The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-24
STILL ON THE TOBOGGaN
WHEAT SLIDES DOWN UNDER MANY
BEAR CONSIDERATIONS.
Corn Weak and Lower and Provisions
Going Into Decline-Oats the
Only Product with Strength.

CHICAGO, April 23.-Heavy worlds ship
with corn and liquidation combined to low
er prices of wheat to-day, but the close
was steady, &c TO ss@1sc under Saturday
Corn closed sGAc TO sc down and oats a
shade higher. Provisions at the close were
271zc reduced in pork.
There was a whole bunch of bearish con-
sideration presented for view in the wheat
pit at the beginning of trade Gables were
easy, worlds shipments heavy, there was
an increase on passage and the weather
continued to say nice things about condi-
lions 1t was expected that there would be
considerable liquidation of May this week,
but it did not materiaize early. Prices
were fairly firm for couple of hours after
the initial concession of about nc. Many
began to believe that the big fellows who oc-
casionally overshadow the statistics as fac
tors were neither long nor short-just even.
But knee-deep in the session the stuff be-
gan to come out and there selling by
others in sympathy with the break in corn.
May had hesitated early, baking at the
65c mark, but the liquidation carried the
price through that. The market was very
weak at this time, but the selling paved
the way for the reaction which began dur
ing the afternoon. The short sellers con-
cluded not to remain in that condition over
night and bought back some of their early
sales and turned what looked like bull
rout into a sort of retreat in good order,'
as the dispatches have 1t. The cash bust
ness was slack and the export inquiry
rather discouraging. New York had nine
teen loads for export. Atlantic port clear
ances in wheat and flour were equal to
$4,000 blu. Primary receipts were 397 900 bu,
compared with $4,000 bu last year. Mime
apolis and Duluth reported 324 cars, against
400 last week and 503 year ago. Receipts
here were forty-fve cars. none of contract
grade. Trade was dull in spots, but the
session furnished considerable animation
most of the time. May opened at 651sc to
65Ac, sold between 6514c and 655sc and
closed &c under Saturday. at 647sQ65c July
opened at 6e]4c TO 66l4q66ssc. ranged from
6624c to 661sc and closed asQ1Ac down, at
66asc. Much of the trade was done in
changing May for July. not much diff
Guilty being experienced in doing this at a
difference of 112c.
The corn market was active and lower
and the factor was liquidation of May; al
though lower cables and the increase on
passage were items In favor of the bear
side. The opening was a trifle lower. and
at the even figure there were many stop
loss orders, which were executed in the pit
Shorts were sellers, but towards the end
of the session saw fit to cover and thus
caused partial recovery. The bulk Of the
business was in the way of changing. Re-
ceipts here were 3Oi cars. May ranged
from $3.50 TO 37asc and closed &c under Sat-
urday, at 377sc; July from 1850 to 3s1sc
closing BQAc down, at 39q39lsc. The rally
vas helped by reported sales OF ninety
boatloads.
Provisions were active and fluctuations
the greater part of the session were WIDE
Hog receipts were liberal and prices at the
yard lower, two things figuring in the
opening loss in price. There was heavy
selling pressure in evidence at the start
long stuff, short stuff and stuff forced into
the pit on stop-loss orders. On the break
/ there was good buying by packers and a
reaction took place, holding to the Close
which was firm May pork sold from $3.50
to SIPS and closed 271zc under Saturday. at
AS; July opened at $12.5211G12. IS, sold be-
tween $12.75 and $12371x. closing zoe down,
at s12621a: May lard sold between s6.92ls
between S7.02h and $780, with the close
unchanged, at s7.O212 May ribs ranged
from 1910 to $685. and closed &c lower. at
$685.; July from 500 to $3.50. closing &c
down, at $3.50.
The oats market held it's own in good
shape, despite the weakness displayed
early by corn. There was little pressure to
sell. but, on the other hand. a decidedly
good demand from both shorts and longs.
May ranged from 22i5c TO 22ssq22%c and
closed a shade higher. at 22aG22Ac; July
from 22ssd22Ac to 23c, closing a shade high
er, at 23c.
Estimated receipts to-morrow-Wheat, s.
cars: corn, 275 cars; oats. 1S7 cars; hogs,
10, 600 head.
IL r.,.,rac ropoad foIloucs