The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-14
SLUMP in GRAIN PRICES
RUSH OF SHORT SELLERS AND PROF
III HUNTERS AT SAME TIME.
July Wheat Loses &c and the May Ar
ticIe Loses 15c, Dropping to $1.5O
Other Markets Lower.

CHICAGO May 13.-Liquidation and short
selling to-day caused a general decline on
the Board of Trade. May wheat closed at
a loss of 15c, July &c and September 21sc
Provisions followed wheat. with declines of
45c in July pork and 15c in lard and ribs
Selling was by packers and longs gener-
ally Corn and oats suffered a loss of sc
on liquidation.
Wheat opened weak at from 1%c to SIC
lower for July than it closed yesterday
opening trades in that delivery being over
a range of from $1.O5 to $1.061a May opened
weak at $1.5e decline of 15c over night
September dropped from SAC to 1c at the
start, the first transaction being from S9Ac
to S91bc Before any recovering from the
opening bearishness was perceivable July
sold down to $1.04%4 and September to SS4sc
The Liverpool market was remarkably
steady, showing only about Id loss at the
start in the face of yesterdays break in
this market. Argentine shipments of only
S24 600 bu against 1885,, 600 bu the week be-
fore, was considered a bull card but failed
of effect, owing to heavy domestic receipts
The latter aggregated $4,000 bu. compared
with $4,000 the year before. Chicago re-
ceived 255 cars. against Z a year ago. Min
neapois and Duluth reported 515 cars, COM
pared with SAG last year. Seaboard clear
ances footed up $4,000 blu wheat and flour
Shorts were extremely nervous. Pit trad
ing was small, and, although professionals
ventured modest flyers" on the short side,
they ran to cover on the slightest sign OF
returning strength in the market. July,
after touching $1.O4%. rallied to H.07, but
slid off easily again when the demand from
shorts failed. Closing cables showed in
creased bullishness abroad, with declines of
21aG31ad at Liverpool and lac at Antwerp
Reports of harvesting from Texas and a
probably early cut farther north treasured
short sellers, July dropped listlessly to $1.04,
closing at $1.0i4 bid. net loss of 4c. May,
which started at $3.50, rallied to $l.55 on
Letter support but eased off near the end
to 1.46, and closed al $3.50 sellers, net loss
of 15c., Exporters reported no sales. Sep
TENDER started s401c lower, at S9A@S91ac,
sold off to S7qS77sc, closing 21sc net lower,
at SS1sc sellers.
Corn was for sale in large chunks from
start to finish. Concessions were made at
the opening of Zee. A slight rally followed,
but renewed liquidation forced the price up
again. Foreigners were reported as re-
sellers of corn bought for forward ship
ment. The Liverpool market was weakened
by freer offerings of corn from Argentina
The decline at Liverpool was I'D for spot
and from lad to lad for futures. Reports
from the country were numerous to the eff
feet that replanting had to be resorted to
extensively on account of seed having rot
ted in the ground Local receipts were GAG
cars. Atlantic clearances were $4,000 bu.
Argentina exports for the week were 312, 600
blu, against 10000 bu the week before. The
opening business In July was at from 361sc
down TO 36c, as against 3612c sellers at the
at the reduction, and the July price rallied
to 1854 d36$sc, but on the continuance of
sales of long corn it dropped to 3534M357sc,
and closed at 357sc sellers, net loss of 5sc.
Only moderate business was transacted
in the oats market An easy feeling pre-
vailed. with May longs anxious to sell. The
favorable weather was responsible for the
eaSineSs of the more distant futures. From
the seaboard 10000 bu were cleared. Re-
ceipts here were 269 cars. May closed with
a total loss of 1Ac. July started at &c
14c below yesterdays close, sold at 271sc,
and declined to 269sc at the close, net loss
of sc
The disposition of provision traders was to
take profits on strong spots in the market.
The lowest prices were prevailing at the
to zoe decline in July pork, 212Q5c in lard
and from 219c to TIC in July ribs. That
was succeeded by a considerable upward
reaction but the upturn was met by heavy
selling on the part of packers, and prices
quickly receded, closing at the lowest point
of the day. Outside trade was considerably
lighter than yesterday, and profit taking
was general. Total hog receipts at West
ern points were So 900 head. Lard al Liver
pool was quoted Cd higher and bacon 1Q2s
over yesterday but even this failed to sus-
tain prices here. July pork ranged between
$11.65 and $1217, closing 45c net lower, at
$11,65; July lard from $40 to $780, closing
15c net lower, at $3.50; July ribs from Sc. 10
to Sc. 3Cq6.32, closing 15c net lower, at $6.12.
Estimated receipts for o-morrow-Wheat,
290 cars; corn, $50 cars; oats, $50 cars; hogs,
5000 head.