The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-19
WEEVIL WAS THE CRY
1t Develops in a Cargo of Wheat
on the Chicago River.
Bears Made the Most of the Scare and
the Leading Cereal with All Other
Markets Declined.

CHICAGO, March 1Z.-Weevil In a cargo
of wheat loaded in the river was the war
cry OF the bears to-day. Chinch bugs in
the winter wheat fields replied the bulls.
The weevil was at home and was felt more
than the bug bites on the growing wheat,
and consequently prices dropped. Com
pared with yesterdays closing prices May
wheat is CSC lower; corn, oats and pro-
visions were even weaker than wheat.
Corn defined 1zc, oats 5sc and pork zoe per
barrel.
The heavy cash business in wheat re-
ported from New York yesterday was fully
confirmed this morning. Commission houses
with New York connections said that the
amount taken there by millers yesterday
was not short of 1,25O,00 bushels. and there
was further inquiry here this morning from
the same source. AS a result, the market
started firm at Ac over yesterdays closing
prices for May and July. but the longs APP
parently regarded that as a fortunate op-
portunity to realize a little profit, and
theirs was the selling which caused SUBJ
seuuent decline. a report was circulated
that a cargo of wheat In a vessel here had
developed weevil and was being unloaded
in consequence. 1t turned out that the
cargo in question had received some DAM
age from the weather through imperfect
ly battened matches and about 600 bushels
became heated and developed weevil and
was taken out to prevent the weevil spread
ing. 1t had the effect, however, of turning
general sentiment from strength to weak
ness and caused. along with the previous
realizing by the bulls, a decline in May
wheat from 5SAQ5S7sc early to $3.50 about
midway or the short session. The receipts
here were 80 cars, against 263 a year ago.
Minneapolis and Duluth reported 337 cars,
compared with 2S5 last year. Atlantic ex-
port clearanceS yesterday were light, but
for the week from both coasts Bradstreet
reported clcarances OF wheat and flour at
S.z5S.OO bushels, against 2,S5l.0O bushels the
week before and 2.SS6,000 bushels the cor
responding week OF last year. The weevil
discovered in the cargo of wheat was made
the most OF by the bears. The market
ruled weak to the end and closed at the
lowest of the days range, 6ShSc for May.
Liquidation Of long corn was the feature
or the trading in that article. hwa
and others, who at one time felt that corn
was low enough, have evidently changed
their minds in view of the liberal receipts
on top OF q heavy visible supply and the
prospect for an early planting for next
crop. The receipts were 359 cars to-day,
and estimates for Monday are 44 cars.
business was dull for half an hour, but at
the end Of that time Bartlett-FraZier and
one or two others increased their offerings
and pressed them with redoubled vigor at
the same time. May opened at 373sc, or the
same price at which 1t closed yesterday. 1t
was easy at that, however, and soon began
10 yleld. ABOUT halr an hour from the close
1t was down to 36%c. There was a recov-
cry to $3.50 and that was the closing quota
ton.
A moderately active business vas trans
acted in oats at considerably lower prices.
A weaker cash market, the fine weather
which has increased the receipts, and the
decline in price of corn were the causes of
the weakness in this market. Bartlett-Fra-
zier was reported to have sold n good
many oats and helped break the market.
May started lsc under yesterdays last quo
tation, at 3O9sc, and sold right down to 297sc.
1t rallied slightly just previous to the close
and sold at 301sc, where it rested.
Provisions were heavy with the packers
the free sellers of the day. They are bearish
on the expectation of plenty of hogs through
the summer. There were only 5000 head
received at the yards to-day. The total for
the week was $50, 353, against 50, 25 on the
corresponding week of last year. The ship
ments were 81, S9S, compared with SO, $50 a
year ago. Opening prices were about the
same as closing values of the day
before. Prices declined all day with
few reactions, and the close was near
the bottom. Compared with last night May
pork is zoe lower, May lard .171kc lower and
May ribs .10c lower. Estimated receipts for
Monday are: Wheat, 80 cars; corn, 474 cars;
oats. 325 cars; hogs, 2S.GN head. Leading
futures ranged as follows: