The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-05
THE BEARS IN CONTROL
CHICAGO WHEAT WEAK FROM
START, CLOSING L 1-2C LOWER.
All Markets Suffered from the General
Depression, Closing Weak and
at Material Declines.

CHICAGO, May 4.-The fine weather was
again the big factor in the grain pits and
the bears added one more victory to-day
to their numerous previous successes. All
the grain markets and provisions were
weak at the opening and became worse the
longer the trading lasted. Wheat lost 112c;
corn, &c; oats, Ac; pork, from TIC to l0c;
lard sc, and ribs, 71ac.
The long looked for sunshine was the
only feature in wheat at the opening, the
Improvement in the weather not only coun-
teracting the effect of higher quotations
from Liverpool London and Paris, but also
wping out about 12c of the price which pre-
vailed at the close yesterday. The foreign
markets were probably firmer because OF
the poor prospect for the growing crops of
the United Kingdom and France. With the
exception that the weather was more faV
orable for seeding, the home prospects
were no better, but that one fact over
Swallowed everything else. July opened at
70Q70Ac, yesterdays closing price being
70&c. 1t ranged between that and 697sc for
a time and then began to feel more and
more the pressure from the short sellers
which showed no sign of cessation until the
price had been forced down to 69Ac. 1t was
hanging around the latter point when
received at noon. There was temporary
diversion in favor of the bulls. 1t gave
decrease for the week Of 6216,000 blu. Many
of the smaller shorts were in hurry to
cover on such a striking decrease ana
many hestating bulls took hold also, but
most of the heavy shorts waited till the
buyers had exhausted themselves, which
they did in very short time after sud
den squirt had carried the price up to IO1sc.
Then the heavy guns were turned again
on the market, and in half an hour they
had smashed it down to 6S%4c Chicago re-
ceiptS were "a cars. Minneapolis ana Du-
luth got 1893 carloads against $40 a week
ago and So a year ago: Atlantic port
bu of wheat and 13,442 barrels OF Hour.
After declining near the close TO 664Ub6Hsc,
July stopped at 69c, or 112c loss for the day.
There was fair amount OF trade IN corn
in which, as in wheat the bears had the
upper hand. The weakness was due to the
fine weather in the country faV0rlng the
early preparation of the ground Tor pant
ing and to the weakness in wheat. July
was offered very freely Exports amounted
to $4,000 blu. July opened shade lower
at Csc and declined to 2412c, where it closed;
deliveries were dull. The urgent demand
for the cash article was the cause I0r the
buoyancy of this month. Rain and Iree
selling influenced the drop in July ana sep
TENDER Business was quite steady, taken In
all. Exports were 125,000 blu. July opened
a shade lower at 1712c. declined TO lIAc ana
closed at 17A@7$sc asked:
Provisions were easy, affected principally
bv the general decline in the grain pits.
Hog products were also weak and had some
influence. The market opened larry St9auy'
but soon turned weak and renamed me Il, SO,
July pork was 10 cents lower at $500; July
lard about TIC lower at $4O0 and July ribs
&c lower at $3.50. ,.,.
Wheat, Il cars; corn, 14O; oats, 1856; hogs
2S 900 head.