The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-12
CLOSING PRICES DOWN
WHEAT SOLD OFF RAPIDLY ON
ENORMOUS WORLDS SHIPMENTS.
Bad Crop News from California
Caused a ReactiOn-Other Markets
All Weak in Sympathy.

CHICAGO, April 11.-Wheat to-day sold
off 115c, largely on fine weather and enor-
nous worlds shipments. Closing prices,
however, showed a decline of but A@7sc,
sensational crop damage reports from Cali
fornia relieving the pressure late in the
day. The Presidents message was not a
factor, the contents not being generally
known until trading for the day was prac-
tically at an end. Corn and oats and pro-
visions were all easier and left off at small
declines from Saturdays final prices.
The opening tone in wheat was distinctly
weak, July starting at from SAC to SAC,
compared with Saturdays closing price of
S43sGS4Ac. Several influences combined to
bring about the decline. Advices from
Washington early were of more pacific
character, and as a good deal of buying has
been done of late on belief that the impend-
ing hostilties would bring about higher
prices, this fact was responsible for more
or less unloading. The weather West was
very favorable for farming operations and
early crop reports were bearish. The gov
eminent crop report was expected to show
condition Of 81, against Sis last year, but
uncertainty in regard to this and the fact
that the foreign markets were still closed
had tendency to restrict trade all day.
Small Northwest receipts were practically
overlooked. Minneapolis and Duluth re-
ported 271 cars, against 357 last week and
CO. year ago. Chicago receipts were
eighty-tive cars. The addition TO contract
stocks was large. Besides receipts of forty
one cars of this grade from regular sources,
twenty-three cars and 1900 bushels were
received from mixing houses and a cargo
of 70175 bushels by lake, total of about
$4,000 bushels. Worlds shipments were
enormous, amounting to 1O376,00O bushels.
Liquidation started at the opening and was
kept up without intermission for some time,
the price finally dropping to S314c. This was
below put price, and slight rally was
caused by buying by holders of these priv
ileges, July reacting TO S3SsQs334c. This
show OF strength lasted but short time.
The visible which was expected to show u
decrease OF about million bushels, proved
a severe disappointment to the bulls, the
decrease amounting to but $4,000 bushels.
The market quickly sold off again en- this
announcement and the lowest prices for the
day were recorded, July getting down 10
S31sQS314c. The market then steadied some
what on covering by shorts, but did not
rally much until after the noon hour, when
the great strength of the San Francisco
market and decidedly sensational reports as
to the condition in California put a different
complexion on things and caused the best
buying Of the day, some really important
short lines being covered. The California
reports were the worst so far received, a
hot norther prevailing, with an advance Of
4 2-1Oc at San Francisco. During the last
hour of trading the market showed a good
deal of frmness. The July price finally adj
vaneed to SS7sc, and closed at that figure
Corn was very weak early. Fine weather
and the break in wheat started general SELL
ing, a break of 12c resulting. The market
soon became dull, with narrow fluctuations,
until near the close, when the rally in wheat
brought buyers into the market, and prices
rallied to the best point of the day. May
ranged from 29%lc to 293sc and closed 1s6I54c
lower. at 293s@29slc.
Oats in u general way sympathized with
wheat and corn and ruled weak and lower
on moderate amount of trading. The fine
weather also counted The demand was
very light until near the end, when it i'm
proved on the wheat rally, the market clos
ing falrly steady at some rally from the
bottom. May ranged from 25ss6p254c to
253sc and closed shade lower at 259sc
Business in provisions was light and most
ly Of a scalping nature. Lower hog prices
the grain decline and the more peaceable
prospect at Washington were responsible
for an opening decline and the still lower
proved with the late recoveries in grain and
closed steady. May pork 715c lower, at S. 80;
May lard PFC lower, at $51715, and MAY
ribs 21Sc lower, at $5.171a
Estimated receipts for Tuesday--Wheat,
Jos cars; corn, 300 cars; oats, 800 cars; hogs,
% 900 head.