The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-30
SELLING WAS A
WEATHER CONDITIONS AND HOLI-
DAY SCARE CAUSED DECLINE.
Wheat Touching SIC, hut the
Reactions Were Strong.

CHICAGO, May 29.-The weather ruled
the grain markets to-day. Hot. dry winds
sent them I'D sharply and alternate prom
ises of rain and frost kept them nervous:
but in the end. a desire to even up trades
over to-morrow's holiday resulted in a
lower close than yesterday. Provisions
were strong and higher on light receipts
Of hogs and outside buying orders.
Wheat opened with a bulge of 1i5c per
bushel and for about a half hour il looked
as If II had gone UP to stay. About the
end of that time. however. the signal serv-
ice prediction took a hand in the game
and threw its influence on the bears. 1t
predicted generally showery weather for
the winter wheat belt and tomorrow being
a holiday the longs thought it well to
anticipate the probable effect of healing
rain on the wounded wheat plant. They
knew that whatever wheat they owned at
the close Of to-day's market they would
require to remain possessors Of till Fri
day morning. and they accordingly began,
after the weather prediction became public.
which they keep to feed to the bears oc-
casionally. A prominent operator remarked
that the market was "a good deal stronger
than the bulls. They kept selling out long
wheat without hurting the price much"
They turned It down, however, from around
SIC ; nr ref July g0o to S @asG ana The 1t d EsS eon Isl sa,sd
was not the lowest point of the day. 1t
recovered to s1%c and then broke to SOAc.
sions the predominating factor and the
fact that the price was above soc appeared
to impress a certain part of the traders
with a hope that IL was about to revisit it's
ancient stamping ground. The other part
had no such apprehension and bought with
sufficient freedom on each break to cause
q rapid recovery. II recovered from SOAc TO
size again before 1t once more remembered
that it was still subject to the possibilities
attending a rainy holiday.
The corn market was strong and irregu-
lar at the opening and. after an advance of
lsssc. 1T dropped back until at one time
for July was &c lower than it closed yes
terday, and September &c lower. The OPEN
inE price of July was over a range of from
54sd55c, with 55Nc paid very soon there
after. In an hour from the start. it was
down TO SIC, and sank irregularly after
that to 53l2c. with a recovery to $500 at
and simple.
The market for oats was wild and panicky
at the opening. with a very wide range of
starting prices, the net advance of which
was from 21sc to Csc from yesterdays last
quotations. The activity and higher prices
We're Ta entirely IN eH, Influenced en- eron by reports of crop
tory in some parts of the country. to the
effect that dry, hot winds have added
greatly to the conditions which are so un-
favorable already. Business was heavy
throughout. The early strength moderated
greatly after the traders had Gained down.
The decline in wheat was followed, show
ing that that cereal still has . good hold
on oats, and the market was more settled
during the rest of the day. July opened
from 32c TO SIC, fel. off gradually TO Bic
and at noon had advanced again to 311ac.
The close showed the market again at Sic,
which is &c higher than 1t closed yester-
day. The activity continued right up to the
end. Country orders were principally urgent
earlier in the session, but later it was
everybody in general, both buying and SELL
ing.
Provisions were firm and closed higher
to the extent of 221ac in pork. .121ac i'm
lard and .1Oc in ribs. The commission houses
appeared we'll provided with outside buying
orders and on the advance the packers
supplied the demand.
receipts for to-morrow-Wheat,
s. cars; oHrn. SIS cars; oats. 1886 cars; hogs,
5000 head. Freights firm at 13sc for wheat
and lac for corn, to Buffalo.
Leading futures ranged as follows: