The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-15
WHEAT TUMBLED $3.50
LIVERPOOL WAS WEAKER, AND
BULLS WERE WITHOUT COURAGE.
Lack of Strength in the Leader
Served to Depress Other Markets,
and All Closed at Declines.

CHICAGO. May 14.-Extreme weakness
of the Liverpool market following the bulge
here yesterday almost crushed the life out
of the local wheat bulls to-day and re-
suited in a 1870 decline. The only breathing
spell the bulls were afforded was near the
close, when good export engagements were
reported. The other markets were very
dull. Corn declined 1sQAc; oats closed sub
stantially unchanged and provisions lost
5Q713c.
In wheat the more than indifference of
Liverpool to the advance here yesterday
caused a weak opening. The foreign mar
ket opened easy for futures without much
change in price, but by 10 o'clock noted a
decline of Id per Genital. That was the
most important and influential feature of
the early news, and had the effect natur-
ally due to it. July wheat, which closed
yesterday worth 7412c, opened with sellers
at from 1890 down to 1872. During the first
hour the tendency was towards recovery,
July touching TAN at one time, but there
was wheat for sale on every recovery, and
that continued to be the condition of things
during the remainder of the forenoon.
Northwestern receipts were 346 cars,
against 31 the preceding Friday and 24
the corresponding day the year before.
Chicago received seven carloads and with
drawals from store were 19S,OO bushels.
The c~learanceS of wheat and hour from
the Atlantic seaboard were dlscouraglnSiy
light. being only equal TO 62, 1000 bushels, IN
wheat ana -four together: Inc only helpLuI
matter TO the bulls was the quantity Will
drawn from Chicago warehouses. Inc
market began to weaken about the middle
of the day and had got down TO I5c LOT
July about II o'clock. Previous 70 tnaI
the fluctuations had been kept within the
range of 731ac and 7414c. Closing cables re-
ported Liverpool from Id to lAd lower TOT
futures and steady to 12d lower Tor spot;
that considerable cash business had Deen
lone here for shipment East ana at New
York for export. The quantity sofa mere
was 230, 900 bushels. 10000 bushels going
East by lake and the remainder in olf1erent
directions by rail to country mllls. On tna5
information the price recovered TO 'o4c anu
closed AFT 751sc. Up to the close of Chan3e
the EXPORT business reported zone at New
York WAS twenty boatloads; nu
Corn was very dull and not SO oadly
wanted by shorts as of late. Frosts IN the
West last night helped to sustain the mar
ket for a time, but the weakness or Wheat
finally had its effect and prlc6s q yltiugu'
Exports were very light, only lO9,OOQ Dush-
els being reported. July opened unchanged
The market for oats was dull, with an
easy feeling at the close. An urgent cash
demand existed and caused some advance,
which was lost later under snort sellIlS
and in sympathy with wheat July opySoHlfeoo
a shade lower at 1890, sold to l012QlS?sc,
dropped back to lSAc ana closed at 1918
Provisions were dull and easy to-day.
Heavy receipts of hogs West caused an
0Dening decline and the market hardly
moved from the quotations then mace.
nglish houses were prominent sellers: AZ
the close July pork was n12c lower at
S.. so; July lard, sc lower at $3.50, and July
ribs. sc lower at $3.50. w.t.
timated receipts for SATURDAY" nedt'
5 cars; corn, us cars; oats, 1875 cars hogs'
ia 0n0 head.