Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-07-02

Barley was exceedingly dull, and sales
could not be made excepting by accepting
lowest prices. The futures were not men
toned.
Provisions opened with more buyers
than sellers and prices began advancing.
New York pulled out after selling little
and let the market rise all it would. The
change from timidlty to confidence was
manifest on yesterday, and the least en-
couragement induced buyers to invest
freely. Besides this the country are just
finding out that Armour has not failed
and they view the matter differently now
that they know the truth. The whole ad-
vance since last night SOC on July pork,
2215c on July lard, zoe on July ribs, and
the bears are all clad in mourning.
Pork was active on speculative account,
and was firmer and higher, selling up to
soc per Dbl. in advance of the closing
price yesterday, and while reacting some,
closed at an advance OF 3715 a 40c per Dbl.
There was very good demand from the
short interest and also some purchases on
Investment account, the opinion gaining
ground that it is about time that values
took an upward turn. The shipping de-
mand is not urgent and the outgo is not
large.
Lard was also moderately active and
the market was frmer and prices were
higher, the demand being quite good, both
for Immediate and future delivery. Prices
al one time reached 25c per 100 lbs. above
the figures current at the close of Change
on Friday and closed at an advance OF 20
@2212c per 100 pounds. Shipments for
the week aggregate $1,000 tierces.
The receipts of grain to-day were 68 cars
oS wheat, $40 Of corn and 1913 of oats.
Shipments of 1885 barrels of -four, 1928
bushels wheat, 303,846 bushels corn, 1915
bushels oats, 1906 barrels pork, and 2,522,-
$50 pounds lard were reported for the day.
Vessels were chartered to carry 100000
bushels corn and 100000 bushels oats.
Lindblom voices the bull view Of the
situation. He says: The weakness this
morning brought in some good buyers who
believe IN wheat and are able to take care
OF It. We will have no more panics or
more failures. The wreckers have had
their day and will retire to the obscurity
from which they emerged. We are now
down on a shipping as well as
a safe speculative basis, and
those who buy now are buying
gold at par. Reports from spring wheat
sections have been very cheerful and yet
We know that the cereal has never beeen in
greater jeopardy than now. 1t would not
surprise US to see regular scare on spring
wheat prospects. Corn is shade higher,
but We do not believe in long corn, and yet
We would rather buy than sell now, simply
because we have had big break. Oats
are strong. The entire stock will be ship
ped out the next few days and old oats at
33c are not high. Provisions are strong.
At one time it was impossible to buy at
any price. We are now on solid basis
all around"
Poole, Kent & Co. said: ''The short in
terest in grain, particularly corn, had be-
come SO large that under an urgent desire
to cover to-day prices ad-
vanced with slight interruption
to the close. We cannot say as to this
advance being permanent, as we are in
clined to attribute the strength manifested
just now to the general desire among the
trade to close up outstanding deals in
anticipation Of the holiday recess. Shorts
were free buyers of corn. The offerings
were rather restricted the entire session,
and it was with considerable difficulty that
any large amount of corn was purchased,
70
prices and not being disposed to sell their
property. We do not think anyone but
shorts we're buying, but the fact of the large
ones being such free buyers, started the
smaller ones to covering. This, coupled
with the before mentioned facts and the
strength in wheat, forced prices to the
highest point Of the day. We rather think
the market will show little advance until
after the Fourth, as operators will prefer
remaining quiet until that time. Receipts
and shipments are about as has been the
average.
Ulrich King, a prominent provisions ex-
porter, believes the course of products will
be upward. He was bear when the
break occurred.
The creditors of NJ. s. Nichols & Co. met
this afternoon to hear the report of the
committee which has been investigating
the condition of the firm. 1t was resolved
that the book assets be placed in the hands
of Messrs. Trego and G. G. Ball as trus-
tees for the creditors pending negotia-
tions for a settlement, Nichols &
Co. signing an authorization for
them to take charge of their
affairs. Regarding recent structures as to
the honesty of the failure the committee
was unanimous that Mr.. Nichols has acted
in most honorable manner. He had been
doing one Of the largest businesses done
on the board-more in fact than he could
handle. Losses and expenses have eaten
him up. If his debtors do what is now ex-
pected he can pay fifty cents on the dollar,
but this is regarded as the outside limit.
The committee investigating the lard
aduiteration matter is to report Monday,
To-day the perjury cases against Nc
CaIIum TTand Laskey, two of McGeoch's
Witnesses, were dropped for want OF pro-
secution.