The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-12
WAS MOSTLY A BULL SCARE
Wet Weather Ceases to Terrorize Bears,
and Wheat Takes Another Drop.
Greater Portion Of the Article in Sight al
Chicago Vas for Sale-Coru, on the Other
Hand, Held Its Own, and More, Too.
TRADING AT CHICAGO.
Nothing to Indicate Confidence in Any OF
the Present Prices

Nothing TO Indicate Confidence in Any OF
the Present Prices.
CHICAGO. May 1l.-Heavy orders to sell
wheat came to-day from the Northwest
So much of the recent buying has been on
account of the supposed sufferings of the
natives of that region from floods and
snow-storms. their indifference to alleged
deplorable condition of the country mp
there staggered the bulls and caused the
Wholesale throwing over of long wheat.
temporary bulge of 2Ac in May corn. coca.
stoned by nervous shorts. was the other
feature of the day. Compared with last
night wheat this evening is $50 of. while
corn ls up aao for May and lsc for July.
Oats and provisions show slight advance.
The reference of the government report 70
spring wheat as the only phase of the docu-
ment which had not been pretty accurately
forecasted. According to the report the
usual blowing to May is about 1876 of the
whole spring wheat area, but this season,
owing to unfavorable weather. the plow-
ing is only GA. Since May it has rained
and showed almost continually. and very
little farm work could be done, so that
practically not much blowing was done
this month. and the season is decidedly
backward. This had the effect of creating
an unsettled feeling and higher opening.
There were pretty fair offerings and prices
receded. only to again advance on reports
of continued untavorsble weather in the
Northwest. large cIearances from the sea-
board and the decrease III stocks as
reported by Bradstreets' of 2.55l.0O
bushels east of the Rocky mount
met by liberal speculative offerings credit
ed to Northwestern operators. Cudahy
and Partridge. too. were selling freely and
with no special support from any source
The late selling was partly due to reported
clearing weather in the Northwest. The
opening was % a 50 G per bushei higher than
yesterdays closing, after which the market
eased Oft lsc. rallied Sc, declined 1s.c. re-
acted IA c and closed easy. In the after
noon delivery the clerks were surprised by
the volume OF wheat going around. The
amount was estimated at SOC. 900 bushels. of
which about 200, 900 bushels found o place
with Norton OrthIngton.
There was great uneasIness in corn dur
ing the most of the session. The market
again turned entirely on the weather, and,
as the reports were not improved. the
prices were at times run up pretty sharply.
The situation wss regarded as SO doubtful
that few operators seemed bold enough to
sell any thing like line short, traders con-
tenting themselves with selling out quickly
on tho bnlges and getting their profits.
1ucIo was SOuotnluB Oh n scare AZ the open.
ing, and prices were given a quick up-turn.
An hour later when wheat was at the top
for the day, corn made second bulge, and
sold at the highest price of the week for
May. This bulge was helped along by O
few dispatches from Western points say
ing there was moro rain in prospect.
Before the close. however, prices
dropped back to about opening figures,
In sympathy with the break in wheat.
The orders were only for five thousand
bushel lots. and not very many of them,
paid little later before the few buying
orders could be filled. 1t was rumored
that Cudahy and his clique had bought
back much of the May corn they sold out
q couple of weeks ago. and were disposed
to buy more. Partridge bought some corn
TO-DAY. presumably to cover shorts. 1t he
asserted that he has an immense short In
terest in July.
In oats business was scattered, there be-
the part of Hess. who bought pretty freely.
Provisions fuctuated in response &c the
changes in wheat and corn. There was
some covering BY shorts ard some buying
as we'll by packers. but nothing to indicate
any great return of confidence in present
prices. Hately Brothers were the most con-
spicuous buyers of lard and ribs. L. j.
Ryan bought a good deal of pork, supposed
TO be covering shorts. and the Cudahys
were buyers of ribs and lard on o moder-
ate scale. Freights were steady. A good
wheat. lac for corn ard 1asc for oats to
Buffalo. and lao for oats to Port Huron.
Estimated receipts for tomorrow are:
Wheat IS. corn 225. oats 100 care, hogs 81 COO
head. The leading futures ranged as fol-
lows