The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-05-22
RAID BY THE BEARS
WHEAT HAMMERED on HARVESTING
NEWS AND WENT OFF A CENT.
Corn and Oats Participated I'm the
Weakness to n Less Degree-Pro-
visions Declined.

CHICAGO, May H.-Tne bears hammered
the market down over &c to-day on reports
of harvesting In Kansas. Corn and oats
were comparatively steady. losing only &c.
Provisions were very weak, more especially
lard.
There was a very fair speculative bust
ness in wheat, the trade being chiefly local.
and lack of outside interest or support was
one OF the chief causes of the break which
followed the early advance. The feeling at
the start was quite strong, and higher
prices were established July advancing to
62a4c and September TO 637sc. Later sharp
reaction set in, and the former sold off to
so7sc and the latter to 6lzQ617sc, final fig
ures showing 1sd1Ac loss on the day. The
early strength was attributable mostly to
renewal of crop damage Claims from
Michigan and Indiana, the wet weather map
and the rather bullish crop summary of
the Price Current. Crop advices from
Michigan were of the same tenor as those
Of yesterday. The market opened strong at
AQssc advance. and sold UP Nc more before
the demand was satisfied. English markets
were quoted kd higher. and Berlin was
quoted 21s marks higher for May. said to
be due TO the laws recently passed there
regarding speculation In futures. New York
to I'LL previous engagements of tonnage in
wheat. and there was talk of gold ship
ments. which. with private cables coming
unchanged, started renewed selling, and
prices gave way owing to the lack of out
side support. There were a few good-sized
long lines unloaded on the early advance,
and this helped TO satisfy the demand. The
selling became quite general as the session
advanced. many of the early buyers SELL
ing out, and further declines took place. A
dispatch from Wichita said that harvesting
commenced in that vicinity to-day; that
the quality was fine and the yield thirty
bushels TO the acre. This caused fresh sell
ing, and the low prices OF the day were
touched on this decline. Closing cables
here closed easy.
Corn-Trade was light, feature early be-
ing the scarcity OF offerings. The feeling
er prices were scored, none Of the advance
being maintained, the close showing 1sGAc
loss, the market selling off with wheat late
In the day.
Oats were steady at the start. with fair
buying. but weakened later in sympathy
with wheat and on heavy selling by eleva-
tor people. Prices receded &c and closed
was a good trade. and, considering the de-
Cline In wheat, the market showed a great
deal OF strength.
Provisions were heavy at the start, and
most distinctly and aggressively bearish In
the end. The pientifulness Of hogs was he
| cause OF the opening weakness, and the en-
| enlargement to short selling given by the
| smash in wheat caused the hog products tc
| assume a very slumpy appearance near the
| close. All hog products closed at the low
| est point Of the day, compared with last
night; pork, lard and ribs closed with re-
| spectiyeiy zoe, .1l19c and .07lzc declines in
their July futures. The great weakness in
| lard was due in some measure to heavy
selling by the Anglo Packing Company.
corn ers sor oats sa5 cars
Leading futures ranged as follows: