The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-04
BIG CROP DAMAGE REPORTS
Shorts Show Fright at Once, and the
Price of May Wheat Is Tilted | 1-4c.
Leading Cereal Opened Weak. with q Disposi-
tion 10 Sell, on Account OF Alleged Fail
ures in the Saturday Pork Slump.
TRADING AT CHICAGO.

Provisions Nervous. Closing Near the Bot
tom Quotations.
CHICAGO. April 3.-The winter wheat
crop is either seriously damaged or reports
being received here are much exaggerated.
The bull clique to-day was buying both
July aud May. and had no difficulty in
frightening the shorts and advancing the
price lac from the day'sinsIde prices. July
closed hc over Saturdays closing prices
and May Ac. Corn was firm and gained
&c. Provisions were nervous and lrregu-
lar, closing weak close to bottom figures
ior the day. and. compared with Saturday
night. 4219c Off for pork, .15c for lard and
.22lec for ribs.
Wheat opened for May about %0aso
lower than Saturdays closing and receded
lsc more. 1t then became stronger and
prices were steadily advanced lac. weak.
ened slightly. and tho close was steady.
The weakness at the start was due to the
reported failures caused by the break in
provisions Saturday. These failures caused
some uneasiness among traders and In
duced some selling. But good buying for
May turned the market and caused the ad-
vance. Bad crop reports were received
from the Southwest. from central Illinois
and Indiana. Dry weather continues In
Kansas and Missouri. There was some talk
or q bulllsb Illinois State crop report,
which 10 expected within o day or so. The
July future sold within aboat 31sc of May,
but the difference widened ont later to 44 @
again. Tho visible supply decreased less
than generally expected-oDly $4,000
bushels. and a gear ago decreased $4,000
bushels. The total supply was reported
77,654.0O0 bushels. A year ago IL was a.
036.000 bushels. The receipts in the North
west continue large. and local re ceipts also
exceeded the estimates. Export clear2nces
were larger.
In corn the initial transactions were at
about the final quotations of Saturday,
ana on selling by longs and the local crow
in general the price broke lac. when n $50
reaction set in, the early sellers turning
buyers, due TO prospects of a decrease In
the visible. This advance did not hold,
however. the up turn bringing out more
sauaed back h9%c. rallied again. and
closed with k0Sc advance for the day.
The local crowd apparently continue TO
hold bearish views. and on any advance
are inclined to sell. Notwithstanding the
steady decline for some time back. The
large stocks and slnck inquiry for the con-
tract grades is the PRINCIPAL depressing
factor.
There was q liberal trade in oats. but
fluctuations confined to Sc. and the close
49, SbO Ceoa0 Rs0oS
The feeling was nervous.
The provision market was a puzzle. each
product had to stand on it's own merits,
and at times some of them appeared to have
no merit. The market opened nervous,
with prices at about the bottom figures on
the bad break on Saturday. The first thing
In order was a fair recovery under lead of
lard. This product was bought for Sep
tember by the leading sellers of Saturday.
and prices recovered 300 40c from the low
est point. Pork and RIBS made q good
recovery at the time. Then the mar
ket got irregular and the trade shaky.
While lard held we'll. pork and ribs
got slaughtered late in the day. A lot
OF pork sold by George Parker vas said to
be for Armour. Long stuff kept coming
ont from all quarters on the way down.
The posting Of the failure of two concerns
Simon Il Co. and Snodgrass. both thought
to have been hurt by the slump in provi-
sions ON Satu~rdny-added to the shaky con-
dition of the market. Simon was thought
to he q loser on seven thousand tierces of
lard, and Snodgrass was SAID TO be in the
gap for q larger line of stuff held for Ryan,
of Dubuque.
The estimated receipts for tomorrow are:
Wheat. $50 cars; corn. 235 cars; oats, 215
oars. and twelve thousand hogs. There
will be no session OF the Board Of Trade
tomorrow, it being election day. The
leading futures ranged as follows: