St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-27
BEARS STILL RELENTLESS
RumOrs of the Imposition of French
Tax on Wheat Exercise De-
pressing Influence.
Nay Wheat Touches Lower Point
Than at any Time so far
This Year.
Corn Continues the One Strong Point, While
Provisions, in sympathy With Wheat,
Continue to Decline.
st. Paul Experiences Trouble in Placing
Loan and Northwestern Earnings Snow
a Shortage-0ther Stocks.
Chicago.
Snecial 10 the Glohe.

Special TO the Glote.
CHICAGO, Feb. 26.-All news received on
Change TO day had a depressing effect upon
prices, and the bears were corrcspondingly
happy Early foreign a lvices were the re-
verse of cheering, and the wheat pit showed
q sudden and decided lowering OF values thai
was disheartening in the extreme to bull
traders. Wheat opened H@Hc of yester-
days prices, closing 14c lower all round,
at 1890 for February and March, 7435c for
April and 79Kc for May. May corn, the
one strong feature for many days past,
showed a decline of &c, closing at 4O%c.
Oats suffered least of all the cereals, closing
&c off at 3O2lc for May. Provisions
showed the effect Of lower prices
in grain, closing sc lower at Sl2.75, and
IS 40 for May lard and short ribs. ana I'M
changed but very weak at S7.0219 for May
lard. The bears were relentless again to-day.
They put the price of May wheat down to
soc, &c below the opening prices, and then,
as if not satisfied with that, sold few small
lots at 79Ic just for the sake of getting the
price below Soc At one time during the
forenoon a number Of small shorts who were
obstinate yesterday, swearing they would not
cover a cent above 79c,
BECAME SUDDENLY UNEASY
in their minds from some cause or other,
aud all at once put the price up to S02c.
which was the highest point Of the forenoon
session, and the close at l o'clock was weak
at SO4c. The extreme decline Of the early
session was partly effected through a most
absurd report Yesterday everybody inter
ested in grain heard Of the alleged action of
the French government in placing a heavy
duty per bushel on American wheat, so this
morning when it was reported that the
French were selling wheat here, and Mr.. La
BOin was observed to be cutting quite a
splurge on the bear side general selling
movement among the scalpers ensued.
Wheat went down to soc, and about that
time it leaked out that the only Frenchman
selling wheat in the Chicago market to-day
was the gentleman above referred to, who
put out perhaps 5000 bushels, and
some long-headed shorts who thought
soc would be a good point to
realize at. Then came the purchase of 0 ther
shorts, which brought about a reaction to
SO5<c, the highest point OF the day. The
bears took an active hand in the pit at the
soc figure, and for some time the most
PERSISTENT HAMMERING
failed to drive the product lower. Every
bushel offered was taken with a promptness
that indicated willingness of heavy oper-
ators TO pick up the market at the Drop and
considerable strength was impaired by or
ders to sell 100, 900, 900 bushels at the even
figure, and the morning session closed with
n feeling of almost victory on the part of
the bulls, who were convinced that they had
checked a heavy raid by the
bears, but shortly after the open
ing of the afternoon session the soc
line was broken by heavy offerings, aud
prices went of fractionally until the close Of
the day, the latest figures touching the lowest
point Of the day. The latest official figures
were 1899 February and March, 7434c April,
and 79L.c May. The feeling is by no means
confident, as it is known tn ere is a large
amount held in margins, t hat it is nearly
exhausted, the selling having thus far main
" included miscellaneous lots, leaving large
blocks untouched. Plenty of brokers
in the field are openly predicting new scale
Of prices and a weakening market at 50 cents
for May is favorite argument
Of the bulls, but the bears, while
confessing their weakness, are by no means
hopeless and are praying for sudden change
in the weather, A rain followed by cold
snap will afr ord them more satisfaction than
any other contingency that may arise.
FAILURE.
The commission firm of NJ. VI. Price & Co
failed to-day. The firm had been in bust
ness here only few months A member Of
the firm says the continued decline in the
price OF wheat was the cause of the firms
troubles. When May wheat was Sic, May
pork at Sass and May corn at Ale they
were just ISIS behind. further decline
has added considerably to the indebtedness
OF the house, but the members hope by turn
ing in the value OF their membership to
settle up dollar for dollar, and
the house will go out OF the business.
OUTSIDE OF THs WHEAT PIT
there was not much to attract the atten-
ton of traders. Corn was quiet but exceed
ingly stubborn and fluctuations Of only ia
q made opportunities for scalping exceed
ingly meager. The strong statistical posi-
ton Of the market, coupled with large ship
ping demand to consuming points. was en-
couraging TO the holders and made the bears
shy OF selling short. February and March
opened at 359Sc, closing at about that figure.
In deferred futures April was in rather
greater demand, opening at $3.50, advancing
&c, closing st 81 &c. May opened &c uu-
der yesterdays close at 405Sc, selling up to
4ic, but closing quiet though firm and steady
at 40%c.
Oats were lightly traded in, there being
little II any outside orders on the door and
no disposition on the part Of the local opera
tors to do more than moderate scalpiug
business All traders were confined to the
MAY options The closing quotations were
s5c February and March, 2Iltc April, and
SO3sc May.
PROVISIONS OPENED FIRM
and generally higher. under the influence Of
an active local dem ~ a speculative
character. The genera. tendency was up-
ward. but the weakness in wheat made its
influence felt and the close was below that Of
yesterday. Pork opened sc higher for cash
and futures, and recorded an advance OF lOc
before the break in wheat caused
4 reaction. Msy opened at SASS. sold up
to Sl2.9 and closed at 1915. May lard was
In but light demand, but as the offerings
were more than usually limited. gain OF
sSe over the opening prices was recorded,
some active selling being affected at S7.O7I<.
Later, however, in sympathy With other
markets and at the close S5.Ost{ was the
figure bid, With no offerings Short ribs
were moderately active but unsettled. open-