The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-30
LATE DECLINE IN H E
VIEWS OF NEEDED RAIN OVERCONES
THE EARLY STRENGTH.
Corn Firm, Closing Higher, and Oats
Unchanged-PrOvisions UNCHANGED
to Five Cents Higher.

CHICAGO, May @.-Higher cables. con-
tinued drought in the spring wheat dis
tricts, with reports Of damage by Hessian
fly, caused a firm wheat market early to-
day, though the gains were not all main
tanned. July wheat closed Ac lower. July
corn Sc higher. July oats unchanged. and
provisions unchanged to &c higher. There
will be no session of the Board of Trade to-
morrow.
Higher cables from Liverpool, which mar
ket had been closed for a holiday since
Friday, were supplemented by reports of
continued dry weather in the West. South
west and Northwest, and these conditions,
coupled with rumored damage by fly, slim
ulated a strong demand at the opening.
The initial price of the July delivery was
a shade to hQhc higher. at 74q74lsc. IN
der the execution of numerous outside
orders the market advanced steadily to
74hc. A good part of the trading was said
to be for export account. Holders of long
lines, attracted by the opportunity to take
profits. began selling in large quantities.
and this, together with reports of heavy
rains in the Dakotas, caused a decline TO
73%c Some former sellers then became
buyers. and a rally to 31s414c followed.
but this was only the ~forerunner of another
QCCtlIc, EeSulilIB lIOll d QcolIc Ou bnC
part of the various traders to even up over
to-morrow's holiday. The close was weaker
and Ac lower at T3xQ73%c. The volume OF
trade was heavy. Eighteen loads were re-
ported taken for export. Seaboard clear
ances of wheat and flower were equal to
z0S,00 bu. Primary receipts were $4,000 blu.
Minneapolis and Duluth reported 149 cars.
against POP last week. Local receipts were
&C cars, 4 of contract grade.
Corn was firm and moderately active.
The July delivery. opened higher on i'm
proved cables and light receipts and a
prospect of a further reduction in receipts.
The initial price was 1sQAc higher, at AIS
644c. Under a good demand, With light
offerings, an advance was speedily made
to 44ssc, professionals doing most of the
tradingI Later, in sympathy with wheat,
the market eased off under realizing sales,
selling down TO 44AQ44ssc, after which, on
covering by shorts. it reacted to 44&G441cc.
The close was firm and sc higher at 44ssc.
Twenty-Five loads were reported taken for
export. Local receipts were 450 cars, OF of
contract grade.
oats were steady, though trade was not
so active as on yesterday. There was a
fairly good commission buying for the out
side. and New York is said to have been a
GOOD customer of the pit, but the market
seemed to derive most of its support from
shorts. July opened a shade to sc higher,
sold between 2Sl2c and 2SS4c, and closed UNI
changed at 2SIaG2S5sc. Local receipts were
23 cars. =.
Provisions were firm, with hogs, and
trade was of moderate dimensions. July
pork sold between sl4.621a and S1470, and
closed &c higher at S14.671h; July lard be-
tween sSl716 and sS.20dS. 221a. closing SC
higher at $3.50, and July ribs between S.S712
also and s.. 1921. with the close unchanged
at $3.50.
Estimated receipts for tomorrow: Wheat.
60 cars; corn. 490 cars; oats. 225 cars; hogs.
n No head