St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-31
A DOWNWARD TENDENCY.
May Wheat Closes Below Eighty
Three Cents, With No Indica-
rions of Better Prices.
Corn Active But Lower, Oats Flattened Out
and Provisions Declining in Sym
pathy With Cereals.
The Hand of the Manipulation in Wall
Street Again, and Small Fry Adj
yised to Keep Out.
CHICAGO.
Special Telegram to the Globe.


further decline in all branches to-day, clos
ing prices ranging below those of yesterday.
Wheat opening 3sc lower for February and
May, both options suffering further decrease
of ss@}3c, and closing weak at 1850 for
February and sage for May. Corn opened
easier, shade under yesterdays cIosngs, at
$500 for February and 401sc for May, but,
following the weakness in wheat, went still
lower, May closing at 39Xc, or nc under
Thursdays close. Oats opened sc off for
February and May. showing considerable
activity early, large lines of short oats being
bought in. Later the market fattened out,
closing at 3015c for May. Provisions were
weak and lower in sympathy, closing at the
lowest prices of the day. The closing prices
for the May option were: Pork S12. IS, lard
S7021a, ribs $3.50.
The market opened this morning rather
easier than the close of yesterday, and the
trading was rather liberal, the shorts in the
wheat crowd buying quite freely. From the
opening hour outside advices were rather
upfayorable. Foreign markets were reported
badly depressed, and, under rumors of a
heavy failure in England, prices broke away
to S234c for May. A weaker market had
been anticipated, owing to change In the
weather and heavier receipts, and no sur
prise was expressed when May wheat opened
at S2Xc. There was total lack of infu-
ences of a sustaining character, and very
noticeable absence of buying orders, together
with bearish feeling among the majority of
floor traders. Under all these depressing in
1uences May fell off to S215c, the lowest
point of the day. A number of
big bears are said to have covered
their short sales. II such is the case, aud
the heavy shorts actually postponed their
alleged purpose of squeezing the country at
large out of everything it owns, the day will
figure in the future calendar of the bulls as
one of the red letter description. II is not
generally thought that many outside holders
of wheat have been demoralized By the &C.
cline, nor is it believed that many operators
will have the hardihood to sell short at pres
ent prices. Operators who take this view of
the situation predict that outside holders will
take advantage Of the low price to increase
their investments, and that prices will take
another turn upward. When S2&c was
reached on the downward movement,
buyers in large amount were numer-
Gus enough 10 lead to the impression
that short sales were being covered. Ludley
Is said to have purchased 1000, 900 bushels
on this account, and Armour and Kent are
also mentioned as coverers Of short wheat.
The last named parties are given the credit
oflhaving taken some long wheat while they
werc.at it.g Jnder this treatment, together
With the firm feeling reported In New York,
the price tirmed up until S3JIc was reached,
but later the tendency was downward until
the close, when May was quoted at s25Sc,
only Is e above the lowest figure Of the day,
and 34c of from Yesterdays close. 1t is diff
ieult to predict the course of the markets at
the present time.
Y One operator said yesterday: "The entire
situation is expressed In single word too
much wheat for the existing demand. Ia
estimating the market two forces must be
taken'iuto account, legitimate and natural
influences and pure manipulation. When
the first named power is stronger steady mar
kets, 10 one direction or the other, are the
rule. When the second force predomn ates
rapid and irregular luctuation eusues. As
no one knows when the latter power may
take hold OF the helm. 40 no one knows how
soon II may spring into the arena and for the
time being take the market entirely out #
the reach Of natural and legitimate influences.
At present the natural causes are for lower
prices, but manipulation may upset them at
any hour"
NJ s. Chandler has firm faith in better
prices. In reviewing the market for the past
two weeks, he said to-day: Wheat has sus-
tanned within the past two weeks. decline
of &c per bushel. The trade at sSc for Nav
was very large, and the sharp advance to that
price, with an im proving outlook for business
generally, induced many operators who had
been out of the market for months 10 take
hold Most OF this high priced wheat has
again come on the market, the bulk Of 1t
under s5c, and from close observation
think has settled in hands well able to take
care Of It. While the decline has encouraged
sellers so that the short interest is certainly
heavy. the feeling tonight is weak. but when
the shorts attempt TO realize on their sales It
will give Us sharp advance"
"At present the chances for an advance
or decline are so evenly balanced that slight
influences bring changes either up or down
as the factors are favorable or adverse" said
a. u. Wright. "Tbe chief hope Of the bulls
appears to be based on the current low figures
and hopes Of a fresh scare regarding the
winter wheat plant, while the bears look for
f.-
port movement, aud withdrawal Of outside
buying support
The prospect of warmer weather has given
rise to the Usual anticipations Of injury 10
crops through alternate freezing and thaw-
ing on the ground. Aside from the features
above presented the market had none OF
speak Of. The prospect seemed TO look
brighter 70 the bulls, bat not sufficiently so
to warrant any unusual display Of enthusi-
asm.
Corn was quiet, developing few new fca-
tures. Orders on hand to cover short con-
tracts kept the market tolerably even, and
fluctuations were parrow. February opened
at 1910, slightly lower than yesterday, and
May opened &c of at 40Hc. Following
"uSa'f PiiSes ArH VI AusL'eI- JIG! sO~~N4"E
395Ee. but later Armed Ep on reports Of
stronger foreign and New York markets.
There was lively purchasing at 40c for May
Just before the close Of the morning session
and prices went up &sc in short time, but
during the afternoon the bears got vigorously
20 work. circulating rumors about heavy re-
ceipts TO arrive, lack Of shipping facilities,
etc. sending prices back &c az time until
the close. WHEN May vas weak aud Hfeless
al S95sc for cash, and February closed duh
at s6l4c.
There Is little TO say about the proTision
81. 1880. 49,. q. -. 49, ,t,t1 I,,scaz "a.