The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-28
THE BEARS STAMPEDED
AFTER EARLY DECLINES WHEAT
MARKET. JUMPED sKYwARD.
Foreign Quotations Growing StrOn-
ger, Antwerp Advancing lie in
Two Days-POrl< Lower.

CHICAGO, April q. - July wheat bears
were stampeded on Change to-day. The
option named made a clean advance of 3slc,
viping out an early decline of PIC and clos
ing with net gain of 13sc. Everybody was
en- the selling side from the start on lower
cables, favorable crop news and declines at
the Northwest. But foreign markets re-
covered sharply Antwerp scoring an adj
vance of 4Q6c. Shorts rushed to cover and
bid July up from 91Ac to csc. May wheat
recovered most of sc decline but closed
with net loss of 1Ac. Corn and oats re-
covered early declines and closed unchanged
to lsc higher. Provisions ruled dull. Pork
declined &c, lard 211c and ribs closed steady.
The foreign wheat markets, which were
controlling influences at the opening here
to-day, showed a deal of irregularity. Liv
erpool quoted declines of 14Q2d, while Paris
came 2A@3A centimes higher. The extreme
ly favorable crop bulletins had a bearish
effect, as did also needed rains at the
Northwest. Trading began at q decline Of
Ac in July wheat. For half an hour the
market acted strong and rallied twice to
yesterdays close, but at the end of the time
mentioned an avalanche of offerings struck
the pit and prices dropped with a thud
from 931ac to 9f4c Not much account was
taken of the statistics pertaining to the
daily movement Of wheat but the favorable
weather for growing winter wheat was in
the minds of the people who sold wheat
short early in the session. Chicago receipts
were 100 cars, and seventy-two of them were
contract. Receipts here year ago were
thirteen cars. Minneapolis and Duluth re-
ce1ved 327 cars, against 207 year ago. The
clearanceS of wheat and flour from Atlantic
ports were. equal to $4,000 bu., Closing
V.IWp n
l Northern spring wheat Sd Genital up for
the day, the price being 9s 3D., or $1.33A
unexpected quarter. Antwerp was reported
as buying a cargo of California wheat off
the English coast at an equivalent of ST.
a ou, and the Antwerp market advanced
6$4G77sc, lac in two days. English wheat
brought 81. 50 bU in the London market to-
day, and English country. markets showed
items caused stampede among the shorts
and Just before the close July sold at Csc.
May Ma rallied from q is to $12134. July opened
cline0 to 91Ac, advanced to CSC, closing at
9z%c, net gain of 1asc.
Corn was heavy at the start on free SELL
ing by elevator people, who reported coCn-
try acceptances of 1000 600 bushels. Foreign
acceptances were smaller than for several
SSoST Rsa 5eesps s bS verpco
showed AQhsd advance. The advance in
wheat s1t. started some buying in corn; causing
at 337bQS4llc, sold at ,SS94c, advanced to S47Sc,
closing al 345sc, net gain Of &c.
Oats followed corn. Trade was only
moderate. Chicago receipts were 257 cars.
July opened NC lower, at 25c, sold at 24a4c,
rallying to 25Ac at the close.
Provisions started weak on heavy hog re-
ceipts. Trade was not broad, but the early
losses were quite recovered. Liverpool re-
ported bacon and hams cd and lard Sd
higher. There was a good cash demand
here and shipments were liberal Ribs did
not yield as readily as pork and lard. July
pork opened l5c lower, at $lL371a. sold be-
tween 1.35 and $115215 closing SC net lower
at 81 :47!s. July lard started 5@10c lower, at
$56505.70, sold at $5.65Q575, closing at
$5.7212, a. net loss Of 21ac. July ribs ranged
from $3.50 to S5.5714, closing unchanged at
the top.
Estimated receipts for o-morrow-Wheat
12S cars; corn, 465 cars; oats, 315 cars; hogs,
81 coo head
f11t11roS 70 foII