The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-10
GRAIN AND PORK STRONGER
Wheat Gains 1.2cat Chicago, While Corn
Advances 2 lie and Pork IL 1-2c.
Weather Responsible for the Bulge in Wheat.
Which Otherwise Would Have No Excuse
for an Advance Prospects Poor.
TRADING AT CHICAGO.

Fluctuations In All the Pits Indicate an
Alarming Nervousness.
CHICAGO. May 9.-Every storm out West
Board of Trade. Excited operators and
ragged prices were the result. Wheat
started with strength enough.for two
cent advance. but left off with o modest
one half-cent gain on Saturdays closing.
Corn did exactly the reverse of wheat. 1t
had even wilder beginning and jumped
up and down like mad. the total advance
being 2l4c, but the closing was within no
OF the top. Pork went skyward 17lAc. In
wheat tho bullying was attributed to the
unreasonable weather all over the country.
but particularly in the Northwest, where
cold, wet and snowy weather has delayed
seeding. and the season is late.
The visible supply showed another
big decrease. Early in the day a much
larger decrease than reported was cal
culated upon. and this helped the market
some. Later the market eased off on free
speculative offerings, influenced some Dy
more favorable reports of the growing
crop in California. Illinois and Michigan:
a report credited to the New York Mail
saying that in q few days Russia Will issue
an edict permitting the export of wheat,
and that the export of corn and oats 10 al
ready permitted, helped to increase the
weakness. There was an impression also
that DOdge's report, due tomorrow after
noon, would chow an improvement in the
status of winter wheat. July opened 80
up. at $3.50. sold to S43sc. to $3.50. to S4lsc.
to S234c to 1914 C. closing at $3.50 bid. The
rally at the close Was due to the fact that
the latest dispatches from the Northw
and Southwest showed no Improvement
/ from the drenched condition of the whole
wheat territory.
For corn it was almost case of buy it
| first and inquire the price afterward. May,
which on Saturday closed at 4i34c. was be-
ing excitedly bid for at Acc, and with none
| for sale under 47c. Some few sales were re-
corded at as high az 47l3c. and q good
| many at 47Ac. In July sales took place
simultaneously at the opening, and from
aga C up to 43c. and in q second or two
buyers were plentiful at 43lac. From the
latter price up to 44l9c took only about five
minutes of exciting trade. The nervous.
| ness generated kept the pit upon the boil
throughout the sesslon. 1t was weather
| market pure and simple A continuation
| of present conditions would, it is said. un-
| doubtedly cause a further advance and,
| on the other hand. week OF bright
clear. warm weather was likely ia
Firm cables and the decrease in the visible
| OF course. confirmed the bulllshness. II
/ was runored that elevator companies Ion G
| the railroads had discovered that much
corn intended for May contracts had been
so dampened by the late excessive moisture
| that 1t shows signs of mold, and will, un
| der no circumstances, grade contract. July
| opened a clear 1lsc mp. at 43l4c. sold tc
| 44h9c. reacted TO 4312c, up to 44llc. to 43'sc
| to ALSO. to 1880. to 44c. Mt which it closed
Oats advanced with the other grains or
the bad weather reports. the market ruiinl
| about 1l9c higher early in the session, but
subsequently weakening. The close wa.
$50 above Saturdays figures. Trade wal
| active, especially at the opening. wher
| country orders poured in.
The provision market started strong at 9
slight advance. in sympathy with the bull
| ish selling in all grain markets. When 9
very sharp advance in corn followed, pro
| visions made a further gain. There wa.
| some buying by scalpers, who thought
| general advance might be in order. Pack
| ers and others interested In establishing
higher range of values helped bid price!
| up. The chief influence was higher pric
corn. Lard and ribs each advanced .1Oc
| closing at the highest
| Estimated receipts for to. morrow: Wheat
125 cars; corn. $50 cars; oats, Pa cars; hogs
$1,000. The leading futures ranged as fol
| lows: