The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-13
BEARS QUIT IN CONTROL
oVERCAME DECIDEDLY STRONG
BULL Squirt EARLY IN THE DAY.
Crop Damage Reports Continue to
Lend strength TO the wheat Mar
ket-PrOvisiOns Are Weaker.

CHICAGO. May 12.-Wheat bulls had a
strong inning to-day, lasting about an hour
and then the bears went in and were still
bearing in an irresolute way at close, the
score standing sc in their favor at the call
of time. Crop damage reports caused the
early strength and realizing was the princi-
pal reason for the decline. Corn was a
shade easier and Ac lower in the end. Oats
also lost a trife, but averaged firm. Pro-
visions were rather weaker, but changes
in prices was in the end very slight.
For a few moments after trading started
in the wheat market showed signs of weak
ness, not from any particular cause out
side of the almost perfect weather, but
from a belief that some substantial reaction
from the advance of the past few days was
about due. This feeling, although not TAX
ing on the proportion of a general move
ment, was sufficient to cause July to open
a shade lower at 13BQ7312c, and to force it
down soon after to 73Ac. Only
for a short time, however, was
the weakness apparent. 1t was the
same old story of crop disaster,
not only at home, but abroad, and the buy
ing which started on these reports and
which increased in volume as the session
progressed, carried the price up to 744c be-
fore II o'clock. Damage reports from Cali
fornia were of the usual gloomy character,
but those from Illinois were still darker.
The area soWn last fall was 1,749, 900 acres,
and all Of that left standing, according to
the State report, is 500, 600 acres. The condi-
ton of that small remainder is 81, indi-
eating oughly a crop of about 1900, coo blu,
compared with a yield last year of rs. 700,0 900
blu from an average of 1850, 900 acres. 1t
was said that the French crop would show
a 20 per cent. shortage from last year,
which, if true, would compel that country
to import at least 80, 900, coo blu. Chicago re-
ceipts were Is cars, Minneapolis and Duluth
received 267 carloads. compared with POI a
year ago and 1862 on the corresponding day
of the year before. Clearances of wheat
and flour from Atlantic ports were equal
70 loI00O bu. New York reported a good
demand for wheat on foreign account. BY
the time the price had reached 74Ac, shorts
had about disappeared, and reports of
showers in California easily broke the mar
ket to 1880. These reports We're afterward
contradicted and a recovery to 1890 ensued.
That was the price asked at the close.
Corn was firm during a greater part of
the session and only eased off when wheat
weakened: Country houses did most of the
selling. The cash trade was good and did
much to steady the market. Exports
amounted to 53l, 900 bu. July opened a shade
lower at 25$sc, sold to 251a025bsc and broke
to 2olsc, closing easy at 251sQ25Ac.
oats were strong early on covering and
with wheat. The market yielded later on
realizing, the selling becoming heavy after
the decline started. The shipping demand,
SO sharp all week. showed a pause to-day.
sold between 1872 and 1Sc and closed at 1850
asked.
Provisions were easy at the opening on
liberal hog receipts here and further west.
Trading was very duh, but enough support
was given the market to cause a. recovery
OF the slight initial decline except in lard.
$3.50, July lard was 213c lower at $751; and
July ribs unchanged at $4.6504.6 71a.
Estimated receipts for Thursday-Wheat,
Z cars; corn, 125; oats, 140; hogs. 20, 900 head.
Leading futures RANGED aS fO1lOuyc.