The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-14
JULY WHEAT ROSE 1 1-8C
SCARCITY AT sEABOARD, WITH MAY
BRINGING A PREMIUM.
Other Markets Felt In Strength in
Corn, Oats and Provisions.

CHICAGO, May 13.-The scarcity of wheat
at the seaboard as indicated by a big pre-
MUM which May was bringing at New
York attracted considerable attention in the
local market to-day and was one of the
reasons for the 1Bc advance in July which
marked the days business. All the other
markets felt the strength of wheat, corn
advancing SIC, oats A@3sc and provisions
about 212c all around.
Wheat opened with some disposition in
the crowd to buy at a slight advance over
yesterdays close, although no reason for
the strength was apparent unless it was
the influence of last nights strong curb.
This reason, although shadowy, was suffi-
cient to start July at 1c advance at 7312c
and hoist it up to 739s@73Ac. There the
slump, which was inevitable in view of
the nature of the early news, occurred, the
market sliding off by easy stages to 73c,
which marked the ebb of the tide for the
day. The bearish news consisted of a Ad
opening decline at Liverpool and another
1ad decline later on. California kilograms
said that even if all the late-sown wheat
was destroyed the area left was practically
as large as the harvested acreage of last
year. Much-needed rain was also reported
from various parts of the State. Northwest
receipts were liberal, the number of cars
received at Minneapolis and Duluth being
81, against 1853 q week ago and 263 last
year. But the rest of the news and Statis-
tics was bullish and was Instrumental in
hanging the bearish feeling to a buliish
one. Liverpool recovered I'D of the decline
before that market closed and other conti-
mental markets showed good advances. New
York wired that the engagements there and
outports yesterday aggregated 100000 bu
and there had been rather free acceptances
to-day on last nights cable orders. Boston
and Baltimore also cleared freely and 10000
blu was reported taken here for export.
Predictions of a frost for tonight quick
ened the demand considerably. The market
showed decided strength during the last
hour, and as high as 47Sc was paid for
July on a reported sale of thirty-five boat
loads for export at New York and difficulty
there to get wheat to deliver on May con-
tracts. The closing price was 7412c asked.
Corn was strong and fairly active. The
advance in wheat, small receipts and pre-
dictions of frost tonight in several West
ern States all had their effect in producing
the firmness which characterized the mar
strong. Exports amounted to 1920 bu.
July opened a shade lower at 251sc, sold at
2502518c, then advanced to 259sc, closing at
In oats the working of a big line for
shipment was the main cause for the firm
ness which existed. Trading was fairly ac-
Exports were 104. coo blu. July opened I'M
changed at 1S1sc, sold between 18Q1812c,
closing at 19$sQl912c.
Outside Of some buying by packers, trad
ing in provisions was not very active. The
market, as a rule, was firm, with wheat,
although exhibiting some opening weak
Fluctuations We're confined to a narrow
range. A t the close July pork was PFC
higher, at SSH; July lard, 212c higher, at
. Estimated Receipts for Friday~Wheat, 7
cars; corn, 115 cars; oats, 100 cars; hogs,
%, goo head. ~