St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-07

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ruled irregular and closed at $i6.45@16.47H.
July sold at SIG 50@1665 and closed at
521l@16.55.
Lard averaged stronger and at the close
was 10c higher than yesterdays 10 O'Clock
prices. In the principal futures-May,
June and July-the days fluctuations in
prices were confined to 1715c. The trading
on speculative account was very fair. Cash
lard was in better request closing at SS.371I.
May sold at $S.42Hc@8.60 and closed at
$S.471I@S.50. June sold at IS. 50O8.671I
and closed at $S.5719@S.60.
Short ribs were active for forward delivery
and stronger, closing 15c higher than on
'change yesterday. May opened at $3.50,
and sold up to $40, at which it closed
June was in good demand; opened at IS, 40
sold up to 49, and closed at SS.4719.
Estimated receipts of hogs for the day s.,
900, against 1858 last Saturday, making
about $1,000 for the week, against 43, rs
last week There were a few more buyers
than yesterday, and the market generally
was shade stronger but not quotably high
er. About all were sold except few lots
held out Of the market that cost good deal
more money than could be had for them to-
day. Armour bought over 1000 yesterday
at a decline Of over SOC per 100 as compared
with the previous days Of the week.
Estimated receipts of cattle for the day
/, 800 against 1852 last Saturday, making
%, 600 for the week. against %, 700 last week.
Over half the fresh receipts were direct from
Kansas City for Armour and Swift, leaving
only about $50 on the market, under which
light supply prices ruled shade stronger, all
selling quick, the market closing strong at
an early hour, with only few odds and ends
left over.
Estimated receipts of sheep for the day
5000, against 1,033 last Saturday, making
about 19, 900 for the week. About half the
receipts were western, among which were
some of the best that have been marketed
this season. There was an active demand,
and the best made an advance of 10@12Hc.
A. NJ. Wright u Co. say: "At present we
can see little reason for advising our friends
to either buy wheat or sell it, but those who
decide to do either should be well backed by
strong margins to start on"
Minor, Richards 81 Co. say: eve con-
slider the time has come to operate very con
servatively in wheat. Unless we get some
relief from some source soon we are liable to
see very exciting times We would not adj
yocate buying corn at present prices"
Milmine, Bodman 6, Co., say: ''The feel
ing is rather more settled than yesterday, but
is still very uneasy. We have heard of no
financial troubles in the grain line any place
to-day, and think on the whole the feeling is
that the trade, having weathered the storm
thus far have no doubt trimmed their sails
for most any storm that may come. When
May wheat was 90c, the bulls sneered at the
idea that prices could decline to soc, and
now when it has sold near that price it looks
just as likely to sell to roe as it did then that
it would sell at so. The fact is, there is no
use setting limit to the decline now while
the bears have such complete control of the
market We do not wish to name a.fgure,
but think it must go down until we strike
an adequate export demand and there
is no telling now what that
figure may be. 1t looks to-day as if it would
sell considerably lower. We think any
further material decline is liable to lead into
panic in grain circles all over, and we do
not advise purchasers yet. We think 1t still |
a good sale for profit, but at the save time we
do not think it advisable to recommend sales |
now, as prices are unusually low. The trade, |
we think, have gone as heavily on the bull |
side as they have been on the bear, and |
there will be plenty of chances
for buyers to make money to
buy after the reaction becomes well
defined, and at present we would say that it
is pretty good time for conservative dealers (
to stand aside until the bear raid eliminates.
As we haye before said, we still think when
good solid bottom is reached. Corn for July
will be good purchase, for we believe it will
find more buyers than wheat, and that the
reaction in it will come more rapidly. We
are not far from the export basis on corn,
which cannot be said of wheat.'i
Crittendon & Harvey say: General con-
tidence seems to have forsaken wheat, and
while prices are now much below any point
reckoncd here in many years, still we can
see nothing to prevent further decline,
and would not buy until we saw some evil
corn Will be better some day, but as long as
wheat continues to drag we cannot expect
any improvement. We think the short in
terest is larger than in wheat, and on the
first signs of having reached bottom, we
think the appreciation will prove
rapid We can see nothing in
the situation to advise short selling on. We
could not advise short sales in provisions,
because the market acts as if manipulated
but with cheap breadstuffs we doubt if cur
rent prices in meats can be maintained I'M
less cereals advance"
Mccormick, Kennett & Day, say ''The
rally anticipated by the bulls did not come,
and it was evident that the strong parties who
have been under wheat have suffered so
severely that they have lost courage and
are not disposed to combat big
stocks, fine weather and the bearish senti-
ment of the crowd, even at the present low
prices. Confidence is severely shaken, and
the bears induced another panic and sharp
decline without much effort. Cables are
duller and more depressed than ever, and
there seems to be no salvation for wheat I'M
I'll SuockS are materially reuuceu or The new
crop meets with 4 serious disaster. This
fternoon the crowd are talking failures and
lower prices Monday. Unless we have an
upturn in cereals it will be impossible to
maintain the present high prices for hog pro-
duct.''
Western Associated Press
CHICAGO, April 5.-The downward ten
dency on Change was in no sense stunned
to-day, although an evident effort was made
at the opening to prevent another panicky
lowering of prices. Wheat is very closely
the lowest figures to be found