The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-05-20

Trade Sluggish Again, Cooler Weather
Checking the Movement.


Checking the Movement.
IND5AEAPuIIs. May 10.
Trade thus far this season seems to be of a
dyspeptic character. Unless the weather is
seasonable to perfection and condition generally
favorable business becomes sluggish and spas
modic. Specializing on war news seems to have
lost its favorable influence. andthe grain and pro-
vision markets are in an undiscernable and un-
certain condition. Dealers in grain move with
extreme caution. more especially when they
touch futures, At this season Of the year re-
ports as to the condition of the growing crop Of
wheat and che spring planting are always con-
%ficting, and excessive estimates as to the dam
age or as to the aggregate output should be ex-
pected and calculated upon. The yield this year
will, beyond doubt, be considerably reduced as
compared with last year. The present condi-
ton of wheat is worse than in 1883. 1t is II per
cent. against SO last year. and against sol IN 1883.
In 1881, the year of lowest recent rate of yield,
the condition on April l was So, and serious loss
was sustained afterwards. The government es-
Inmates place the probable output for the
present year as likely to be 263, go, 600 bushels.
but a decrease of SO, 900. 900 bushels as compared
with the production of winter wheat in 1884,
announcing at the same time that the probable
decrease In the spring wheat area will be 10
per cent. Reliable private estimates, however,
indicate a greater decrease in the aggregate.
The causes of the probable reduction is due
mainly to the unfavorable weather during the
planting season, causing slow and feeble germi-
nation, a winter without sufficient snow to pro-
tect the roots from heavy winds and the severe
cold nights of this late spring. Much wheat in
the Ohio river valley has been plewed up and
some other crop planted in its stead. The pro
gress in spring planting, as indicated by advices
from Duluth, is favorable, and the weather
conditions equal to, if they do not surpass,
those of last year. The Northwestern district is
as yet undeveloped, and promises in time to be
the savior of the wheat crop in the event of
winter killing in the territory now known as
the wheat belt. AS to the future of values, they
will probably be made by the legitimate de-
mand and supply situation, and however great
may be the reduction In the yield, with the APP
parent excess in requirements over last year,
q market must be found outside of America for
a large part of the product. While speculation
is likely to establish a higher market, it cannot
be maintained unless these conditions prevail.
There are many elements to influence prices
which cannot be determined until harvest. In
groceries leading articles are firm at quotations
given. In cotfees there is only a fair movement.
The advices from abroad are generally construed
as stimulating, but do not draw in much of a
new speculative element. Indeed, in view of the
development of greatest strength on near months
and at the close some weakness on more distant
options, it looked as though operators were
simply covering June on fear of scant supply
and selling again for later deliveries. Sugar re-
finers, with the steady distribution of their
product and consequent exhaustion of supply on
hand, including a good portion of the reserve
have been compelled to invest with greater
freedom, and. while brokers by special request
have said nothing about many sales. the disap-
pearance of stock has been felt. Foreign a2-
vices aided also, and generally it was a strength
ening market, with values all up to a higher
plane, and in all markets there is a strong tone
to prices. Produce markets show considerable
activity; eggs and. poultry in good demand st
the advanced quotations of Monday; market
overstocked with butter and green stuff; prices
weak.
The local market was frmer in tone at time of
call yesterday, but on unfavorable reports from
other markets, later in the day was weaker.
Arrivals of all kinds of cereals are light. Sellers
and dealers moving with caution. The following
were bids ON Change to-day:
Wheat-No. 2 Mediterranean, $1.04; No. 8
Mediterranean, $L03; No. 2 red, 81. OIL; Ne. 3
red, no bid.
Corn-No. 2 white, SIC; No. 3 white; 52ic; yell
low, Ace; high mixed, 463c; mixed. 4Sc; rejected,
No. 2 white, SOC; sound ear, white, no bid; un-
merchantable, no bid.
Oats-No. 2 white, 3Sc; mixed, no bid; rejected,
no bid.
Bran--$10, nominal.
Rye-65c.
Hay-Prime timothy, $3.50, nominal.
F~lour-Patent, So. so az