The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-10

DROP OF NEARLY CENTS ON CHI
CAGO MARKET YESTERDAY.
Heavy Orders of Long STUFF Dumped
and shorts Added TO the De-
pressing influence.

CHICAGO. April 9-It was supposed that
Wednesdays decline of 32.c marked the
bottom of the descent which has PLAYED
havoc with wheat prices lately This was
proven erroneous to-day by decline of Use
from yesterdays prices. May closing at
6otsc, the lowest price in many months
Weak cables started the rumpus and heavy
incubation kept 1t going. Corn and oats
were weak in sympathy, declining sc and
sc, respectively. Provisions on the con-
trary, were firm, and scored advances rang
ing from 21ac to 1Oc.
Liverpool disappointed the wheat traders
at the opening by quoting a decline of S4d
per GENITAL. in derision of Chicago's tip of
the day before that the decline had gone
Tar enough. That caused starting prices
here to show from sc to sc per bushel loss.
May commenced at 66asc this morning and
July at from 651sc to 661sc. For about TWEEN
ty minutes the tendency was downward,
until at 66c the price for both months came
together. That amalgamation of the QUOTA
ton did not last over two or three minutes.
however, and when they separated it was
found that July had changed places with
May. inasmuch during an advance of 1c
per bushel in May which began after touch
ing 6Gc, it led July by little over &c. for
when May touched &c July could not be
sold for more than 665sq6624c. The highest
quotations referred 10 were made about II
o'clock, and by IL 80 o'clock the prices were
down again to 66ssc for May and 66c for
July. The advance was caused by a fresh
patch of Kansas crop damage reports. and
the strength of the ST. Louis market. from
where they were sent. Minneapolis and
Duluth received 1854 cars, against 2S9 last
week and the same number year ago. The
nrf hrrc .faI
$4,000 bushels-was received with considera-
bic suspicion by traders. The Liverpool
Corn Trade News reported the decrease in
european stocks afioat and quantity afoat
for March TO April l at 100000 bushels,
which was much too small diminution to
be considered other than bearish.
About IL o'clock Il stampede of holders
commenced which in fifteen minutes tum-
bled the price of May to 64l2c. Closing
cables were no weaker than those received
early in the day, and the only cause for the
fresh break which threw everything into
Generalization again was the inviting field
for short selling which a market so devoid
of support from outside speculation dis
played The break was partly due to the
closing out of about $500, 600 bushels of long
Numerous orders to stop long wheat losses
at 65c contributed to the drop below that
point. The closing price for May was Case,
and for July 641sc The latter sold as low
as 6issc.
Corn ruled weak. offerings to arrive being
liberal and demand rather slack. There
became heavy when stop orders were
reached. Cables were better. and the infu-
ence of the wheat break was too strong to
be moved Exports We're large again. $4,000
bushels. May opened shade lower, at
2Slsc. 1t sold as low as 22s4c and closed
weak at 227sd23c.
Shorts were good sellers of oats. and
with the assistance of quite heavy liquida-
ton by the long element on stop orders
created a very weak market. Buying was
urgent, nevertheless, especially by elevator
people and business was large The weak
ness in corn and wheat and prospects of
large receipts were features of the decline.
Exports amounted to 267. 900 bushels. May
opened about unchanged at 16l2G165sc. de-
clined to 157sc and closed with sellers at 151s
M16c.
Provisions opened strong and higher on
better hog market at the yards. Packers
were the best buyers. Armour being report
ed as a large buyer of cash ribs, which
ruled at July prices. Cash trade generally
was reported good, both here and at outside
packing points Good support was given
the market all through the session and
prices ruled firm. At the close May pork
was about 1Oc higher. at $3.50; May lard
about &c higher. at S4.12. and May ribs
about 712c higher. at $4.55q4.57l2-
Estimated receipts for Saturday-W heat,
cars; corn, las cars; oats 1S5 cars; hogs,
10. 600 head.
leading futures ranged az follows: