The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-08
WHEAT NERVOUS AND WILD
Advance of 25c Held Most of the Day,
and Shorts CIamoriug to Buy.
Liberal Buying of the July Future by the Bull
Clique Precipitated a Scare Among Small
Traders Soon After the Opening.
TRADING Az CHICAGO.

Corn Closed Firmer and Provisions, Though
Strong. Did Not Hold Best Prices.
CHICAGO. April Z-Wheat was very
nervous to-day. iuctuatlng widely and
most of the time showing an advance of
212c. There was anxious inquiry from May
shorts and little for sale for that month.
July was scalped successfully on a big
scale by St. Louis operators. who also sup
piled the most lurid of the crop damage re-
ports and of the general prevailing
weather conditions in Kansas. The bull
clique was reported to have been literally
buying July. Closing quotations were
sOlsc for May and 76ls076Ao for July.
showing a gain for the day of $50 in the
former and $50 in the latter. Corn closed
q shade firmer. Provisions were fairly
active and strong, but closed considerably
below the highest prices of the day.
A scare began almost at the tap of the
bell. 1t had been somewhat generally ex-
pected that there would be an easier open.
ing because of the heavy closing yesterday.
Instead there was an advance right at the
start and the buying at once became 80
general that the biggest kind of a bull
market developed in the first hour. The
SooAOS ctIOhk HABhOhs y
markets showed more strength. The storms
predicted Tor Kansas and Missouri did not
come. and instead Kansas was hotter and
dryer than any time previous Commits
sion houses had q flood of buying orders in
July from outside people. In addition TO
the natural strength in July was added
the influence of q scare among the May
shorts led by the biggest short of sll-Pard-
ridge. The pressure in MAY started
through brokers no doubt acting
~ hA hnll 0nrn Mn
was led by Milmine-BOdman Gaylord. Bald
win, Geddes- Kirk Cutler and other
concerns, some representing the long and
some the big short interest. The London
stocks of wheat were cabled at 1.06O.0 900
bushels. about one-fourth of last years.
Crop experts were quoted as figuring q
great reduction in the crop from last year.
There was some fear among the shorts over
what the government crop report of next
Monday may show. tx port clearances,
both of wheat and flour, were quite liberal.
There was u rumor that the Missouri State
report was out. making the condition 80
| per cent, against 72 q year ago. Daring the
last hour, however, there was an easier feel
ing. st. Louis dispatches intimated that
the rumor or 81 per cent. for the Missouri
wheat crop might be close to correct. 1t
was claimed that Cudahy's brokers gave
mp mis- name OH about SOC, COO bushels of July
wheat sold on the advance. One eXplans-
ton of the scare early was that some of the
managers of the Western roads had tele-
graphed here c%onfdentially, saying that
drought continued and wheat looked bad,
and as the information from this source
would not be likely to exaggerate the con-
ditiOns. operators were inclined to give at
tention to the reports.
In corn initial trades showed ls@Ac de-
cline compared with the close OF yesterday.
The receipts overrunning the
and the fine spring likeweather were re-
sponsible for the bearish tone. when wheat
turned up. corn sympathized and a rally of
lec followed the early break. The marker
after wards receded asc. and closed with q
slight gain. There was q good demand for
July. There WAS very fair buying by re-
ceiving houses who have generally held
bearish views. but who are inclined to
cover on any weak spots.
There was q fair trade but q narrow
market for oats; prices fiuctuating within
&c range and closing at about the same
prices as yesterday. Shorts were the best
buyers. The selling comes chiefly from dis
c%Ouraged longs.
Prices of hog products ruled higher. In
n general way the demand was less urgent.
Prices settled back rapidly and closed
rather easy. Shorts accepted fair qnanti-
ties. There was considerable changing of
LONG stuff from May to September. ana ALEC
ing September. Compared with yesterday
May pork is 71ho higher. July. 17l4c, and
September. 22l2c higher. May lard ls M
.15c: July. .07lsc, and September. Toe. May
ribs are unchanged, July has gained .07lsc,
and September, 100.
Estimated receipts for. tomorrow are:
Wheat. 500 cars: corn, 100 cars; oats. 157
cars; hogs, 5000. The leading futures
ranged as follows: