St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-04-10
with heavy shipping orders. The close was

aIter II O'CLOCK Jnere was Snarp upCurn.
An improvement in grain developed on an
almost unexpected short demand, and from
the lowest point of the day prices were adj
vanced 75(090c, and closed without ma
terial falling off. The closings were 60@65c
higher than yesterdays last quotations
on Change. May, June and July
were the favorite future, with June COM
manding the greatest attention. During the
| last hour of 'change there was unusual ac-
tivity and excitement. Cash pork closed at
about .7O@16.75, May at SIG. S219@16.S5,
June at $16.95@16.971l and July at S17.05@
170719. On the call pork was considerably
excited and trading active. Prices were
firm and higher, and the closing figures on
the May option were $17 10@17.12I. while
on the curb the advance continued and
May sold to $3.50, and closed at S17.75,
while June closed at SIT 55.
Lard sympathized with pork, ruling active
and excited in the afternoon after steady
opening. The trading on speculative ac-
count during the last hour on 'change reach
ed large volume. The days closing prices
were 15@171lc higher than yesterdays last
figures on Change. The last were made
215(05c under extreme outside prices. Cash
lard closed at about $40. Mya
opened at $40, sold down to
$8.32I and then up to $S.5219,
closing at IS. 5O@8. .521l. Opening sales of
June were at $3.50, from which the market
dropped off to $40, and then sold up to
S8.65, closing at S8.60@S. .6219. On the call,
lard was in active demand, with offerings
moderately large, closing at S8.55@S.5719
for May, and S8.671I@S.70 for June. On
the curb, both options closed sc above these
figures. Short ribs were active for cash and
future delivery, and closed 221ac higher than
yesterday.
In hogs the trade is slow and prices lower,
in some cases the decline being strong 1Oc.
With the fresh receipts there were about
1000 on sale, and probably not over half
that number will be sold. Packers are doing
only hand-to-mouth business.
The demand for cattle was again strong,
trade active and prices firmer, making the
advance so far for the week 15025c, the
most of the advance being on light and me-
dunn steers, and on good butchers stock.
At an early hour the bulk of the fresh re-
ceipts had been sold and when this report
closed prices were steady, with the prospect
that all would be sold.
The demand for sheep was also active.
Milmine, Bodman 81 Co. say: "We hear
of no improvement in the export demand
and private cables say their markets could
not be in worse shape, and Baltimore ex-
porter wires that their reports from the other
side are 'sickening to read. This firmness
comes from shorts covering, and is but
natural after such large decline, but we do
not think it will be carried much further, as
there does not seem to be anything in tb>
general situation to support material ad-
vance in values, but at the same time specu-
lation sometimes accomplishes astounding
results and upsets all calculations. The bot
tom may have been passed already, but we
hardly think so. We would not wish
to advise short sales at these prices,
as values have seldom been SO
low, but we still think investors will have
chance to buy this wheat for less money.
Spectators have now had one years expert
ence of buying long futures in wheat at
premium equal to full carrying charges and
have lost millions at it, and we think they
had better wait now until they can buy the
new crop options at discount, and then we
shall feel like advocating purchases, and
prices are still low. AS we have been saying
the past few days, we think the markets
will be nothing more nor less than big
scalping deal for some days at least until
some Of the larger shortage is covered up.
Both the corn and wheat markets are largely
short, and wild time on an upturn would
not be at all surprising. If we were short we
would come up quickly and be ready for the
reaction which is liable to come at any mo-
ment."
Minor, Richards & Co., say: ''There is
nothing in the situation from which we can
arrive at any fair conclusion to make predic
tions as to the course of the market"
Mccormick, Kennett & Day say of wheat:
''We think the crowd have too much steam
on this afternoon, and it would not surprise
us to see a little reaction although we are
believers in the long side on soft spots"
Crttenden & Harvey say: "The feeling
is now more confident than it has been for
some day, and if outside speculation should
come in we think it would get an additional
advance. But we are inclined to think
wheat will work down again from present
quotations, but would buy on any reasonable
decline, as values are low enough to insure
safety to buyers. We see no good reason
for anticipating any further permanent de-
cline in corn. Values are lower now than
last fall, when we all believed in tremendu-
Gus crop of merchantable corn. If We are to
consider the damage by frosts and cost of
storage of any account, we could safely
add that prices in this market are
now nominally 1Oc per bushel too low, and
we shall be surprised if change does not
come about soon for the better. :'We think
the decline in provisions has created large
short interest, and that holders have taken
advantage of the situation for the purpose of
forcing the sellers in, which they will do
probably before the market is again allowed
to drag. We note that holders are again
confident, and talk higher prices, and should
not be surprised if things should go their
way rapidly for while.''
Crosby & Co. say: ''The advance and
strength of the market are increasing specu-
lation and it is coming in on the long side.
The long interest is quite confident and only
scalping stuff comes out ON the weak spots,
which does not give shorts an opportunity
to decrease their aggregate line. The closing
is strong enough to insure higher opening
tomorrow, and if this action obtain we think
it will strain the advance.'
Western Associated Press
CHICAGO, April 9.-This has been another
field day on change, and at the finish the
bulls appeared to have full possession, forthe
first time in many weeks. The opening was
stronr hnt nrices fell off after the first hour