The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-08
ALL MARKETS WEAKER
LOWER CABLES AND NO FOREIGN
DEMAND CAUSED DECLINES.
July Wheat Closed Nearly Cent
visions Weak in Sympathy.

CHICAGO, April "A combination OF ia
vorable crop reports, weak cables and an
absence of import trading made very dul!
and weak market of wheat to-day, July
closing at decline of about a cent. The
closing of foreign exchange until after the
Easter holidays undoubtedly had some eff
feet on the volume of trading done. Every
thing else on the floor was weak, partly
through sympathy with wheat. Corn closed
1ac lower, oats 1S9Ac lower, provisions so
TIC lower.
A continuance of the weakness which be-
came so marked during yesterdays session
marked the opening in wheat to-day, July,
which closed yesterday at S47s0S5c, ranging
all the way from S47sc to 741ac. Nearly
everything was against the price at the
start. The Michigan crop report was per-
haps the most important factor. That re-
port gave the wheat condition at 96c, the
highest April figures since 1891. Liverpool
showed a decline of about sd, and continen-
tai markets were equally weak. The fear
of damage to winter wheat by frosts, which
has lowered over the market for several
days, was effectually dissipated by the
higher temperatures now prevailing
throughout the West. About the only crumb
of comfort the bulls were given were the
figures on the Northwest receipts, which
showed considerable falling off. Minneapolis
and Duluth reported 1875 cars, against go
last week and 264 a year ago. There was
some scattered buying at the start by local
shorts and scalpers satisfied with recent
profits, but the majority of traders was on
the selling side. Liquidation by discouraged
longs was quite marked for a time, and
there was some active short selling as well.
For nearly two hours the course of the
market was steadily downward, varied oc-
casionally by small fractional rallies as
shorts came into cover. About 80 o'clock
the bad crop reports from California, which
had been coming in all morning, began to
have some effect on the market. The condi-
ton there as a result of the cold and
drought was said to be very grave, some
over 10 per cent. The effect of these reports
was somewhat nullifed by heavy rains in
California during the past forty-eight
hours, but the decline was stopped and an
appearance of steadness given the market.
July had previously sold low S312c,
but it rallied to S3zc, and for the rest of
became excessively dull late in the session,
and the pit at times was not more than
half filled. Although all the local markets
will be open tomorrow, the closing of the
continental markets over the Easter holi-
days had a tendency to narrow the trading
here, and it finally degenerated into more
narrow, Scalping trade. The close was
steady at $3.50 for July.
Corn was easy, influenced by wheat, by
the warmer W6dLner ana prospectus OF larger
receipts on account of the opening of nav
igation. There was a good deal of commits
sion house selling and some professional
liquidation. The decline was stopped by the
heavy cash business. May ranged from 29Ssc
to 29c and closed 12c lower at 291sc.
Weakness in wheat and corn had like
effect on oats, that market ruling lower
from the start Unfavorable crop reports
had very little effect Trade was small,
M nate fr being aa 10 ond
closed 1sQHc lower at 2o3sc.
Provisions were weak, partly with grain
and partly on lower hog prices. There was
continuation of the packing house selling
yesterday particularly of lard. There was
some recovery near the close on covering.
May pork closed 71ac lower at $9.S21a; May
lard TIC lower at s5.1712, and May ribs sc
lower at $5.15.
Estimated Receipts Frday-Wheat SO
Leading futures ranged as follows: