St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-11

very fine droves were offered. There was dull
and lower hog market, sales showing an average
decline from Friday of sc. Poor to best light
made S5 s0@G. a5, while packers grades sold at
So .40@6 About all were sold.
Hamill s. Brine, in their weekly review of the
markets, say: ''Wheat has ruled quite weak,
owing to depressing advices from Europe, caused
by favorable weather for their harvest
operations. Like conditions also ex-
listed here, and the .'crowd" were free
sellers, predicting an avalanche of receipts and
unprecedently low prices in the near future. The
latter feature, however, was existing before the
laid raid as the records for the past twenty five
years fail to disclose as low range for No. 2
spring wheat was then current and in the
1O4 years. While not disposed to urge I'M
willing buying on the part Of our friends, we de-
sire to place ourselves on record as favoring pur
chases at present prices, believing that, as an
investment. no existing security is as safe, or
can promise better return to the buyers. With
good crop of. good wheat in this country (but
not an excessive one), and with the aggregate
yield of Europe, admittedly somewhat I'M
der an average, we can see no reason
why all experience should be ignored. or that the
VIII expectations Ol PROFESSIONAL DceIo NC
realized, where all the conditions of the bread
stuffs markets Of the old world point in differ
ent direction. Wei therefore advise careful buy
ing at this range of values by parties who are
willing and ready to protect their purchases,
with the view of holding through any further
decline.
'sThere has been some increase in the receipts
of corn, but they still remain far below the ave-
rage of former years. Orders for No. have
been received which could not be filed, owing to
the unprecedented scarcity of cash corn Of that
grade, stocks being so low that deliveries on
August contracts have been very limited.
Values however, have receded during the
week, influenced largely by the depression
existing in wheat and by the fact that corn
relatively is much higher than any other cereal
speculatively dealt in on onr markets. Crop
reports continue fairly favorable, although the
very low temperature of late throughout the corn
belt has modified the very glowing accounts of a
fortnight ago, and it is now known by experts
in estimating growing crops, that while corn
generally is in somewhat better condition than
last year, it is still backward as compared with
the average for years, and will require contin-
uously hot weather to produce the best results.
The value of corn for year delivery is now based
on the very best outcome of the crop, and we
think it too low to warrant anticipation of much
profit. Reports from Kansas are very favorable
and that state promises again an abundant
yield. We feel that the long options will,
before the close Of the season, show
profit on purchases made now, even though the
nearer ones should not advance materially. The
small stocks everywhere render the chances of a
sharp advance i'll the near future highly prob
able, and should wheat advance, as we believe it
will, corn will sympathize promptly.
Trading in oats has been liberal since our
last, and prices showed some improvement early
in the week, but later in sympathy with all other
speculative grain, values haze slightly receded,
and the close is quiet at slight decline The
new crop has not yet commenced to move freely,
harvesting having been in many sections inter
ferred with by unfavorable weather. 1t is now
generally conceded that the yield will not reach
that OF last year, and we feel that purchases
made about the presest range will pay profit"