The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-11
WIDE RANGE OF PRICES
JULY WHEAT FLUCTUATES FROM
s1.25 TO s1.o5, CLOSING AT s1.14.
Letter Easily Boosts the Price of May
Wheat to $1.S5-AIl other Mar
I kets Weaker.

CHICAGO, May 1O.-The feature Of to-
days wheat market was the sensational
break and recovery in July. New high-price
records were made in both the May and July
at $1S5 and $685. respectively. but it was
the break that caused the excitement 1t
was an excited, uncertain market, with
price quotations / cent apart from the same
delivery in various parts of the pit for near
ly an hour after the opening Selling was
more conspicuous than the buying, the con-
ditionS of the previous day being reversed.
From $125 July worked back to $1.16, from
which point a genuine panic carried prices
down 1c and &c at clip to S1.O5. Purchases
of wheat were made at this price although
$1.O6 was the low price generally quoted.
The top price for May wheat, $1.S5, was
made on the purchase of $4,000 bushels, said
to represent part of the IIindblom business
which had not been transferred. The move
ments of May and July were not closely al
lied. May never sold below the opening fig
ure, $173, and closed at the top price, $1.S5.
The offerings of the July break was from
all directions and Letter brokers were said
to be bidding for September at the time the
July break started. At S1.06 which was the
price of calls the market turned and worked
back to a close at $1.14. There were no fail
ures to clear in the morning, although the
action of Letter in fun ishing financial
sistance was no doubt sponsible for the
prevention of at least one failure. Letter re-
ported sales of 100000 bushels abroad in
small lots.
Intense excitement in the wheat pit
marked the day from the very start. Liver
pool showed decline a the opening of SIC
bushel for May and &c for July. This was
offset by preliminary jump of sac in July.
But the second cables showed a sudden
slump in July also. This unlooked-for pro-
cedure on the part of the English market
caused a weak opening here. July began
with declines of 2Q3c. Trades were on a
range of $1.17@11S Four subsequent quota
tons reduced the price to $1.16A Here the
supply of wheat suddenly vanished and
quotations steadily advanced to $1.25, the
highest point yet reached by the July OPP
ton. May wheat was only heard from at
lCng intervals Trading in it began &c
lower, at $1.73. The succeeding sales were
at $40, $3.50 and $1.S5. 1t had occasional
reactions to $3.50, but was Immediately
picked up. 1t was about ii, o'clock when
July touched $125 1t rebounded to $1.24,
rallied to $1.25 and then took a steady down.
ward course. Stop orders on long wheat
seemed thick and close under the market.
The downward flight was checked tempo
rarily around Sill. The trade was narrow,
and ordinary orders were hard to execute.
Routine news cut very little figure in the
early dealings Local receipts were 1886
cars compared with ten last year. Mime
apolis and Duluth got ALI cars, against 418
the year before. To-days primary receipts
aggregated $4,000 blu, compared with only
ances of wheat and flour were equal to $780,
coo blu. the closing quotations from CONT
mental markets showed ADVANCES at Paris
equal to &c a bu for May and 31sc for Sep
tember-December. Antwerp was up equal
to 29sc blu. A quarter of an hour before
the close a flood of long wheat broke loose.
The selling was based largely on the pre-
sumption that to-day'S government crop re-
pert might be bearsh. Scalpers ventured
couple of minutes from around $1.1S to $1.05.
Most of the trades were full cent part.
When the liquidation was exhausted shorts
again to $1.15, closing at $1.14. a ret loss of
644c May sold between $1:73 and $1.S5,
closed 10c net higher. at $1.S5. September,
which sold early at $3.50, tumbled to S8c and
closed at 90Ac.
Trading in corn was moderate. Fluctua-
tons followed wheat on a small scale. The
market opened lower rallied to yesterdays
close and eased off, finally getting under the
Chicago received 1,116 cars; seaboard clear
ances Y ere 100000 bu. Elevator people
sold freely on the early bulge. When wheat
slumped near the close, corn became very
weak July touching Csc, reacting slightly
on covering. July opened at S6q36l4c, com
cared With S63s aSzc yesterday sold old up to
lower, at 355sc.
The oats market shaped its course after
wheat and corn. A bulge followed the
longs, helped by the break in wheat, caused
slump near the close. Favorable weather
checked buying. Local receipts were $50
cars July opened Nc lower, at 27A@2724c,
rallied to Csc and sold off to 271sc at the
close, q net loss of A0Kc
No life on the buying side of the market
could be infused into provisions. The hog
receipts continue too heavy and speculation
stagnant for any considerable sympathy
with grain. The Western hog receipts for
the day were 1900, against $4,000 last year.
Liverpool reported dull market for meats,
and lard was lower Closing prices showed
net losses of 15c in July pork and 21Ac in
lard ribs unchanged.
Estimated receipts for o-morrow-Wheat,
24O cars; corn, 4S0 cars; oats 235 cars; hogs,
35. 900 head.
Leading futures ranged as follows:
Open High Low Clos
Articles ing est. est. ing.