The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-29
WHEAT 21-8C HIGHER
CHICAGO BULLS DEMONSTRATE THAT
THEY CONTROL THE MARKET.
Bullish News Began to Come in Early
and Was Utilized for All 1t Was
Worth Throughout the Day.

CHICAGO. May 8.-wheat was unset
tied and nervous throughout the session.
but closed buliish within &c of the TOP
price for the day, and 2hc higher than it
left off tie day before. Corn was strong.
Notwithstanding enormous receipts, because
Of the scorching dry weather, and closed
with an advance of 1Ac. Oats and pro-
visions also Joined in the bulls triumphal
procession.
Wheat opened with an emphatic enuncia-
ton of its bullish principle. The generally
prevailing price when the start was made
was soc for July. Some few sales were made
at 194c, but again some purchases were
made simultaneously at Solo. 1t sold on
the curb yesterday afternoon at 7Ssc. The
weakness yesterday had, in a great meas
ure, been because of the signal service pre-
diction of heavy storms which were re-
ported to be gathering in the far North
west. To-day the weather map, except
away up in the northwest corner
around Calgary, had no signs of rain on
It. That absence of rain, together with a
very bullish circular issued by c.. A. King
& Co., of Toledo. was the chief reason for
the strong opening. Apart from these mat
tiers the early market news was of a bear
ish character. The foreign markets were
weak and lower. Receipts here and in the
Northwest were heavy, Bradstreet's esti-
mates of the. changes for the week in the
worlds visible. gave a decrease of 2,SSS, coo
bu, nearly all on this continent. Before
the last named piece of Information the
market had three times cast discredit on
It's early assumption of b~ullishness. 1t had
tum6led from SfAc to 19Ac, recovered again
to SO5sc, dropped once more to 7914c, and
again recovered to S01ac. For a time it
hung around 79Ac. but soon dropped again
to a lower point than the previous low
point. touching lgc. RuSinpSS was smaller
in volume than on the day before until
the last half hour. but the frequency and
material character of the fluctuations indi-
cate very little abatement in the nervous
ness. which has been dominating the trade
so long. The closing cables reported Paris
and Berlin considerably lower, but the re-
alarmingly bad and shoals of dispatches
from Nebraska and Kansas came in, report
ing hot winds scorching up what vegeta-
ton remained. SO that the market dropped
all pretensionS of uncertainty and again
proclaimed in more decisive terms than at
the start that it was a bull. July was
bringing s1Isc about fifteen minutes from the
close. and the close was Ac under that.
The corn market showed a bullish feeling
bringing 537sc, against 525sc at the end of
yesterdays session. The absence Of rain
which was predicted yesterday and instead
of 1T hot scorching winds in South Da-
kota, Nebraska. Kansas and Missouri to
be followed tonight by frost in two of these
States. stirred up the pit and brought to
DOOh the SuOTtS WHO CIOWueu the PIT. Inc
receipts were heavy enough, although
ninety-five cars less than estimated, the
number on the inspection sheet being 1,O25.
July opened at from SIC to $3.50, and before
it ceased to advance it sold at SIC. 1t re-
acted to $3.50, rose again TO 54lsc. off from
that to 5SAc again, then up to 54lsc, and
closed at 53Hc bid.
Oats opened firmer, grew more SO during
the session and closed very strong within
a small fraction of the high point Of the
day and at an advance of 112c. on the
nearer deliveries and 17sc on September.
Very free buying by all parties, country
orders principally urgent, with light offer
ingS and very discouraging reports of dry
weather throughout the oats territory and
considerable damage by same, all tended TO
create activity and higher prices.
Orders from the outside to buy provisions
were more numerous than usual. and that,
in connection with the small receipts OF
hogs and the firmness of grain. caused
higher prices for the hog products. Pork
started with a gain of l2l2c compared with
yesterdays closing price, advanced another
7kc and closed with all but 212c of the days
advance to the good. Lard and ribs pur-
sued a similar course and at the end were
each .071ac higher for the day.
Estimates for tomorrow: Wheat, II cars:
corn, 800 cars; oats, 25 cars; hogs, 30,0C0
head. Freights strong at 1Ac for corn and
1kc for oats TO Buffalo. Leading futures
ronnoI nc rn1lnuC.