St. Paul daily globe., 1893-05-06
BULLS IN CONTROL,
Chicago Board Of Trade Not
Affected by the FURRY
in Stocks.
Wheat Opened Higher and
II Closed With a Still Fur
ther Advance.
Corn, Oats and Provision
Values Also Move to a
Higher Level.
Persistent London Buying
= Checks the Downward
"a Course Of Stocks.

CHICAGO, May notwithstanding
the panicky condition of the New York
stock market everything on Change
here had good support. This state OF
affairs was partly due to bad weather
for the crops at homs and abroad.
Wheat started 4N@5sc higher, and
closed about &c higher for July and 1c
for September. Corn opened at 491ac
advance, closing 1s(011a over yesterday.
Oats were 4975c higher at the open
ing, and the close showed net gain of
M@11sc. Pork and lard closed &c higher,
and ribs 719c higher.
Wheat opened firm, though trading
was somewhat restricted, because of the
New York stock exchange furry. In
view of the very uncertain feeling in
New York, the tone might be called
strong. There was pretty good buying,
and some of the principals who were
connected with the May deal were re-
ported as buyers for the July and Sep
tember deliveries. While the financial
news from New York was unfavorable,
operators did not seem disposed to sell
much wheat Oh the strength of 1t, and
the offerings were of moderate char
acter. Cables were higher, and the
crop adviceS in the country continue
unf fayorabie, creating a somewhat 'bull-
ish sentiment" There were heavy, cold
rains in the Dakotas and dry weather In
Kansas, while the weather i'll Europe
was reported as none too favorable. The
lot of 100000 bushels which the
Cudahys took from the crowd in the
first few minutes was also strong
lever to assist prices upward.
At first fash the Wall street market
appeared to be ready for a recovery
from the crash of yesterday. On this
the wheat market started about &c
higher than last night. When the wires
renewed with more severity than before
and told of the failure of S. V. White
and others there was a temporary set
back. When this occurred the good
buying began. Elevator men appeared
to be giving the market support.
Mitchell bought heavily. Logan and
other big commission houses were TAX
ing wheat. Parker and others, thought
to be acting for Cudahy, were free buy
ers of July wheat. The buying did not
have the appearance of being support
for sentimental effect on the trade, but
was based on natural and bullisb intlu-
enceS. The market started for July at
75Bc, touched 754c and 7475c on the
early trades, and advanced straight to
75Mc. There was dip to 751ac before
midday and second rally to 75$4c later.
September sold at II 15@775sc.
In corn another active day was wit
messed. with good general trade,
though prices kept within 1c range.
Everything considered the corn market
was the strongest on the floor. 1t is
safe to say that where the advance was
1c it might easily have been double that
|. but for the panic in Wall street. which
MADE every body cautious. The receipts
were light. at 133 cars. The with
draWals were liberal, at nearly 100000
bu. The weather over the corn belt was
not favorable for ploWing of seeding.
Cold rains prevailed to prevent season.
able growth where the seed is in the
ground. As result of all this. and be-
cause of a remarkable shipping demand,
cash corn was strong and higher. The
best prices of the day were made neaF
the close. July rose to 441ac and
September to 463sc. Closing prices were
at the highest point of the days range,
July 4515c and September 1890
Another active session was expert
enced by traders in oats, that market
ruling stronger with the other cereals,
and closing at from 19c to 1c higher.
AT the opening May was offered rather
freely, but with few buyers, most of the
business then being in June and July.
Later the attention of the crowd was
turned to May.
Hog products were slightly higher
early on improved prices and active
buying Of live hogs at the yards and
some covering by those who sold short
yesterday. The offerings were a little
III excess of the wants of the crowd,
however, and the market eased off some,
only to become frmer again on good
buying orders, and then the feeling was
firmer. For pork the opening sales
were sc higher, the market improy-
ing II l-2c OH orders to buy aud strong
grain markets and then declining to the
opening price of the day and closing
steady. Changes were made from May
to September at 75c premium for the
latter. Lard was rather dull. The
market opened sc better and improved
re, then declined 1Oc, but reacted and
closed sc above yesterday. Ribs were
quiet. but strong. The opening was 10c
higher, declined sc, advanced 1215c, fell
off &c and closed steady.
Estimated receipts for tomorrow:
Wheat, 235 cars; corn, AS cars; oats,
100 cars; hogs, 5000 head.
The leading futures ranged as follows: