The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-16
DECLINE OF 20 CENTS
PRONOUNCED WEAKNESS IN OPEN
ING PRICES OF LETTER WHEAT.
Most of the Loss Afterwards RecOv-
cred, While other Months Closed
Higher-PrOvisiOns Less Active.

CHICAGO, May 14.-The peculiar irregu-
larity of the wheat market was the excep-
tional feature on Change to-day. May
wheat opened at $130 per blu, recession of
zoe from yesterdays closing price. Letter
showed a disposition to protect his prop
erty. however, and the close was at $14424
a net loss of only sac. July fluctuated over
range of sac, closing at $1O412c, a net
gain of Nc September did better and fin
ished at ansadvance of 11kc. Corn and oats
closed with a loss of about &c each. Pork
showed an advance of sc, but lard and ribs
closed at decline of 21ac.
Wheat opened weak Liverpool reported
I'd loss for May, 2Ad for July and 212d for
September. London reported sellers of car
goes at Is decline. Continental markets also
showed extensive liquidation. Under these
influences May wheat started here at a loss
of zoe blu, or at $1.90. July began at a
loss of 214Q9c below yesterdays close SELL
ing at $1.01AG Chicago receipts were 367
cars, compared with seven last year. Min
neapolis and Duluth reported 49S cars,
against 346 a year ago. Primary receipts
aggregated $4,000 blu, compared with only
S47 900 the year before. Atlantic port clear
ances for the day were equal in wheat and
flour to $4,000 blu. Beerbohm estimated the
bu. With these bearish statistics traders
rapidly regained their narve and put out
short lines with more assurance than has
been discernibe in the past fortnight. They
reckoned with their host however. Through
various brokers Letter gradually absorbed
offerings and shortly before the close the
short sellers found themselves pocketed. In
their anxiety to even up July was advanced
steadily to I.07. Half an hour before the
close a realizing movement set in winch
could not be stemmed. July went off Zee at
a quotation, touching $1.04 just before the
gong sounded. A slight rally carried, 1t
back to $1041A, closing with sellers at that
price-a net gain of Ac. May opened 20c
lower. at $3.50 The price was practically
nominal, the recession being found neces,
up the offerings on his evident willingness
to support the price. The bulk of new bust
ness, which is rapidly being transferred
the September options, showed no increase:
Trades in that month began at decline of
5s@5sc or at S714ggS71sc "A few few sales + were re
July caused a rally to 90Ac. Realizing near
the close carried it back to $3.50, net
gain of 112c.
The heavy receipts of corn and opening
weakness in wheat made a heavy market
for the former. The rally in wheat and pro-
visions later in the day and the good cash
the recovery of the early loss, with an addi-
tior of &c or so besides. Receipts were 959
and for the day Atlantic port clearances
were 755.0O0 blu. Chicago receipts were 646
cars. Trading was active: July opened 11sc
to nc lower, at 351a@35%c, advanced to
361sc. split. and closed at S6Q361sc. sellers. a
net gain of 1G4c.
Oats ruled very nervous covering early
caused a bulge, but the improvement was
lost in the end by profit taking. Chicago
receipts were 300 cars and seaboard clear
ances amounted to 254, 900 blu. July opened
at 261ac a loss of &c, declined to 25asc,
rallied steadily, recovering to 26AQ26ssc at
the close, a net loss of AG&c.
The \break in wheat and corn at the start
encouraged some bears on provisions to
make savage drive at their own market,
the consequence of which was a considera-
bio decline at the start. Buyers took adj
vantage of the bargains being offered and
absorbed them ALL and when more was
wanted the product was hard to buy with
out advancing prices. The latter alterna-
tive was accepted and prices had to go up.
At the close pork was sc higher for the day,
lard without change and ribs sc up. The
total at Western packing places was $1,000
head. compared with $4,000 year ago. Re-
ceipts this week were $4,000 head. and in
the similar week last year 161 900 head. Liv-
erpooI made no change in quotations of
bacon, but noted Sd decline in lard.
Estimated receipts for Monday-Wheat,
$50 cars; corn, $50 cars; oats, 430 cars; hogs,
900
ood;,,c. f,,f,,rac ropoad &c foIIouyc.