The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-13
HELD DOWN BY THE ENEMY
As 1t Was, Chicago Wheat Climbed 5.Sc,
Which 1t Firmly Maintained.
Report that the Native Farmers in India Are
Holding Back for Better Prices Helped
the Weather Scare Do Its Work.
TRADING AT CHICAGO.
Opening Was Down. but the Steady Tone
Finally Carried Up Prices.

Opening Was Down. but the Steady Tone
Finally Carried Up Prices.
CHICAGO, May 12-The professional
sellers and scalpers were against wheat all
day until near the close when they gave
up the fight and turned to cover part of
their short sales Bullish news from Eng.
land, Franco and India. and the stubborn
strength of the May option locally, had
much to d o with the change of front. Com
pared with last night, May wheat this
evening is $50 up and July asc. Corn is
Sac higher; and oats, pork and ribs are
practically unchanged. There was no
heavy trading to-day in any of the pits.
The delivery last evening of 6C0.0C0 BUSH
els of wheat. said to come from elevate
people, was expected to depress the May
price at least. Instead May sold at lac to
$50 premium over July. One explana-
ton was that the wheat which the ele-
vator men sent around was taken in by
commission-housos which had previously
bought 1t in the pit by orders from the
same men who were sending it out. pre-
sumably for it's effect upon the m arket.
Deliveries this afternoon were not over
Is. 200 bushels. The opening was about lsc
nnder to the same as yesterdays closing.
Prices advanced aboIt u 0asc, then de-
clined Il 0ssc. again advanced - O1c per
bushel and ruled quite strong. The weather
continues to have considerable effect on
the market, If not the controlling influence.
The higher prices at the start wero due 10
the cold and unreasonable weather. and
the subsequent decline was attrib-
uted to reports Of clearing weather
az advances nee N %as helped along lon by
strong continental cables and report that
the natives of India were storing their
wheat on account of lower prices and I'M
favorable outlook for the CROP There was
and 40l2 loads reported taken at New York
and other ports. and It was claimed that
the purchases yesterday were larger than
reported. than seventy-hve loads at New
York alone had been engaged. Rain was
reported in the West and prospects of rain
throughout central district tomorrow.
Betterweather was reported in the North
west. and seeding progressing.
Holders of corn at the opening were
afraid OF slump in case OF bright weather.
aud shorts were afraid of q bulge in case
there were more rains reported. But the
Price Current dispatch was circulated, say.
ing the late rains had not a. yet seriously
prejudlced corn crop prospects. This caused
some selling. The trade suspected Baldwin
and Farnum of trying 70 work OFT some
more of the New York line. and prices had
quito q drop with wheat. On the break
Logan and other commission houses had
buying orders. Local operators who got
43c were quick to buy on little rally. and
there was a good recovery later. Wheat
was higher at the same time and helped the
buying
Oats. after opening up firm. weakened
with the other cereals on fine weather re-
ports. but eventually recovered.
Provisions were extremely dull. and the
fluctuations insignificant. Estimated re-
ceirts for tomorrow are: Wheat. so cars;
corn. 2l5 cars: OATS ITO cars; hogs, q, 900
head. Freights were steady with q fair
demand for boats at &c for wheat and Ia O
for corn to Buffalo. The leading futures
ranged as follows: