The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-26
WHEAT MARKET WAS WEAK
September Future Attracting Some At
tention, While May Is Neglected.
The Bull Clique at Chicago Continues 10
Steadily Take in July Wheat, B irg Sus-
p~iciOusly Quiet all the While.
TRADING AT CHICAGO.
Fear OF q Squeeze I'm Provisions Bring
About a Sudden Advance.

Fear OF q Squeeze I'm Provisions Brings
About a Sudden Advance.
CHICAGO. April 25.-The reported break
ing of the European drought made the
wheat market weak here to-day. Com
pared with last night. July wheat left off
with a loss Oft lso. May corn 10 down &c.
Fear of a squeeze in the provision market
resulted in q lively jump in all hog prod
ucts. pork finishing with q net advance of
67l3@ i0c. lard .27l3 a soc. and ribs 80 pc.
In the wheat pit. at the start. cables came
steady, and there was q good deal of bull
news. but the trade seems hesitating and
cautious. and the market lacked ANNA
ton. But denials of anything serious In
the continental situation were te~legraphed.
Rain was reported over there. Rumsey a.
Chandler had big selling orders from some-
body. putting in nearly o million bushels
of July wheat. which had q depressing
effect. Pardridge was o good buyer on
the break. Kenneth Hopkins also bought
freely. The clique was buying July
ell day. but showed no agrees
s~iveness. and seemed desirous of
getting as much as it could without
causing excitement. Later In the day re-
ports of general rain on the continent of
Europe and in Kansas and the report of the
failure of the London Bank of Australia
increased the disposition TO sell freely. In
the end. however. the market closed COM
p~aratiyely steady at a reaction from inside
prices. The local receipts of 4G2 cars con-
tanning fully 150. 600 bushels of contract
wheat was q bear item in view of the great
increase of $40. 1000. bushels of contract
'nv oat - no hNnaan for Tim UAaK
This pGts the total at the end of the third
week In April at Is, $50, 600 bushels and in
dicates about IA. 500.O 200 bushels contract
wheat probable by the May delivery day.
July opened about the same as the closing
prices of yesterday. held rather steady for
a while. then became weak and declined
with some fluctuations so, held steady
and the closing was % "a teo lower than yes
terday. The September future Is attract
ing more attention. while may is ted.
The corn market ruled strong for an hour
and then wilted. The receipts were 1874 cars,
instead of $50, as had been expected. and
compared with O week ago there were &c.,
$50 bushels less contract corn In regular
Chicago elevators. The weather was I'M
favorable for planting operations also and
that combination of circumstances In
duced the covering of some shorts, which
put the proc up 40 2c. The weakness of
wheat had an effect on the late trading
and some of the operators who believe the
situation to legitimately warrant lower
prlces took advantage of the early advance
TO sell on. The price go sc. or
until it struck the limits OF privileges,
when buying against the same checked che
downward tendency. The estimates for
tomorrow coming in light at ninety cars
had the effect of firmlng mp values 40 and
final figures showed $50 to lac less for tho
day.
There was . good business In oats in the
way of changing from May to June at Ac
difference and also buying May and selling
June and September.
There were but 1900 hogs ut the yards,
and they were quoted higher. O~ccasioning
a bullish feeling among the provision spec
ulators and anxiety among the shorts. The
latter seemed fully cOgnizant of the dan
gerous position they placed themselves in
by selling short In the face of limited
stocks. They knew that they had every
thing to tear IL the big packers, who ap-
parently control the email supply, should
cease TO be orbeariDR. and when. instead
of fOrbearance. they found themselves con.
fronted with hostility, their nervousness
was easily accounted fer. Altogether il
was n decidedly busy day. though trading
was hardly what could be called excited.
Closing prices were nearly the highest of
the day.
Freights were slow at lao for wheat. 1c
for corn and 70 0lo for oats to Buffalo. The
estimated receipts for tomorrow are:
Wheat. 200 cars: corn. 90 cars; oats. 90
cars; hogs. $4,000. The leading futures
ranged as follows: