The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-28
WEAK OUTSIDE MARKET
HELPED BEARS KNOCK 5-sC MORE
OFF THE PRICE OF WHEAT.
Growing Belief in Another Large
kets Weak and Closed Lower.

CHICAGO, May 27.-Weak outside mar
kets and a fast-growing belief in another
large wheat crop made easy sailing for
the bears to-day and caused decline of
Sc Corn lost A@$sc of its previous value
and oats closed shade lower Provisions
ruled heavy, but closed at only trihing de-
clines.
In wheat the tendency of the price was
downward for the most part although
starting firm and a little higher than it
closed yesterday. July was wanted at the
opening for roc to 701sc but the shorts
whose covering caused this little spasm of
strength were so freely accommodated that
the market soon dropped, the price by
1890 o'clock getting down to $3.50 slight
reaction followed, but about 1880 O'Clock
the market got an increase of heaviness
ard broke it's previous record reaching
691s0694c by noon. The early news was not
of a character to influence the market
much either way. The decline at Liver
pool was scarcely the equivalent of the
drop here and, at any rate from having
been expected, it did not attract much at
tention. Receipts at Chicago were four car
loads and the quantity inspected out of
store was $1,000 bu The Minneapolis and
Duluth receipts were 404 cars, against ass
cars week ago and 43S on the correspond
ing day OF the year before. Export clear
ances of wheat and flour from the seaboard
were only moderate, at 265, 900 bu. The
weather being still favorable the traders
saw in anticipation a large crop harvested
The nearness of cutting tine in Texas and
Oklahoma was used for all that could be
got out of it and for much more than it
was worth to scare the bulls. A break of
1c at st. Louis, caused probably by the
nearness of the time when new wheat will
come on that market, went a long ways to-
words accentuating the weakness of the To-
cal market. The trading was active while
the break was in progress, and it continued
IN nervous condition for half an hour
thereafter. July recovered from 69B069Ac
to 69asQ6 912c, then dropped TO 69Hc and kept
close around 69Ac for a time before it
dipped to 6S7sc. The last trading was at
69Ac.
Corn was weak, with prices averaging
3sc under yesterdays close The talk was
that receipts next week will average nine
hundred ears a day. There was big cash
and the market was lower from the start
Receipts were 734 cars July opened a
shade lower at 24c, sold at 241sc, then de-
clined to 23Ac, where it closed.
Oats were steady at a shade under yes
terdayS close, the slight decline being
caused by local receipts of 453 cars. The
shipping demand was not so good, but Of
feringS west showed a falling off Good
cline. July opened unchanged at 171a0175sc
declined to 1850 and recovered to 171Rc
where it closed.
Provisions we're oppressed by a large run
of hogs and the weak grain markets
Liquidation and some short selling caused
ar early Decline but before the close near
ly all of this had been recovered. At the
close July pork was PIC lower at IS; July
lard a shade lower at $3.50 and July ribs
about &c lover at $4.32Q435
Estimated receipts for Friday - Wheat
six cars; corn, $50 cars; oats, 400 cars; hogs
25.000 head.
Leading futures ranged as follows: