St. Paul daily globe., 1893-05-05
Wheat Operators Pursue a
Conservative Course on
Change.
FURRY in Stocks Offsets the
Bullish Character Of Crop
Reports.
Corn, Oats and Provisions Ad-
vanced by a Very Strong
Demand.
Cordage Goes Down Like a
Shot Soon After the
Opening.

CHICAGO. May 4.-Operators in wheat
on the board of trade today were de-
clihed to be conservative in view of the
panicky condition of affairs In Wall
street. The consequence was that
prices remained rather steady and
values were not as much advanced as
the bullish nature of the situation would
have warranted under ordinary clrcum-
stances. The news from abroad was
unpromising prospects for crops. Rus
sia was praying for better weather, and
France was reported still suffering from
the unbroken drouth. The weather In
this country continued to be bad Tor the
winter wheat and unfaVOrable tor seed
ing in the Northwest. The Clncln-
natl Price Current gave connrma-
ton to the numerous private reports
which have been coming to hand or the
retrogradng condition of winter wheat.
The market opened unchanged, and eX-
hibited hesltating tone for time,
then became firm, and, with slight re-
actions, advanced 58c. Meantime re-
ports of the tnmbling of stock values
and the failures in Wall street began 10
be felt, and when Walker u 20. and
other houses sold out for account or
Henry Allen d Co.. the broken New
York brokers, line of 100000 bu or
more of wheat, there was a reaction or
&c, though the offerings were quite
readily absorbed, and the market turned
strong again as soon as the pressure was
removed. The recovery was assisted Dy
frmer and lighter closing cables, ooth
from the United Kingdom and the COLI
tinent, the strength being held 10 tue
close.
July opened unchanged at 7419c, ad-
vanced to 75@c. reacted to about the
opening figure, advanced again, and
closed steady at 7455sc, gain for the day
fac.
Inc corn market was fairly active and
strong. May, which closed yesterday at
42Tc, and July, which closed at 444c,
opened at 427Sc aud 445sc respectively.
May worked upward gradually until 1t
brought 4316c, and July rose to 4415c.
The weather was generally unfaVora0le
for planting, and the receipts are llght:
The continued dry weather abroad and
unfavorable seed time here is stmulat-
ing the demand from consumers that IS
reflected i'll the speculative market, ana
gives both encouragement to buyers TOT
long account and to those who are short.
The early buying on existing legitimate
conditions was offset i'll great measure
by the selling out of 100000 bu Dy
Walker d Co., for the account OF III.
Allen & Co., of New York, and selling
for many other New York houses whose
customers were in need of what money
they had invested in corn to protect
their stock interests. The stuff was
taken without any considerable reac-
tion, and the market closed with May
only nc below the top, with a gam OF
&c compared with yesterdays close,
while July was &c off the highest at an
advance of &c.
Oats were more active and strong,
principally because of the heavy ship
ping of cash oats and very good de-
mand for the same. The shorts were
buvihg freely also. Patton Bros. were
among the heaviest buyers, although
there were few large sales, most every
one having some short oats to cover.
May closed &c from the best hgures Of
the day, with a gain of fully lc COIN
pared with yesterdays close. July closed
&c below the top.
The provision market was firm, al
though decline of 50l0c was reported
for hogs at the yards. The. offerings
were not large, and it took only mod
crate amount OF buying by one or two
leaders to bring the local scalplng
crowd around to the same side of the
market. Wright bid for and took some
September pork, and brokers for Cud-
ahy were good buyers of ribs. The
lower hog market caused opening prices
to show some decline from yesterdays
closing quotations, but the first trades
were at the lowest prices of the day.
September pork,closed sc from the high
est, showing a gain compared with yes
terday's last figures OF 3Oc. September
lard is 1Oc up, and September ribs 1719c.
Estimated receipts tomorrow: Wheat
21 cars; corn 175 cars; oats no cars;
hogs $4,000.
Tha lending futnres ranged rs follows: