touched the last OF them practically
was sacrificed. There WAS no more
country wheat to De brought out by any fur
ther decline, aud OF course nune TO be
dumOed upon any trader who chose TO ad-
vance prices from that figure. The situation
now appears to be that the maIket is remark
sbly well eyvncd up. Experienced and rich
traders have, however, taken ia some wheat
while The eounirymen whose holdings arc
always a menace to speculative advance
have just thrown their holdings over. Ev-
erything appears to be favorable from
speculative standpoint for al least slight
advance. So far, however, As the statistical
sud natural influences are concerned. they
do not bear out the speculative. There Is no
improvement 81 the export demand. The
movement from the interior continues un-
prvcedvuted. Tders are no crop scAres.
Tue visible supply does not cease TO in
crease, but the effects Of speculative inau-
eaces are immediate and violent aud all
others very tardy and deliberate, so that !
wheat msy sell some day al 80 cents aud yet /
get up back 70 90 Ceuts 10 the next thirty
DAYS. aud this Is the very thing that some
operators-sSne, too-beheve that il will do.
StrauEe as il NAV appear corn continues
strong, because there Is scarcely auy trade