The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-21
WHEAT UP TO IA SIC
BuLLIsH NEWS AND HEAVY B,YING
KEPT THE PRICE HIGHER.
Weakness at the Close Caused 81 Reac-
OF To 4 f-2c Above Saturday.

CHICAGO. May 20-The frost damage
scare and general buying fever sent grain
prices skyward to-day but after sensa-
tional advances the markets all broke mod
erately. closing about midway between the
top and bottom figures of the day. The
net result for the day left wheat since
the close Saturday, llsc higher. corn sc
higher and oats unchanged. The closing
slump I'm wheat was accelerated by a sale
OF 5000 bushels of May wheat, which had
TO be offered down TO 1I4c under the July
price before buyer was found for it.
Provisions followed grain, closing at good
advances.
The freezing weather since Saturday gave
wheat it's opening push. The start was
most irregular. Brokers within a few feet
of each other were buying and selling wheat
simultaneously at re and 72l2c for July
In less than five minutes il had risen to
7312c, in another five minutes more 1t was
down again to 7214c, and in another five
minutes more it had jumped again TO 1886.
The signal service issued a bulletin about
the time of the opening which did not tend
TO soothc the minds of the shorts 1t re-
ported killing frosts on Sunday night in
Wisconsin Michigan, Dakota and Nebraska,
and predicted for tonight frost in North
sas. Nebraska and Wisconsin. The foreign
markets were but Slightly appreciative of
the bullish state of affairs ruling here.
Liverpool early cables reported an advance
there of only Id per Genital with one-half
OF that lost before the market closed, ac-
eoralng 10 O. h private dispatch; The ex-
given by the Liverpool cables as reason for
tneir lack OF sympathy with the advance
here. The Paris market went its own way
n he
strength displayed here, flour and wheat
being both quoted lower by from 10 to 20
centimeS. After the fluctuations recorded
above the price bobbed up and down half
dozen times between &c and 73lRc, but
got out of that rut about quarter past
neapolS wired that kilograms were pouring
in there which described the spring wheat
as having been to the ground by the
st. Louis wired that there were more
countrymen on their exchange to-day than
all loaded with crop damage reports: and.
added the sender of that report loaded
also with long wheat" Perhaps as i'm
portant matter as the very poor outlook
for the domestic crop was the news con-
veyed in special cablegram from Liver
pool that the reports concerning the Rus
apolis and Duluth received to-day 276 cars,
against 326 year ago. The Atlantic sea-
since Saturday, of which 3O2 600 bushels was
In raw grain Not the least of the long
list of Dullish influences was the visible
supply decrease, which amounted to 8 g.
coo bushels. The quantity on ocean passage
decreased 10000 bushels and the Argentine
shipments for the week were reduced TO
l,392,VW bushels. Another matter of great
significance was that between Saturday
morning and a: m. to-day the rail ship
m me Il of wheat from Chicago amounted to
2S,0W bushels. With such an accumula-
| ton of radically bullish news, ii is not sur
prising that in the latter part of the ses-
| sion, the price rose to 74ssc In the last
q :op
] or the market was changed completely. So
many telegrams were being received from
! 81. Louis, Toledo and the Northwest, stat
| ing that the reports of damage were either
greatly exaggerated or entirely false that
people having good profit in long wheat
| thought best to snatch IL. So many made
up their minds to do the same thing at the
same time that the market slid from under
them them 50 quickly that from 149se it went
| and the closing price 73Isc.
The corn market was as much torn up
| and nervous as wheat. The frost was of
course the motive in corn also. That the
| trade in the end came 40 the conclusion
that the damage from the frost was be-
| ing taken too seriously is observable in
| the manner of the markets closing. July,
| which closed on Saturday at 53lsc, opened
| most instantly thereafter it brought soc.
1t had another quick change of a differ
ent kind IL, 1t dropped back to SIC and
to soc and kept touching that and drop
| ping back half cent in rapid success
L y.
| 1t was at 55c near the close, when wheat
| began to show the white feather and it
| declined in about four minutes from 547sc
to 53l2c, closing at the later price. The
| Tomorrow 800 cars are estimated. The lat
ter fact was one of the hardest things
the bulls. encountered. but IL was made
| known when other influences were at work
of bullish character. 1t was not lost
| sight of, however, when wheat began TO
erumble away; The Liverpool market was
firm and 1Hd higher. The visible decreased
4l4,0Oo bushels against $4,000 bushels a
| year ago.
very nervous and unsettled market was
experienced by the oats traders. Prices
and corn very closely and showed little
independence. Bad reports of crops
from that Influenced by the fluctuations
| of the larger markets. Longs sold out free
| ly on the advance and their offerings were
orders Local parties bought and sold as
| well. The early advance carried prices UP
! from ssc to 5sc above Saturdays closing
| to, or within a very small fraction OF same
| The provision market started strong at
| 10c per barrel advance for pork nd 1i5c
per one hundred pounds for lard and ribs
| and the advance in wheat and corn gave
| provisions their send off. At the close the
| market was we'll in hand and did not break
| so badly as did wheat and corn. There
| was quite a reaction. however from the
| top prices of the day. July pork opened
| at S12.55. to s13 and closed at S12.S2l2
| to &c and closed at 690c. Ribs, from 6.4Oc
| at the start, advanced TO 6.55c and closed
| at 645c Hog receipts were "a, Co.,
| The receipts for tomorrow are estimated
| Wheat, IS cars: corn, goo cars; oats. 6St
| cars hogs, $1,000 Freghts slow at lac
for wheat, 1lsc for corn and 1c for oats
| TO Buffalo.
| Leading futures ranged as follows:
L LOW. Cl0a.