The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-07
WHEAT WAS SLUGGISH
COMPARED WITH THE WILD FLUC-
TUATIONS OF THURSDAY.
May Declined Zoe at One Time, but
Recovered and Closed at $1.49 81
-Other Markets Lower.

CHICAGO, May 6.-May wheat covered a
range to-day of 10c closing a shade lower.
July covered a range of 2l5c, closing at &c
decline. Letter sold 275, 600 bushels. chiefly
to millers. Other grains were heavy. Corn
declined 1s05sc.< Oats unchanged. Frovi-
sions were neglected. Pork closed Csc low
err. Lard ana ribs Ice and 21Ac lower, respec-
lively
Foreign news available at to-day's open
ing of the wheat market was all of a bull
ish character Liverpool recorded advances
of sd for May down to I'd in September
option. Paris rose the equivalent of 27sc,
and Antwerp 114c Mark Lane reported
gains of &c a bushel since Wednesdays mar
ket, Chicago received 1S9 cars, against u
a yea. ago; Minneapolis and Duluth got
326 cars, compared with sol last year. Ar
gentine shipped $4,000 bushels, against
$4,000 last week and $4,000 last year. Pri-
mary receipts at Western markets were
$50 Geo bushels, against $4,000 last year. The
opening trades in July, regardless of for
eigh advances, were at $16p1.O coz, a decline
of 1A@2Ac. May started at $1.46@1H, a
drop of 3Q4c. These losses were entirely
due to pit conditions. Scattering longs
wanted to realize, and found concession
necessary. But the market soon began to
give symptoms of recovery. Before the end
of an hours trading early sellers were on
the run, and July had sold up to S1.02. Do
nestle statistics were of no significance ex-
cept that primary receipts afforded little
indication of supply exhaustion, and en-
couraged short selling of distant futures.
Hesitancy in this market apparently af-
fected the foreigners, and Liverpool eased
off until at the close net gains there were
limited to 2ssd in July. Strong outside mar
kets kept the Chicago pit traders nervous,
and fluctuations were violent over a narrow
range. July made top figure at S1.0215,
after which it slipped again to $l.007s, re-
covered to 81 .O1A, and was at IL O'Clock quiet
for a while around $10l12 and $1Ol%. Sep
TENDER during the same time rose from
S319c to Sac back to S3S4c, up to Sc, and
down again to SAC. May on light demand
reacted from $1.4G, where it hung listlessly
during the first two hours, to $3.50 Letter
satisfied the demand at $1.50 and 1t closed
at 81. 49M bid. July eased off to $l.e0A near
sellers, or nc net lower. Letter reported
sales of $4,000 bushels, half for export. For
eigners he said, had not responded to the
advances demanded last night. Engage
ments were made by Letter at the seaboard
for twenty-five steamers, with q carrying
capacity of 4.0C0,OO0 bushels, for May and
June sailings.
Corn opened weak and 1c lower with
wheat. A good demand both for options
and cash grain, developed, and the market
quickly recovered. Chicago received 5S7
cars. Crop news to-day began to take an
unfavorable aspect. Frost reports were at
hand from points in Kansas and Nebraska
and splanting operations were reported gen
orally delayed One sale of 100000 bushels
was made by cable. Seaboard clearances
were 1,674000 bushels. Near the close some
realizing caused 15c reaction from the top
July opened 7sc lower at 1898 13324c, sold ur
from 33lsc 10 341e@345sc, closing lsq5sc net
lower at SAC.
Oats started lower with wheat but rallied
and ruled firm on large export sales al
the seaboard. Clearances were 245,OOO bush
els and Chicago receipts 331 cars. July
opened asa15c lower at 2614@26ssc, sold up
from 26lsc to 27Ac, closing unchanged for
the day at 26a4c.
Provisions were dull, easing off after a
steady opening on packers selling. Lard at
Liverpool was quoted Sd lower; bacon dull
and unchanged. The trade was narrow and
fea tureless. July pork sold between $lld
11,2G, closing Csc net lower at $11. July lard
$5 S21590, closing 10c net lower at $5S2 July
ribs $5.52@557 closing 212c net lower at
$5.52@555
Receipts for o-morrow-Wheat, 167 cars;
corn, 625 cars; oats, $50 cars; hogs 2O,C0-
head.
Oh