The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-22
WHEAT GROWS DIZZY
RAPID ADVANCES OF THE LAST FEW
DAYS UNsETTLES THE MARKET.
All Grain, Save Oats, Yesterday Made
Further Advance, While Provi-
siOns We're Weak and Lower.


day. as the result of the great rise which
has been experienced within the past few
days The news was nearly all bulish,
and higher prices were logically to be
looked for, but the trade has become ac-
customed to declines, and 2-cent rise
joggles it off it's balance. Consequently
when the market showed a tendency to
waver at the top to-day there was rush
of longs and shorts TO sell and a tumble
of 2bsc. Fluctuations were very frequent
throughout the session, but the close shows
an advance of 12c over yesterday. Corn.
though influenced by wheat to some extent,
was more directly Influenced by the fros;s
and inclined to greater steadiness than
wheat. closing 1ac higher than yesterday;
oats, 14c lower; lard, .12l2c lower; pork,
l7lac lower. and ribs, .15c lower
Wheat opened weak. with sellers at from
&c to 72Ac for July, but there were nu-
merous buyers for a matter Of a half hour
or so, who evidently looked for repetition
of the sequences to all recent breaks in
the price. They were not disappointed.
1t recovered to 7fsc, but what occurred
in the next half hour rather upset the CAL
culations of the crowd. After hanging be-
tween 7Sa4c and 73tsc for about twenty
minutes succeeding the bulge to 741sc, it
took sudden dip to 73iac. recovered TO
73Ac, broke again to 73iac, but quickly
dropped SO far that the last-named figures
appeared to be away up on the top of an
inaccessible mountain. 1t went down to
1kc. 1t took about thirty minutes to
tumble sc. The volatile character of the
market was well maintained throughout
the session, for by II o'clock the price
had again climbed to 735sc. The great
traders are in close touch with the crop
conditions In the best part of the winter
wheat 6 did much her to kesp no up me
In fact In receipts and shipments, foreign
advses or domestic crop eonditions which Which
ers of wheat. On the contrary, the general
prices. The only thing that was advanced
against the price was that 1t had grown
Should react SC at least. The scalpers, big
and little. were of the latter opinion, and
Liverpool, London. Paris and Berlin all
quoted higher prices. The Minneapolis and
Duluth receipts were Zlo cars compare9f
wheat and flour from the Atlantic ports was
equal TO 10000 bushels. of which 10000
bushels was in the form of -four the only
brought TO the notice of the trade was
the weeks movement from the exporting
$500 900 bushels, including the 2,4O0,O0O BUSH
els sent from this country and Canada
The estimated weekly requirements Oh the
importing nations amount to 100000 bush
els. The report of crop damage and the
professional selling fought each other loot
TO foot during the entire session, and as
the end approached the market developed
most extreme nervousness. Ii rushed up
and down between 7ac and 73&4c, taking only
the other and finally closed at 739sc.
Corn was fairly active and strong. IN
of demand for round lots of shipments. 1t
was a local scalping trade principally in the
pit, with the fluctuations over rang flito ol
ing in the wake of the price changes In
wheat. July. from 531ac near the opening iH
afternoon to 543sc, and closed at SAC, or l2c
higher than it did yesterday.
oats were active Longs were again
conntTy 10 buy were also numerous. Bad
crop reports were influential in causing
the urgent country demand r1p 0a.s v mas
throughout, and closed from hc TO CSC un-
der yesterdays quotations. nuctuatlons
T Tere ca fg1e1 market for Oats was very weak
prices being about lc lower. ana the reel
Ing tbs into o tns ppees and
paratively firm tone. July sold from ZS1sc
to 2S7sc and rested at 2shc .;, ,,,.
weaker The start was at a decline, COM
pared with yesterdays closing prices, OF
2Oc in pork and about loc IN f iard ana rroS
| being 35O00. tended 10 produce the easier
| feeling but the receipts this morning were
only u COO and they were quoted nrm AT
SC advance Pork, after a temporary rally
| of nc, dropped 22l9c, then recovered llt'
| tle and closed for July at $12.65 sellers,
| compared with S12. s2ia on the day before
| Lard at the close, had lost .l212c and ribs
| from .12l2c to 1oc.
IS cars; corn, 40 cars; oats. 305 cars; hogs.
| * 600 head Freights were steady, win
| moderate business in vessel room at l4c
| for wheat, 1isc for corn and lie for oats TO
| Buffalo.