St. Paul daily globe., 1884-04-05

demand moderate. Opened at S16.40, de-
clined steadily to S16.05, advanced with
frequent slight fluctuations to S16.45, gradu-
ally receded again to s16.05, rallied to S16 10
@16.17115, and closed steady at those figures
Prices for June were very irregular,
with sales at S16 10@16.55, and closed
quiet at S16.25. July closed at S16.35.
A good speculative business was reported
in the lard market, but the feeling was un-
settled and prices irregular. The market
opened weak at 5@10e decline per lOO
pounds, which was succeeded by further
depreciation of 15@20c. About the middle
of the session prices rallied 15@20c, but set
tied back again and closed steady May
opened at SS.55, declined to 1886, advanced
to SS.55L, declined and closed steady at
SS. 35(9S. 3715. The demand for June was
quite active and offerings moderately large.
Sales were liberal within the range OF SS 40
@S.6214, and closed steady at SS.41H
9S.50. July sales ranged at
IS. 52115@1S.70, and closed steady
at SS.55@S.5715. Trading in short ribs was
moderately active on speculative account
and prices fuctuated considerably. Opening
transactions were made at 20@25c decline
per 100 pounds on the closing figures OF yes
terday, and further reduction OF 10@l5c
per 100 pounds was submitted to later, raj
lied 15020c per 100 pounds, but settled
back again 15(Q20c, and closed steady at
S.. .22@@S.25 for May and $S.3O@S.3279
for June. On the call pork closed at Sl625@
16.2715for May and s16. 3719@16.40 for
June, and lard closed at SS.409S'4275 for
May and ss.471l@S5O for June.
There were only fair receipts of cattle and
good demand from all classes. Business
was active, and prices shade tirmer on the
best fat cattle, while other descriptions under
went no particular change. There were one
or two export orders, and stock that suited
this demand, sold quick, sold at better
prices.
The hog market opened with sharp de-
cline of 15@2Oc, making a.deciine of nearly
soc per 100 pounds since Monday last, and at
the decline business was dull, with the
chances that at least half of the 1000 on
sale would be left over The big increase in
receipts and the big drop in the prices of pro
duce are the leading causes of decline.
There was good demand for fresh re-
ceipts of sheep, and prices ruled a shade
firmer, the general market ruling 15@2Oc
higher than this time last week. The market
closed steady with about all sold
A. w. Wright & Co. say: ''In the present
condition of the market the only safe course
seems to be to keep out until values becomes
settled. The argument that wheat is cheap
because it is lower than ever before at this
season scarcely justifes buying for an ad-
vance, so long as stocks are liberal and con-
sumers desire to buy. There is nothing in
the present outlook to justify buying corn
freely for an advance, as there are reasons
to think that the receipts will increase as
soon as the roads become settled"
Nlilmine, Bodman u Co. say: ''There
seems to be no end to the long wheat COM
ing on the market from discouraged and
worn out holders and exhausted margins,
and the lower it goes the weaker it gets, and
there is no telling where the end will be, as
the export deman has not yet materialized,
and they claim we must go considerably low
er yet to compete with the offerings from
Australia and India. We think prices here
must bo considerably lower ere we strike
good bottom. We DO not
advise investment in it yet.
Although we should get some reactive from
this decline in a speculative way, yet any ad
vance that may come unsupported by export
demand must be but temporary. We should
not be at all surprised if this decline lead us
to panic ere we get a good healthy atmos
phere about the trade again. The bears are
tI,o Il
and sell prices too low. On the 26th ult. we
predicted this May wheat would probably
sell at soc, and we we're called
extremists but it looks now as if we would
get that sure ere the close of the week, and
how much lower it will 90 we do not say.
That can be guessed with certainty when we
see foreign consumers coming to the rescue.
This speculation cannot live on itself alone,
and sooner or later we must come down to
business.
Crttenden & Harvey say: 'Prices are
now lower for wheat than should be, but
trade bears evidence of demor-
.alization, and we do not
see anything which would indicate
that it had seen bottom yet. Values are so
ing, and we believe we are getting pretty
near safe investment business The situa-
ton in corn is entirely different from that in
wheat. Stocks not being as large, the gen
eral feeling in it is more confident, and the
shipping demand equals the daily supply.
Besides, we are many months away from
another crop, and no one can now say what
the coming harvest will be.
Minor, Richards q Co. say: 'Should we
not have failures to effect prices, we may see
a little upturn in wheat, but look for still
lower prices before delivery day. We still
believe corn sale on strong places.'
Crosby 81 Co. say: ''We think the i'm
mense pressure from short selling of wheat is
about over and that the market must become
steady at about these prices.'
CHICAGO FINANCIAL.
Especial Telegram to the Globe