The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-11
A GREAT BULL SCHEME
CHICAGO BOARD VOTES TO DIsCoN-
TINUE NO. 2 sPRlN WHEAT.
VIII Restrict the Speculative EIe-
Small Yesterday.

CHICAGO, May 10.-By a vote of ass to
1876, the Chicago Board of Trade to-day
voted 10 discontinue the use of No. 2
spring wheat as a contract grade, thus
placing this market on an equal footing
with the other big grain centers of the
country. This leaves only two contract
grades of wheat for future delivery, No. l
Northern spring and No. 2 red winter. The
elimination of the No. 2 spring grade, it
was claimed. would markedly restrict the
speculative element, hus rendering much
easier the creation of corners On the
other hand it was commended by the sup
porters of the amendment that it would
tend to elevate the standard of speculative
trade. The elevator men were generally
credited with being against the amend
ment. The rule is to go into effect on Oct.
l. There are in round numbers 100000
bushels of No. 2 spring wheat in Chicago
elevators and only about 100000 bushels
of the other grades. All this former larger
amount VIII be thrown entirely out of the
regular wheat market.
With a government crop report hanging
over the market, generally an augury Of
lower prices, wheat to-day managed to ad-
vance 15c. 1t was helped considerably by
a big worlds visible decrease. Corn and
provisions were very dull and closed at
substantially unchanged prices, except for
lard, which shows a small decline. oats
were in good demand and advanced Ac.
There was no change worth speaking OF
in the price of wheat when trading COM
menced. 1t was rather inclined to go lower
for a matter of thirty minutes and for that
length of time also business was very dull.
When the figures relating to the visible
supply began to indicate a heavy decrease
the market began to harden in anticipation
of such a result and Gained down again
after it was realized to the full. July
opened at 1B672c and then commenced an
advance which continued Until 1874 was
paid. One of the reasons for the opening
easiness was the slight response of Liver
weather all through the wheat belt was
favorable and receipts at Minneapolis ana
Duluth were liberal, those two cities re-
porting 419 cars against 535 last week and
379 on the corresponding day of the year
before. The pending government crop re-
port tended to restrict trade for a while,
but it became almost certain as the season
progressed that the report would favor the
bulls and this belief greatly strengthened
the market Realizing on every bulge
however, made it a decidedly nervous mar
ket toward the end of the session. The Wis
ible finally showed $4,000 blu decrease, a
million more than a year ago. The price
rose again higher than on the first bulge.
reaching 1888 before the advance enticed
sellers enough to knock it down again.
They knocked it hard when they did start,
July getting down to 7zs4 bid by closing
time.
Corn was almost lifeless. The frmness
which might naturally have been expected
from the strength in wheat was offset
somewhat by the fine weather and the
favorable outlook for the planting. The
visible supply decreased 1885, 600 bu. July
opened unchanged at 24bc, sold between
244c and 24B@25c, closing at 247sc.
Oats were fairly active and ruled some
what higher, the feature of the market
being free buying by elevator people. That
was responsible for the advance. The fine
woo fHARs xyne a Ia riG a n Tn with tho
more deferred deliveries. The visible sup
ply decreased S24, 600 bu. July opened UNI
changed at 173sc and advanced to 111sc,
where it closed.
Provisions with all their dullness were
steady, except for lard, the decline in that
staple being due more to utter absence of
buyers than to liberal offerings. The mar
ket was helped by firmness- of wheat, but
liberal hog receipts prevented any advance.
At the close July pork was unchanged at
$S.621a, July lard sc lower at $404.0212 and
July ribs unchanged at $4.6712Q4.O.
m receipts for Tuesday-Wheat,
II cars; corn, 800 cars; oats, $50 cars; hogs,
70, 1000 head.