The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-20
WHEAT CLOSED HIGHER
AFTER A SESSION OF DULLNEss
MARKET DEVELOPED STRENGTH.
Corn Remained Weak Through the
Day, but Oats Advanced-Pro-
visions Went OF.

CHICAGO. May 19.-Wheat opened and
closed strong after a long intermediate
spell of dispiriting dulness and tendency
to drift downward The market closed at
advance of Zee. Strong cables, favorable
crop reports and big export engagements
took turns in mildly buffeting prices Corn
was weak and declined nc. Oats advanced
Bc and provisions closed at a 5-cent decline
for pork and unchanged for lard and ribs.
In wheat Liverpool had recovered an
early decline and was already I'd higher
than it closed yesterday before this mar
ket opened. This was due, it is claimed,
to bad reports from the French crop.
Apart from the cables there was nothing
in early news differing much from the pre-
vailing conditions of yesterday and the
opening advance was due solely to the
Liverpool firmness. July opened here from
Tic to Inc against yesterdays closing
price of 705sc most of the trades at 711sc
for about two minutes and for an hour the
price did not go below 705sc or above the
highest of the opening quotations. The
crop news was rather favorable for the
bears, as the weather crop bulletin re-
ported everything favorable with steady
increase in prospects California adVlceS
said no rain of consequence there and
weather hot, but as the San Francisco
market was easier the crop news from
there did not help the market materially
There were reports of damage by the Hes
sian fly in Michigan, Kansas and Missouri
but as they were not accompanied by Duy-
ing orders they had little influence. Specu-
latiVe business was slack in the middle or
the day, both bulls and bears expressing
uncertainty as to the future of the market
but after II o'clock the market began TO
go down. Outside of Liverpool, foreign
cables all weak and lower and even
Liverpool did not hold all of its strength
July finally sold down to 709su1012c, but
about, twenty minutes before the close the
market became as strong as the opening
on reports of considerable quantities of
wheat taken for shipment east. Vessels
were chartered for over 100000 bushels to-
day. Although some of it was wheat bought
the day before there was probably over
100000 bushels of the whole bought to-day
July rose to 711sc and closed at 71011sc.
Corn was fairly active and heavy on large
country purchases by elevator people
The weather was favorable and the outlook
good for the coming crop Exports were
1875, 900 bushels. July opened shade high
err at 24%c declined to 24Ac and rallied
with wheat to 243sQ2412c bid, where it
closed.
Oats were steady all day, but uninterest-
ing. Trading was narrow, the strength
coming principally from a good shipping
inquiry. Exports amounted to $1,000 bush
els July opened a shade higher at 17AQ
177sc and was held through the session at
177sc, which the closing price.
Provisions were fairly steady on a small
amount of business. The market was weak
early on selling by the packers, but recoV-
cred later under covering by shorts AT the
close July pork was DC lower at $8.1712; July
lard unchanged at $3.50 and July ribs UNI
changed at $4.47h.
Estimated receipts on Thursday-Wh
Z cars; corn, 220 cars; oats, 210 cars; hogs
10000 head.