The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-03
SLIGHT GAIN In WHEAT
May Delivery Did Not Produce the
Sensation One Time Expected.
July and September Wheat Made Substantial
Advances. Followed by Stronger Tone
at the Close in Corn and Oats.
TRADING AT CHICAGO.

Provisions Started OF with . Boom, but
Did Not Hold 1t All.
CHICAGO. May 2-The center of inter
est on 'Change to-day was the May de-
livery. In wheat. particularly. il as not
nearly as large as expected, consequently
there was not the pressure to sell May that
the trade had anticipated. Only abouttwo
mil lion bushels of wheat went round. 1t
all seemed to have been provided for. and
there was no pressure to dispose OF It. The
most of the May delivery finally rested
with Eggeston, who represented the
Cudaby clique. Armour is said to have
sent out nearly one million bushels which
went to Eagleston. The fact that there
was no pressure to sell May and the con-
slant talk of the drought in Europe the
absence of any rain of Importance in Kan
sas and continued baokwardness In the
Northwest were all strong factors The
clique. besides getting nearly all the cars
delivered. bought pretty freely of July and
September. The market turned weaker dur
ing the last hour, influenced by the increase
of $4,000 bushels IN the visible supply.
where 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 Saturdays
closing. and with slight fluctuations prices
were advanced 10llsc, then receded. and
most of the advance was lost. but ruled
steadier at the decline. and the closing w As
about asc higher for July and sc higher Tor
September.
In corn the sentiment was firmer. and
higher prices ruled. q fam proportion of the
| advance being maintained. A good deal OF
changing was going on, selling May and
buying July at 2sD24c difference. De-
| liveries were estimated at about 4U0OO0 to
| $4,000 bushels. good deal of which was
| taken in by shippers. This. together with
| an apparent better demand for the cash
article from the East, had tendency to
| stiffen up values. Foreign adyices favored
| the bull side, and the fact that certain
| prominent concerns. which, until recently
entertained bearish views have changed
| their tactics. appeared 60 lend good deal
| of strength to the situation. The market
| opened q shade higher than final figures
| Saturday. was easy Tor n while. then bulged
! IS 0a4c. reacted l4c. ruled iirmer and closed
| with $3.50 gain.
There was a good business in oats in the
| way of changing from May to June and
July by elevator people. A firner feeling
| prevailed in sympathy with wheat and
corn and prices advanced IS 0ssc above
| Saturdays close After a slight recession
oats closed strong at about the top figures.
The provision market opened with a big
| advance In prices since Saturday. The hog
| for them was reported to be firmer at O
| little higher prices. That of itself would
| not account f0r the revival of the bullish
| tone which on Saturday last seemed to be
| on the wane The continued cold rains,
which killed off the young pigs year ago.
apparently are having their counterpart
| this season with similar result.
| That. together with the small
| stocks. makes the speculative posi-
rlon seem an exceedingly strong
one. and would easily account for the
| readiness of short sellers to take alarm on
any display OF aggressive tactics by the
bulls The highest prices of the day were
realized near the opening. but closing quo
tations show good portion of the early
| advance still sticking to the markets. The
gains are from 22l5c to 32lsc in pork. from
.12lac to zoo in lard. and .l2lec in July and
September ribs. May ribs arc .02lsc lower.
FreIghts were dull at lsc for wheat, and
10 for corn ito Buffalo. Estimated receipts
for tomorrow are: Wheat. 400 cars: corn.
290 cars; oats, 40 cars: hogs -, 900. The
leading futures ranged as follows: