St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-03
No Pressure to Sell May, Al
though 1t Was Delivery
Day.
Several Bullish Factors Cause
y a Gain in July and
September.
Provisions Open With a
Whoop, Retaining Most Of
the Advance.
Wall Street Bears Succeed in
Bringing About Material
Decline.

CHICAGO, May 2.-The center of in
terest on Change today way the May
delivery 1t wheat particularly it was
not nearly as large as expected, conse-
quently there was not the pressure to
sell May that the trade had anticipated.
Only about 100000 bu of wheat went
round 1t all seemed to have been pro-
vided for, and there was no pressure to
dispose of it. The most of the May de-
livered finally rested with Eggleston,
who represented the Cudahy clique.
Armour is said to have sent out
nearly 100000 blu, which went
to Eggleston. The fact that there
was no pressure to sell May and
the constant talk of the drouth in Eu-
rope, the absence of any rain of i'm
portance in Kansas and continued back
wardness in the Northwest were all
strong factors. The clique, beside get
ting nearly all the cash delivered,
bought pretty freely of July and Sep
TENDER. The market turned weaker
during the last hour, influenced by the
increase of 156, 900 blu in the visible sup
ply, where a large decrease had been
expected. A reaction ensued. however,
just at the close, and the market closed
firm. The opening was about the same
as Saturday closing, and with slight
fluctuations prices were advanced 10
1%c, then receded and most of the adj
vance was lost, but ruled steadier at the
decline, and the closing was about 55c
higher for July and &c higher for Sep
TENDER.
In corn the sentiment was firmer and
higher prices ruled, fair proportion of
the advance being maintained. A good
deal of changing was going on, selling
the May and buying the July at &c to
24c difference. Deliveries were esti-
mated at about 100000 to 100000 blu, a
good deal of which was taken In by
shippers, and this, together with an APP
parent better demand for the cash
article from the East, had a tendency to
stiffen up values all round. Stocks are
said to be low III New York, and offer
ings at Western points quite moderate.
Foreign advices favored the bull side,
and the fact that certain prominent con-
Germs who until recently entertained
bearish views have changed their tao
tics appeared to lend good deal of
strength to the situation. The market
opened shade higher than the final
while, then bulged 5s(0$lc, reacted &c,
ruled firmer and closed with 36@5sc
gain.
There was good business in oats in
the way of changing from May to June
and July by elevator people. A firmer
feeling prevailed in sympathy with
wheat and corn, and prices advanced 80
axe, also above Saturdays close, and,
after slight recession, closed strong at
about the top figures.
The provision market opened with q
Whoop at big advance in prices since
Saturday. The hog receipts were only
$4,000. and the market for tomorrow was
reported to be tirmer at little higher
prices. That of itself would not account
for the revival of the bullish tone which
Saturday last seemed to be on the
wane. The continued cold rains
year ago apparently are having their
counterpart this season with similar
result. That. together with the small
stocks, makes the speculative position
seem an exceedingly strong one, and
would easily account for the readiness
of short sellers to take alarm upon any
display of aggressive tactics by the
bulls. The highest prices of the day
were realized near the opening, but
closing quotations show good portion
of the early advance still sticking to
the market. The gains since Saturday
are from 2219c to 3219c in pork, from
1870 to zoe in lard, 1870 in July and
September ribs. May ribs are 215c
lower.
Freights were dull at 119c for wheat
and 1c for corn to Buffalo. Estimated
receipts for tomorrow: Wheat, 400
cars; corn, 800 cars; oats. 40 cars;
hogs, $4,000 head.