The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-29
WHEAT CLOSED LOWER
WEAK CASH MARKETS RESPONSIBLE
FOR A DECLINE OF lie.
Corn Held Its own with "a Heavy Mar
ket and Provisions Firmed Up,
Closing Higher.

CHICAGO, May 2S.-Wheat, after mo-
ment or two of iirmness at the beginning
of the session, turned weak and so con-
tinued nearly all through the session. 1t
closed, however, at only a &c decline.
Weak cash markets and prospects for a
big crop were mainly responsible for the
weakness. Corn was heavy, but closed I'M
changed. Oats managed to advance 1sc,
and provisions closed 21a05c higher
In wheat the Liverpool market was in
clined to frmness at first, notwithstanding
the previous days weakness here The
price of July on that account was higher
at the opening first sales of that option
being from 69l4c to 6912c, yesterdays clos
ing price being 6914c. 1t was generally re-
marked that if for no other reason than
the fact of four consecutive days decline
there should be some Improvement. While
an advance frequently happens under such
circumstances, this morning. conditions did
not favor the rule. Against the opening
firmness at Liverpool was the absence of
anything unfavorable to the growing crop,
and although the signal service officials
came out with a prediction that frost was
probable tonight in six of the wheat
raising States, the confidence in a big crop
was undiSturbed. In a little more than an
to 6S3su 6812c. Bulls got very little comfort
out OF the Northwest receipts. Minneapolis
and Duluth reported total of 42l cars,
against Ats cars a year ago and 81 the cor
responding day of the year before. Chicago
received seven carloads and inspected out
5000 bushels. Liverpool, which, in course
of the day, showed 14d advance over yes
terday'S closing price, stood at led decline
at the close to-day. Paris was from 10
confines higher for nearby delivery TO ~
anticipation of early deliveries of new
wheat, all winter wheat markets where
that grade was still bringing eXtrayagant
premiums over spring wheat reduced those
premiums considerably, so much so that 1t
had a marked effect on speculation in fu-
wheat and flour were equal to 100000 BUSH
els. The market gave no indications of
mending until about an hour from the close,
when covering by shorts became quite lib
eral July sold as low as 68AQ683sc before
the reaction commenced, which had
dropped back to 69c about fifteen minutes
from the close. The latest trading was at
$3.50.
Corn was quiet and weak most of the
day, influenced most by the large receipts
of 965 cars, and even larger estimates Tor
tomorrow. Elevator selling was not so
heavy yesterday. Shorts covered quite
freely throughout, and the slight decline
was ultimately recovered. July opened a
shade higher at 23S4 023bc, declined to 23124
235sc and recovered to 23Ac, where 1t
closed.
Trading in oats was slow. AT the opening
there was some weakness, caused by the
large receipts of 46o cars. Shorts covered,
this being about all the business Delns
done Country offers were not so large.
July opened a shade lower, at 172sql713c,
and advanced to 173sc. That was the clos
Provisions showed surprising steadiness
in view of the heavy receipts and weak
ness of hogs. These factors had slight
effect at the opening, but there was gen
eral inclination to cover and by the close
a Slight advance had been scored al az, round.
July pork closed 212c higher, at SS.U2a2; J9oI ~
lard and ribs 212Gl5c higher, at $5'oz129o'oo
and $4.3712, respectively. WHIT
Estimated receipts on Saturday-Wheat'
Is cars; corn, LOCO cars; oats, 4o2 cars; hosS'
20 900 head. e,,