The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-17
WHEAT CLOSED FIRM
Strong Recovery After a Weak
and Low Opening Yesterday.
Liberal Decrease in the Visible Was One
of the Encouraging Facts-POrh
Nets Gain of 30 Cents.

CHICAGO. April 16.-wheat opened weak
and closed strong to-day with gain of Ac
for May. Favorable crop reports caused
the early weakness and reports OF crop
damage the later strength. a liberal de-
crease in the visible supply also aided in
the recovery. Corn was firm and gained
lac. Provisions were very strong and
closed at the top of soc advance in pork.
Wheat got a weak start from the bearish
nature of the early news. Foreign advices
were TO the effect that showers prevailed
in England. and a private dispatch from
Strasburg, Germany, said that heavy rains
were general there, and that crop pros
poets, which before were good, still
manned so. Some more rain had fallen in
Kansas. and of all the planks in the dry
weather platform of the recent short bull
campaign the drought in California alone
remained. Even that was jumped on this
morning, a dispatch from New York re-
ceived here about the opening reporting
rain in northern California. There was no
confirmation of the latter rumor, but be-
ing in line with the general tendency of the
other news, it helped to increase the bear
ish feeling. Cables gave no support to the
market. The amount of wheat on passage
peared TO have shipped more literally than
or late, Beerbohm's giving 500, 900 bushels
a Can iituid c9ntrlputlon 10 the quantity put
again liberal. All those matters put
together caused a decline in price here of
1c per bushel In twenty minutes compared
with Saturdays closing The business
done during the decline was not
very heavy, and after the decline
cations of returning confidence among hold
ers May opened with sellers at $3.50, as
against 6o4c at the close on Saturday.
buyers at $3.50 were extremely scarce,
but there were few. In the next two sec
onds there was some business done at 5915c
IolloWed by rally to 59&c, and then by
decline to 5914c July, which closed on Sat
urday worth only 13sQ1&lc more than May,
improved TO premium of from 1920 in
were at 6112c, as against &c Saturday.
The decline of lc in May carried July off
10 ol1sc: The export clearanceS from the
about 10000 bushels in wheat and flour
The decrease in the visible was 1,545, 900
bushels, whereas some had looked for u
a possibility of over 100000 bushels de-
crease. The sentiment Of the crowd under
considerable decrease, and an advance TO
6Olsq6OAc for May and to 617sc for July
There was a reaction in May to 5ss.c, but
sellers did not offer much. The trade con-
tlnued light, with rather feverish feeling
prevailing. however, and not much buying
was required TO put up May again to 60Ac
Closing cables came very weak and caused
another spell of comparative heaviness
mere, May dropping again to 59S4c. After
the lec decline which followed the report
of the weak cables there were some more
narrowing doubt dispatches from California
which started the crowd to buying again,
and the market went higher than before
and closed at 6012c for May.
The corn market was firm after a mo-
mentary fit of weakness at the opening
There was no change of moment in previ-
ously existing conditions to account for the
hA tor h1rx-f
sition of foreign houses at New York be
accepted as warranting more firmness here.
The visible supply decreases 1,469,0J0 bushels,
against l,lO9,OO0 bushels on the similar week
year ago, and the publication of that fact
was the cause of some occasion of strength
in the middle of the session The firm of
Bartlett-Frazier took a good deal of corn
during the day in soft spots. The business
done was not heavy. May opened at 3S2sc,
as against 3S12c on Saturday. 1t immediate
ly began to improve and reached 3S3sc. The
market was at its best as business was
coming to an end for the day, and May
closed at 3S$4c and July at 3S1sc, or Ac
higher since Saturday.
Larger receipts and the fine weather suf-
feed to cause heavy feeling in the oats
market. Opening values were at one time
12c under Saturdays last quotations, but
at noon had gained &c over the opening
quotation: The business transacted was
very light. May started at &c, sold at 317sc
ard rallied to 32Ac. The market showed
still more steady feeling at the close, and
prices rested where they did on Saturday
was bid.
Provisions opened with a bounce of from
loo to zoe over Saturdays closing rates for
pork, .071RQ. loo over for lard, and from .05c
to loo higher for ribs. That was only the
beginning to very strong market which
remained of that complexion to the close
Armour supposed to be behind Sam
Wolff in some sleight-of-hand work which
that broker performed in the pork market
He bid prices up and made occasional sales
as well, and whether he accumulated any
IN the end was not quite determinable, but
he gave to the market its bullish tone. Roll
oSon sold rather freely on the advance, and
Swift & CO. also had some for sale on the
hard spots. The strongest phase of the mar
ket was prevailing as 1t closed, with every
thing at the top of the days range Pork
closed, for May. at $3.50. and, for July, at
$3.50. being a net gain of soc per barrel.
Lard, for May, gained .3212c, and May ribs
closed Pike higher.
Estimated receipts for tomorrow are:
Wheat lO9 cars; corn, 800 cars; oats, 227
cars; hogs, 1900. Freights were slow and
easier. the rate corn to Buffalo and Port
Huron being 1c. Leading futures ranged as
fol