The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-17
CROP DAMAGE REPORTS
CAUSE OF FRESH STRENGTH TO
WHEAT MARKET YESTERDAY.
Cable News Was Also Somewhat
Alarming, and Early Weakness Did
Not COunt-PrOvisions Lower.

CHICAGO. Feb 16--Reports of serious injury to
wheat in California from drought to-day. together
with of rioting in Paris, strengthened
prices in the wheat pit. After an early decline
Of 9sq%c May wheat closed at an advance Of
ssGtkc Corn left off unchanged and oats 1sq14c
lower Pork lost 1Oc. lard 214q5c and ribs SC
Muder weather and the Price Currents state
ment that apparently but little if any damage to
the winter plant had resulted from the
recent low temperatures gave wheat
weak start. May opened 1sc lower at
725sQ7z9sc. and as generous offerings in
the way of liquidation of long property brought
more wheat on the market than could be absorbed
without making concessions. the prices slipped
off to 72hc during the first half hours trading.
The general tenor of the statistical information
was rather favorable to the bears Chicago re-
ceipts ninety mine cars compared with sixty
two a year ago, and Minneapolis and Duluth got
$50 carloads, against 250 the corresponding day
last year Western primry market receipts aggre-
gated 544 600 bushels. whereas only $4,000 bushels
were received year ago. Exports from Atlantic
seaports. including wheat and flour, were small.
amounting to only $4,000 bushels. The decline
to 726c was the end Of the bears rope for the
day New York did not respond fully to the
weakness here, and soon there were rumors of
distinctly bullish character that completely
changed the complexion of the market Rioting
in Paris. which given the reason for a
break in the price Of cotton, also had bullish
effect on wheat The news, however, that had
most to do with the advance that set in about
hour from the opening came from San Francisco.
1t said in a message received from there
that owing to continued dry weather the condi-
ton Of wheat was critical and prices had ad-
vanced to-day from 1c to 11sc in consequence. The
recovery here was quite gradual for a time but
the market gained in strength the session
progressed and near the end May brought 1859,
while 73Ac buyers, was the closing price.
Corn met with free selling for the short account
and until May, which opened &c lower at $3.50
s6%c had got under 3eAc the market received
very little support. At $3.50, however which was
the low price of the session, commission houses
with Eastern connections became good buyers and
steader feeling developed. The shipping de-
mand from here was at a standstill. Receipts
were 461 cars. After the early dip the market
held steady to the end and May closed at $500
S67sc.
There was a large business done in oats and
outside orders plentiful. The market was
weak early on heavy selling by an elevator con-
Germ reinstating hedges taken off a short time
ago. Liberal buying by shippers later in the day.
however, caused reaction and the market re-
manned strong during the remainder Of the ses-
sion Receipts were 300 cars May opened I'M
changed at 2S2sc sold off to 277sc, then improved
to 2S1sQGsAc, the closing figure.
Provisions opened steady but soon began to
give way to the influence of heavy receipts Of
hogs and selling of pork and ribs by packers
May pork opened a shade lower at $10O215. de-
cllned to So then hrmed up to $9.s214Q9.95 at
the close. May lard began unchanged at $5.621a9
5.65 sold off to $5571b and closed at $500 May
ribs started 2l5c lower at s., weakened to $4s21s
then improved to s4971s, sellers. the closing price,
Estimated receipts for to-rnorrow-Wheat, Is
cars; corn. $50 cars; oats. $50 cars; hogs, 10000
Leading futures ranged as follows: