The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-13
SELLING FOR PROFITS
HEAVY UNLOADING OF WHEAT AND
DECLINE ALL AROUND.
Provisions Strong and booming, Pork
Adding 49, 1-2c TO Former Quo
tatiODs-Lard and Ribs Up.

CHICAGO, May Fin spite of heavy
selling to secure profits, provisions to-day
scored another advance on Change. Pork
closed 2212c over yesterday. while lard
gained 10c and ribs 22lac per hundred. Clos
ing prices were shade under the best
Wheat was erratic, as usual, but at the ex-
pense of the price. July closed at a decline
of 2Ac, after covering range of 512c. May
was practically nominal. selling down to
$1.6O and closing at $1.65, net loss of lac.
September lost 1ssc. Corn and oats suf-
fered from realizing, losing good early adj
vances and closing 14c net lower.
Cable advices from Liverpool available at
the opening in the wheat pit were encour-
English market showed only a trifling de-
cline, and advances of 119Q2d in distant flu
lures, in spite of the 4c decline here yes
terday. On this news first trades in July
were at $1.12G1 1212, an improvement of 11a
@2c. Continental cables and fine growing
weather at the Southwest combined with
a continuation of heavy primary receipts,
created a bearish feeling among the few
who ventured into the pit. These bearish
features of the situation which were lost
sight of in the recent excitement, supplied
the bears with the courage to oppose the
opening upward trend of prices. The
strong party that had for two weeks played
on the fears of the shorts so adroitly had
evidently made their turn and were well
satisfied in leaving the market to the tail
ers." July, after touching Sill and rush.
ing up to $1l2A, eased off to 81. 10. Chicago
Minneapolis and Duluth reported 519, COM
pared with 277 the year before Primary
the Year before eb 1
amounted to 10000 blu wheat and flour.
July declined steadily after the first hour
to $1.o7A; which was the prevailing price at
II o'clock Then the nervousness of shorts
was clearly Illustrated. News of the de-
struction of an Armour elevator by fire
caused the bears TO rush July to $l.1O in
their efforts at covering When it became
known that only 100000 bu of wheat was
$1.OS, with $1OSA the prevailing quotation at
the close. May was dull and neglected
Throughout II opened lac lower at H.65.
rallied to $1.70, declined to $16O and closed
with sellers at $165 net loss of lac.
September opened ss@13c higher at 92q921sc,
advanced to 92Ac broke to 9OAc, closing at
Trade in corn was active. opening at an
Improvement of 3sG12c. July further i'm
proved to 373sc. Heavy liquidation set in.
receipts were 721 cars. Seaboard clearances
aggregated 100000 blu. Liverpool quoted
July 1Od higher for the day July opened
9s@1Ac higher at 37@374c. sold at 367sc, ad-
vanced under active demand to 37ssc. At
this point the longs opened their loodgates
there was no let up to the offerings July
touched 367sc, closing 1s@Ac net lower at
3612c, sellers.
In oats small fluctuations, following corn
closely. Seaboard clearances amounted to
143, 900 bu. Chicago received 2S9 cars. Longs
sold moderately. July opened 1sQAc higher
at 2Sd2Sa4c, sold off to 271sQ2714c, closing 14c
net lower at 2714c.
A heavy trade was done in provisions. and
further respectable addition was made to
their value. Trading was chiefly for July
delivery, with considerable transactions in
September, however. The only sellers were
people who had bought when prices were
lower and although thy had a good deal
to dispose of, and in the doing of it an early
bulge was wiped out. the buying was so
persistent that prices were again advanced.
Liverpool reported rise Of rs Sd in price
of lard a most extraordinary advance for
one day. The local run of hogs was 5000,
and prices at the yards advanced 15025c for
the day. Closing quotations were a trif1e
under the best, but showed the following
advances in July futures Pork. 2212c; lard,
10c; ribs. 221sc July pork opened at $12.050D
1910, sold between $11.90612.20, closing at
sl210 Lard opened at $662d6.7O ranged
between $6.671a06.721a, closing at $685.. Ribs
opened at $6.15@6.25. sold between 500 and
$40, closing at $6.2712.
Estimated receipts for tomorrow: Wheat,
$40 cars; corn, $40 cars; oats, $50 cars; hogs,
% ON head