The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-03
WERE SCUTTLED
WHEAT AND PORK GO DOWN WITH
SINKING SPANISH FLEET.
Optimistic Traders Think ava Vic
tory VIII shortly End the War and
Reduce Demand for Grain.

CHICAGO, May 2.-On the belief that the
wal would soon be ended, prices to-day de-
clined on the Board of Trade. Despite
higher markets in Europe. traders here
sold everything freely. and the close showed
losses as follows: Wheat, lose; corn, Sc;
oats, 1c; pork, 22hc; lard, 12c; ribs, 1Oc.
Trading in wheat began with the Ameri-
can naval victory at Manila uppermost in
the speculative mind. Traders believed that
the end of the war was possibly already in
sight, and that it would be followed by a
cessation of the urgent foreign demand. At
the start professionals sold July wheat
freely 1c below Saturdays prices, in spite
of the fact that Liverpool started Id higher,
and did not convince themselves of having
perhaps too hastily counted on the termina-
ton of the war until later quotations from
Liverpool showed steady material additions
to the initial Id advance. The Chicago
bears amended their original views on see
ing the continued foreign strength, and the
result was a recovery in the course Of an
hour of all the early decline. Deliveries on
May contracts amounted to about two mill
lion bushels, attributed to Letter. The
worlds shipments to Europe last week
were in the neighborhood Of nine million
bushels, against actual consumptive needs
of about $500, 600 bushels. They are, how
ever, buying ahead a little over there, and
are apparently glad to be permitted TO do
so for obvious reasons. The quantity atioat
for Europe increased /. 760, COO bushels. Liver
pool stocks showed a heavy decrease for the
month, and are now Down to $4,000 bushels.
Atlantic port exports for the day were only
equal to 1853, 900 bushels in wheat and flour.
Chicago received PSI cars, against Zoo last
year. Minneapolis and Duluth got 745, COM
pared with 532 the corresponding Monday
of 1897. Rumors of the surrender or Mania
caused several sharp breaks after the, mar
ket's early recovery. The visible supply de-
creased 1851, coo bushels. Fine weather re-
ports were offset by predictions IN the
West. July started lc lower at from $3.50
back to 941sc, and advanced again to 944sc;
1t had several fluctuations between voc and
94ssc. and once as low as SS$4c. 1t recovered
from the latter to CSC, declined again to
94hc, and once more rose to 95c, but closed
at 94ss@9412c, a net loss of Zee. May opened
Ac lower at $1.20, declined to $1.171a, reacting
to $1.2 at the close.
Fine weather for corn planting was the
dominant influence in the corn pit. Liquida-
TO delivery contracts. Chicago receipts were
623 cars. Atlantic ports cleared 1,6OO, 0O
bushels. The visible supply decreased A.
COS, 900 bushels. July started A@3sc lower
at 34A@343sc, but after the first hour be-
came weak, finally touching 1850. closing
7sc lower at 33Ac. Predictions of frost
caused a rather HfHl ISeuHS at III SIOSC
Trading in oats was heavy. Distant
futures ruled weak throughout on free llqul-
dalton. May started 1Ac higher at S11ac, but
declined to 30c, closing at 3OAc, a net loss
of &c. Deliveries on May contracts We're
only 5000 bushels. and Lnose who had an
ticipated a squeeze unloaded. Chicago re-
ceipts were 429 cars. Seaboard clearances
amounted to 224,0OO bushels: July started
Ac higher to lac lower at 2612G27c, declined
steadily to 251ac. closing 1c net lower at
25%c.
The Manila victory caused some selling
of provisions. and prices ruled lower
throughout. Liverpool quoted bacon firm
and lard Sd higher. Receipts of hogs at
Western points were $4,000, against $1,000
the year before. July pork lost 221ac, lard
1215c and ribs 10c.
Estimated receipts for to-morrow-Wheat,
300 cars; corn, $40 cars; oats, $40 cars; hogs,
1000 head.