St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-02

Is growing belief, however, that prices are
too low, and for the present I think that
judicious purchases made on the breaks are
likely to pay profit. 1 confess, however,
that see little to encourage an opinion that
prices are likely to undergo any very large
advance in the near future. In case prices
should remain where they are farmers will
be disposed to hold back their grain from
the market, but if there should be an
advance of or cents there will probable
be such an influx of grain that prices would |
be forced to point lower than they have yet |
reached"
Corn was in good demand and the market |
was firm and higher. Receipts were fair,
but the out inspection was large, which about |
equalized each other. English advices
failed to offer any encouragement to buyers |
and the weather vas in every way favorable
to the growing crops. The market opened a |
shade higher, but strong pressure to sell
all futures beyond this month was soon de-
veloped, and the demand being light prices
receded 5S@s4c. Among the free sellers
were Wheeler 81 Gregory, Lester, Schwartz
q Dupee, Mead 81 Beach and other leading
houses. October was the trading future and
opened at 501Sc, declined to 491Sc, but a
good shipping demand soon developed and
freight room was taken for 263, 600 bushels.
These facts started the shorts to covering
freely, among the principal purchasers being
McHenry Il Balding, Baker, Pool & Sher-
man, Bliss s. Canther. This
sent prices upward, and the buying
was increased by areport that professional
statistician, who makes crop reports to order,
had announced that the yield would be much
less than previous estimates. Prices ad
vanced to 517sc, but, as corn had followed
wheat all the day, it weakened, when the lat
ter broke and closed at 50Ac on the morn
ing board and 505Sc on the afternoon board,
the same as the close on Saturday. Septem-
Der closed at 515Sc, the same as on Satur-
day.
Oats were quiet and the opening firm, but
they receded and covered about the same
range as on Saturday. Bob Wallace tried to
get rid of some of his long oats early in the
day, but with only partial success. He is
popularity supposed to be long on September
some 600,0 or 500, 900 bushels. Elevator
charges are re bushel every ten days, and
as the receipts are heavy Mr.. Wallace is re-
ported to be not In the happiest frame of
mind possible. Cash, September and year
closed at 2553Sc and October at 263Sc.
In the provision crowd there was the
usual dearth of business. Hutchison was
buying September lard and selling October.
He has great faith in the prospects faS an ac-
tive demand for the cash product in the next
few days, hence was ready to take all tlre
September lard the crowd had for sale. The
feeling in a general way was frmer, not
withstanding the unfavorable reports from
abroad and closing priced higher on all
articles. Trading in pork was limited and
the only feature worthy of mote was an ad-
vance from $lS to s19 in the September and
October options.
Lard was in fair demand and higher, the
closing on the morning board being at s7.62
for October, against s7.47 Saturday, but the
feeling was weeker on the afternoon board,
and the market fell off to 1851 November
closed the same as October and September
10c lower.
Short ribs were stronger, and the decline
noted Saturday was fully recovered. The
closing figures were the lowest of the day,
being 5000 for September, a gain of 15c;
Sl005 for October, an advance of &c and at
sl0.05 for November.
Among the fresh receipts of cattle were
about 5000 western rangers, and about 600
Texans. The quality of the westerns was
the best for any one day so far this season.
Good natives were scarce and sold at equally
as strong prices as last week, and the best
may be quoted at S6. 50@S7. Stockers and
feeders are scarce, demand fair, and prices
steady. There were no thorough Texans on
the market, but they are quotable at $500
S425 One big drove of wintered sold at
1926. The Snow Land and Cattle company
had about 600 Wyoming sold that averaged
about $40 and brought 81. The Swan Land
and Cattle company had a train Of thirty cars
Of Wyomings that averaged about 1, 40 and
sold for S5.15.
The hog market opened strong. One of
the first sales was to a speculator at S675 for
q choice lot of heavy, and that was the high
est price Of the day for that sort. A few
lPniladelphias, it was reported, sold as high
as $3.50. The market generally was active,
and prices strong 10c higher on all sorts
in some in stances there was an advance of
15 to CSC. Light sold at s5.75G6. so, the
bulk at Sc. .35@s6.4O. The best heavy sol 1
at S6.5O@6.75, and mixed at s6@6. 30.
Grassers sold at 81. .75@5.75.
The average gross weight for August wa
239, against 236 for July.
G. S. Everingham & Co. say: ''On mod
crate receipts of corn and a continued active
demand for shipment the market has been
strong aud higher, but it must be borne IL
mind that the price is already high, and tina
while manipulation can force sudden ad-
vance, Il nothing happens TO the CROWN,
crop, lower prices must prevail on the lonj
futures"
Mccormick, Kennett & Day say: "witl
ordinary speculation corner in September
, and October corn might be looked for, bu
there is no prospect Of any"
Milmine, Bodman & Co.: 'sThe feelini
in the wheat market was much better, an,
it lools as if the markets were in condition
to make a sudden advance tomorrow shoul
the visible supply show over 1000, 900 bush
els reduction, as many suppose it will
Some of the strength noticeable to-day is du,
to this fact. Receipts for the balance of the
week, We think, will show lighter. Tn
=, September deal in corn is being watched
with much interest, as there is belief gain
ing ground that there is some manipulation
in it. We think it a good purchase OF
bTeaks.''
CHICAGO FINANCIAL.
Especial Telegram TO the Globe