St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-19
A Dragging Market All Day, With
Entire Absence of Outside
Support.
The Grain Markets Open teady
But inter Light Trading Close
Lower and Weaker.
Provisions Still Being Doomed by Country
men, VII Own Them, Pork Leading
the List.
Stocks Wa7ering and Uncertain, With tn
Favorites in the Rear-NeW York
Central on Top.
Chicago,
Special to the Globe


CHICAGO, Feb 1S-The leading articles in
to-day's market dragged quite heavily, re-
ceiving little if any support from any quarter
except probably the New York stock list.
Receipts were again very light, the blockade
still prevailing. The close Of the morning
session was quiet but about steady, and
featureless except in the provision list, which
was weak. Wheat opened a shade easier
than it closed yesterday, but ran through the
session in a very featureless manner. Trad
ing was far from active and was carried on
BY the local crowd. Corn opened about
steady, the only feature of the market being
bulge in February, in response TO rapid
advance Of this delivery in New York, it be
ing the popular belief that a corner in this
months delivery is being run there. In
other futures the
TENDENCY WAS DOWNWARD
and the tone of the market one of consider
able heaviness. Oats continue quiet, very
inactive and about steady, with speculative
trading confined to seller May. Provisions
were quite active and moderately firm early
in the day, at slightly higher prices. What
shorts there were in pork and lard covered
early, advancing the former 2I05c. In a
general way trading was slack, and after the
first hour or SO values tended slightly down.
ward, the tone of the market becoming per-
ceptibiy easier. The markets were destitute
of new or striking features of interest, and
the volume Of trading in most cases mode
rate. Wheat was quoted dull and weak in
British and continental circles, and there was
little in the character of the eastern seaboard
advices to encourage buying for an advance.
The situation on the bull side was also weak
ened by fair weather. as it induced many who
bought yesterday in anticipation of coming
storm TO
UNLOAD THEIR HOLDINGS.
On the other hand Il c reduced character Of
arrivals, and the prospects that they will cou-
tnue moderate for some time 10 come, had
tendency TO reuder the bears shy about
selling large lines, knowing that the present
low price and opp lrtunities for crop scares,
to say nothing of other contingencies that
may arise, are more likely to favor
the bull than the bear side. The demand,
however, was moderate, and the market
almost from the opening to the close pre-
scented tired and tagging look. the fuctu-
atious ranging Ic, and closed with the low
est prices bid. February wheat opened at
1870, advanced Is :, declined to 7S14c, clos
ing at that figure Did. May opened at s45zc,
advanced 4c to sage, went off to S3Ic,
closiug at tlat figure. The depression in the
foreign situation operates as a dead weight
on all attempts here to improve prices. As
an example, imports into the United King
dom last week were 2T5. 0O0Q23O, 600 quar-
tiers of wheat 1000 quarters more than
the week previous; 2I0, OO08 315, 600 bbls OF
flour, $4,000 more than the previous week,
and 180,0009lS1, 900 quarters of corn,
which was increase OF $4,000 quarters
over the week previous. The consequence is
the English grain dealers. seeing such enor-
nous supplies OF breadstulfs In sight Oh all
sides of tnem, are utterly placid over the
outlook, and
WILL NOT BUY ANY STUFF
except at their own price. Aud If we are
dependent on England for a market for our
present wheat surplus the prospect for much
Of rise is exceedingly dubious. At the
same time the market is confessedy Ovrrsold
to great extent, but there isn't muscle aud
money enough lying around - drive the
shorts Into cover. The receipts today tell
the outside situation bitter than any words
could dO-srveu ears again st | - yesterday.
ID spite the apparent apItIy on the
part Of tue bulls To take long lines and hold
taem," said A. NJ. Wright, 81 think that
wheat at tue present prices is good bargain.
TIE appearance Of export demand for -four is
An ENCOURAGING SIGN.
as It in liclt-s taat European consumers feel
tae necessity of rrpienishing their stocks for
ths near consum ption. There are also rea-
sous for thinking tue visible supply of wheat
will era iually decrease from this time for
ward, aud should these cone usions be veri-
fed, tue decrease In the reserve will prove
an I'M ortant help to bulls in sustaining
nes."
Said another operator: "The only bull
srgu Mt see, is the large number Of bears
that are constantly preaching lover prices.
The short sellers do not stand well,
aud are buying back just as fast as
they see any profit, while the
bulls, who are long, are standing on their
present holdings, waiting for something to
turn up TO give them a chance TO unload at a
profit. Lower prices are inevitable
Coru was scarcely so irm, aud closed "a
&c lower. Yet the fact that the stocks are
small at all points OF accumulation. aud light
supplies criobed In the country, will have a
tendency to render further arrivals moderate.
Farmers will soon be too much employed With
their spring work to market grain freely, is
regarded as Il strong argument in favor OF
better prices in the near future. Toe situa-
ton is also siren gthened by the
active demand at the east for i'm
mediate consumption. In addition
the requirements for farmers for feeding
stock have been materially enlarged by the
severe weather. February stuff opened at
ST5Sc, advanced To 9Sc, closed later at S7JSc |
MAY opened at Al Sc, aud after some selling
al 4lS4c went OIL to 4lkc, closing at that
figure. II the situation Was not so iutriu-
sieAlly heavy in wheat there might be q
chance for some lively trading in corn be-
tween this time aud uext May; but as 1t is.
there may be nothing more than stubborn /
strength aud dullness.
PROVISIONS OPENED FIRM
aud eSrly sales were recorded at 4 slight sd-
vance, confidence being stimulated
by small arrivals OF hogs, but
the advance was not supported. Ness I
Pork opened at $IS.STS, May sold at SlS45 I
but declined TO $lS.25 aud closed az that
price bid. The offerings were light, and the /
fact that the cold weather by checking the 4
supply of hogs has curtSiled the hacking 1
here al least $4,000 barrels is regarded as 4
strong bull argument Lard was SLOW and 4
desfsfuta NJ new faatt,-ss c,a,f,.- =, A. o.