The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-11
TRICKED BY FALSE NEWS
The Bulls Have Been Working the Bad
Weather Scare to Their Advantage.
Operators Begin to Realize that There Was
Little to Sustain Prices and Wheat Fell
Cent with Corn and Pork Following.
TRADING AT CHICAGO.

Figures I'm the Corn Pit Took a Rapid
Tumble from 44lac.
CHICAGO. May Misrepresentation as to
the government crop report was the chief
controlling factor on Change to-day.
There was also a feeling among wheat
traders that the worst conditions were dis
counted: that If the market made less than
lc gain on the extremely bad reports OF
Monday. and did not show renewed
strength this morning then it will be
heavy market indeed when conditions i'm
prove. as it was argued they must very
soon. The bears were quick to see the
change of sentiment, and they sold the
wheat down lac. Corn was equally weak
for July delivery and provisions could not
withstand the prevailing bearish influence
of q weak grain market, pork dropping
over zoe. Wheat trading, on the whole.
was not large. The opening was an Is0Ac
lower than yesterdays closing. and with
several small fluctuations. prices declined
sc more. then rallied Csc, declined Sac.
and the closing was about 1c lower than
yesterday. There was o rush to sell right
from the start. and while the offerings
were readily absorbed for time they be-
ing followed. The impression seemed to
prevail that the bulls had been misre pre-
senting the situation in the Northwest,
making it much worse than the facts war
ranIed. and this view was sustained by
good many private messages from that
region. The late State reports had gener-
ally shown improvements in wheat. and
the Impression was very general that the
government report wonld be a bear
ish one. hence there was DISPOSE
tion to soil in anticipation of it's
effect on tho market Cndahy was
followed the market down for time. Linn
was also good seller. as we'll az elevator
men generally. The signal-scrvice predio-
ton for general clearing weather had con-
eral impression regarding Dodge's report
was that 1t wOuld show o condition OF
about IS for May l as against Sl.2 on
April l.
The course of the corn market after the
first burst of rain soaked enthusiasm was
rather q surprise. There was no improve
ment in the weather conditions in the corn
belt. but tho supply of timid shorts was
much more limited than on the preceding
day. and as quickly as that fact was rec.
ogniZed yesterdays purchases were for
sale. July was wanted for q few seconds
at from 44c to 4419c, but 1t took only very
short time to beat the price back to 1880.
and after q slight rally to force further
in a number of buying orders. There was
O reaction to 1850 but it was again selling
at around the lowest prices In the last few
minutes and closed at 1850. against 40 at
the end of yesterdays session.
Oats were quite excited at the opening
and the prices made then were the highest
of the day. July started at 30as C a 90Ac 1t
was almost impossible to till orders at any
price. between these tw extremes however.
and number went untitled. There was
considerable liquidation that. with the
prospect of better weather. caused break
to 299sc. This was followed bv bulge to
SOC. and this in tnrn by break to the low
point of the day. 29l9c, where the market
closed, q net loss of &c since yesterday.
The provision market was fairly active,
but quickly weakened after momentary
semblance of hrmness near the opening
occasioned by better hog market reported
from tho yards. The decline in grain
caused local scalpers to sell. There were
periods of temporary improvement after
the early break. but the closing phase of
| the market was one of uncem promising
weakness, and at the lowest prices of the
day. Though the decline i'm pork amounts
to zoo. lard only declined .02l9c and ribs
| .07lRc.
Estimated receipts for tomorrow are:
Wheat Is cars; corn, 120 cars; oats. 10
cars; hogs. $4,000 head. The leading futures
ranged as follows: