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-
lions Of Better Prices.
Corn Active But Lower, Oats Flattened Out
and Provisions Declining in Sym
pathy With Cereals.
The Hand of the Manipulator in Wall
Street Again, and small Fry Ad-
vised to Keep Out.
CHICAGO.
Especial Telegram to the Globe. |

CHICAGO, Jan. 81. -lle n arket suffered q
further decline in all branches to-day, clos
ing prices ranging below those of yesterday.
Wheat opening sc lower for February and
May, both options suffering further decrease
of 5s@13c, and closing weak at 763se for
February and sage for May. Corn opened
easier, shade under yesterdays cosings, at
3619c for February and 401sc for May, but,
following the weakness in wheat, went still
lower, May closing at 39Tc, or &c under
Thursdays close. Oats opened &c off for
February aud May. showing considerable
activity early, large lines of short oats being
bought in. Later the market tattened out,
closing at 3014c for May. Provisions were
weak and lower in sympathy, closing at the
lowest prices of the day. The closing prices
for the May option we're: Pork s12. 35, lard
$7.021a, 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
unfavorable. Foreign markets were reported
badly depressed, and, under rumors of
heavy failure in England, prices broke away
to S23<c 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 81 Isc. There WAS total lack of infiu-
ences OF sustaining character, and very
noticeable absence of buying orders, together
with bearish feeling among the majority of
floor traders. Under all these depressing in
fuences May fell off to S212c, the lowest
point Of the day. A number OF
big bears are said to have Covered
their short sales. II such is the case, and
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. 1t is not
generally thought that many outside holders
of wheat have been demoralzed By the Ge-
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 S25sc was
reached on the downward movement,
buyers In large amount were numer-
Gus enough TO lead to the Impression
that short sales were being covered. Ludley
Is said to have purchased 100000 bushels
on this account, and Armour and Kent are
also mentioned as coverers Of short wheat.
The last named parties are given the credit
of having taken some long wheat while they
were at II. Under this treatment, together
with the firm feeling reported IN New York,
the price tlrmed up until s3%c was reached,
but later the tendency was downward until
the close, when May was quoted at S2%c,
only &c above the lowest figure Of the day,
and &c of from Yesterdays close. 1t is diff
fcult TO predict the course of the markets at
the present time.
One operator said yesterday: 'The entire
situation Is expressed in a single word too
much wheat for the existing demand. In
estimating the market two forces must be
taken into account, legitimate and natural
influences and pure manipulation. When
the first named power is stronger steady mar
kets, In one direction or the other, are the
rule When the second force predomin ates
rapid and irregular fuctuation ensues. AS
no one knows when the latter power may
take bold OF the helm, so no one knows how
soon It may spring into the arena and for the
time being take the market entirely out Il
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 hes sus-
tanned within the past two weeks. decline
Of &c per bushel. The trade at CSC for May
was very large, and the sharp advance TO that
price, with an improving outlook for business
generally, induced many operators who had
been out Of the market for months TO take
hold. Most OF this high priced wheat has
again come on the market, the bulk Of II
under Soc, and from close observation
think has settled In hands well able TO take
care Of 1t. 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 1t
will give us a 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. NJ. Wright. "The 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
still lower foreign quotations, decreased ex-
port movement, aud a withdrawal OF outside
buying support"
The prospect OF warmer weather has given
rise to the usual anticiDations Of injury to
crops through alternate freezing aud thaw-
Ing on the ground. Aside from the features
above presented the market had none OF
speak Of. The prospect seemed to look
brighter to the bulls, but not sufficiently 50
to warrant any unusual display of enthus-
asm.
Corn was quiet, developing few new fea-
lures. Orders on hand 10 cover short con-
tracts kept the market tolerably even, and
fluctuations were narrow. February opened
at 3eIIc, slightly lower than yesterday, and
May opened Zc of at 40Lc. Following
wheat, prices fell OF further, May touching
39TSc, but later frmed up on reports Of
stronger foreign and New York markets.
There was lively purchasing al 4Oc for May
Just before the cIose Of the morning session
aud priGes went up &c in short time, but
during the afternoon the bears got vigorously
70 work, circulating rumors about heavy re-
ceipis to arrive, lack OF shipping facilities,
etc, ssnding prices back 15c a. time until
the close, WHEN May was weak aud lifeiess
at 39Jsc for cash, And February closed dull
al 364c-
There is little TO say about the provision
trade exceu. that II vras very dull. Prices az