St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-05-02
BULLS PUT UP The PRICE.
IT DID NOT STAY Lo.c - CLOSING
L0WER. ~
CORN AND oars WITH WHEAT

Trade Light Considering the Large
Stocks : May Deliveries in
Grain and Provisions Smoothly
Mnde-The Provision Market
Dull and Dragging-Estimated
Receipts for Today Light.
CHICAGO, May MAY deliveries in
grain and provisions were made today
with surprising smoothness, and the
bulls put up the price of wheat about
&c for July. Later they discovered
that their congratulations had been
premature when wheat on favorable
conditions was taking IL tumble, which
resulted in loss for the day Of re per
bu. Corn was dull. and followed the
course of wheat. 1t closed &c lower
for July, and 1-l6c for May. Oats
were strong until near the close. May
rose &c. but left off with all but sc Of
the advance gone. Provisions started
out firm. but closed weak. with slight
loss in value. The deliveries of wheat
on May contracts before the opening
were very light. considering the large
stocks. The estimates OF the quantity
delivered varied from 100000 Ito
100000 bushels The trade evidently
cons dered them light enough to be en-
couraging to the bull side, for the
market started strong at about nc over
the closing figures of the previous
day. May for an Instant sold at 5S}sc,
but 5S35c was immediately bid, and
offerings became at once very light. 1t
gradually worked up in the next hour
until it reached Sc. July was firm at
the opening, and advanced &c, but it
held quarter OF an hour when theBal-
tic and other foreign ports were reported
as having shipped 5.240,0O0 bushels
in wheat and flour last week. That
caused temporary decline to 607sc.
July became firm again and
recovered to 60hc when the Atlantic
port clearances were known to amount
to 500, 900 bu of wheat and -four. Buy
ing by the Anglo.American Packing
company advanced May to 69c and mar
r0wed the spread between it and July
from 214c at the opening to 11ac later.
Partridge personally superintended his
numerous brokers i'll the selling of July
every time it manifested an inclination
to keep up with the advance IN May.
The demand for May wheat slackened
at length, and the price fell of to 5S3s C
after having touched 59Ac, but it reeov-
cred 115c at The close.
The deliveries of corn were only
about 1,000,G00 bu. j. G. SchwarZ taking
in and paying for most of it. This
gave the market buIllsh start. The
buying was continued by Armour for a
short time. advancing the price from
371a@375sc. A large part of the days
business consisted in changing May
contracts INTO july In the latter half
of the session the market became weak
in sympathy with wheat and closed
weak.
Oats were firm at the opening, and the
demand for May oats continued not only
from shorts but longs were reported to
have taken some. The close showed
the price back again within sc of the
opening price. The cash market was
firmer. There was good demand for
both shipping and local accounts, and
only fair supply was offered.
The provision market was dull and
dragging. There was short period of
firmness near the opening caused by the
receipts Of hogs being 4,000lesS than
even the very moderate number esti-
mated. The opening quotations were
the highest for the day. July pork
started at Sl2.7O. declined, and closed
5 cents lower than ON the day before.
There was no trade in May lard until
near the close when it sold sparingly.'
and closed at S7.45. July lard opened
from s7.22ls to S7.25. declined to and
closed at S7.l5. July ribs sold from
s6.521s at the beginning of the session,
to $6.45 at the close on steady decline.
Rail rates are generally maintained
to the seaboard. but business is light.
Lake business was fair. at 119c for
wheat and 1Ie for corn and oats to
Buffalo.
Estimated receipts for Wednesday:
Wheat, 95 cars; corn. 233 cars; oats. IT'S
cars; hogs. $4,000.
The leading futures ranged as follows: