The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-07
BREAK OF &c IN WHEAT
RALLY LATER ON PoSTPONEMENT OF
PRESIDENTS MESSAGE.
Early Strength Dissipated After
shorts COvered-Other Markets
without Feature.

CHICAGO, April 6.-Wheat to-day. after
breaking &c a bushel on the closing out of
number of heavy long lines, recovered to
within CSC of Mondays closing price on the
announcement of the postponement of the
Presidents message TO Congress. The news
of the postponement greatly relieved the
selling pressure. Corn and oats were steady,
with scarcely any change for the day. Pro-
visions were firm carly, but closed irregu-
lar. Pork closed at q small advance and
lard and ribs 5Q71sc lower
The highest prices reached ON yesterdays
curb was quoted for July wheat at the
opening to-day, July starting all the way
from SEC to S615c against Mondays closing
price of S514QS59sc. For the first fifteen or
twenty minutes trading it was difficult to
fill the short covering orders which poured
in from local and outside sources Most
of this was in small lots, but ST. Louis was
a heavy buyer in covering important short
lines. The strength at the start was ap-
parently most due to the foreign news, Liv-
erpool being about 5sc higher while Odessa
reported Russian wheat advancing on the
War prospects. Continental markets also
showed strength, and London reported the
continent as a buyer of fourteen OF the sew
enteen cargoes off coast. The Northwest
movement was rather light, Minneapolis and
Duluth reporting receipts of 253 cars COM
pared with 1888 last week and 263 year ago.
Chicago receipts were ISL for two days.
Additions to contract stocks were more
moderate, fifty-six cars from regular sources
and twenty-nine from mixing houses, to-
tai of about $1,000 bushels. The advance
which marked the opening soon brought
large quantities Of long wheat into the mar
ket, several important lines being offered
more pressing wants of the shorts had been
satisfied the market began to decline slow
ly but surely. The occasional movement
continued for nearly two hours, during
which time July was hammered down to
S44c without any reactions of note. The
firmness of the closing Liverpool and con-
tinental cables and heavy purchases by
commission houses stopped the decline at
that point and caused a rally before noon
to CSC, when another spell of weakness, due
partially to the comparatively low prices
paid for cargoes at London, resulted in a
drop to S45sQ84alc. The decline was accom-
panied by renewal of the influential liqui-
dalton which marked the early weakness,
and the market up to within half hour
of the close showed considerable weakness
News that the Presidents message would
not be sent to Congress before Monday re-
lieved the pressure toward the close and
steadier feeling gradually manifested itself,
liquidation dropping off to a great extent.
Better support was given and the market
recovered to S514c. The close was steady at
S47sQS5c.
The action of corn was governed chiefly
by wheat. The market was quite active and
strong during the morning, but the decline
in wheat and free country offerings, with
prospects of more favorable weather.
brought about a slow decline Firm cables
were an early influence. The market be-
came very dull late in the day. May ranged
from 297sc to 2915c and closed unchanged at
29Bc.
Oats were fairly active in general way,
with prices influenced mainly by the action
of wheat and corn. Shorts were good buy
ers early. Offerings became freer during
the decline in wheat, mostly in the way Of
realizing, with the close being steady at
about unchanged prices. May ranged from
25azc to 253sc and closed at 251s@259sc.
Provisions were irregular Starting weak
and lower on account of lower hog prices
the market quickly rallied on liberal pur-
chases by packers and others, but during
the latter part of the session selling was
being the drop in grain markets. More
pressure was put on lard and ribs than on
pork. The close was rather weak May pork
was PIC higher at $3.50; May lard TIC low
er, at $525, and May ribs sc lower, at 10.
Estimated receipts for Thursday-Wheat
12O cars; corn, $50 cars; oats, 245 cars; hogs,
oo,7;,,or f,,+,,raS rapgad follows.