The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-17
CROPS HELPED BY RAINS
AND IL PRICE OF WHEAT INKS
TO A LOWER LEVEL.
Phillips UnIoads Part of His Long
Lines in Corn and Oats-PrOvisiOns
Unchanged to a Little Higher.

CHICAGO. May 16.-The grain markets
ruled easier and rather quieter to-day, July
wheat closing &c lower as a result of rains.
July corn closed sake and July oats 1s@4c
lower. May corn dropped 31kc, while pro-
visions showed a closing advance of 5a7i&c
in lard and 12ikc in pork. ribs being UNI
changed.
Rains of more or less plentifulness over
the State of Kansas, together with a good
drenching administered TO the young crops
Of Oklahoma and Texas. was taken in the
wheat pit as iustifying a lower level OF
prices. and July at the opening was offered
literally Ad%c to 13d%c lower at 71$sc to
Ike. At tic some buying orders were
reached, and as cables were steady, North
western receipts moderate. and there was
an Unexpectedly stiff demand for May. July
rallied to 7112c during the first hour. The
demand for May, which raised that de-
livery to sc premium over July at one
time. was reported TO be due to the neces-
sites of New York shorts, and not 10 eX-
port sales, as had been thought at first.
This explanation caused a slight reaction.
and the remainder Of the day the market
ruled duh and at times entirely neglected.
The close was rather easy. July nc lower
at 1b@1Ac. May closed with A4Ac of its
premiums held. Exporters reported eight
loads taken. Primary receipts were $4,000
blu, compared with $40, 600 blu last year. Sea-
board clearances in wheat and flour were
equal to PA, 900 bu. Minneapolis and Duluth
reported 19S cars, against 1S9 last week and
255 a year ago. Local receipts were 40 cars.
one of contract grade. Argentine shipments
last week, according to a Board of Trade
cable, were 1,l44,W0 bu.
In corn the expected squeeze in May did
not materialize. On the contrary, the bull
leader who has the delivery cornered was
credited with liberal sales of that option.
as well as of July. The opening was firm
and higher because of a falling off in the
receipts, but lack of bull support. the
wheat easiness and reports of freer country
offerings caused a reaction, and the close
was easy. The trade in May was on a
larger scale than for some time. The open
ing was unchanged at 5Sc. Selling. believed
TO be for Phillips, caused a quick drop TO
SOC. a rally of 11zc followed, and then the
decline was resumed and was checked only
at 5312c. 1t was offered at 53c, but no sale
took place, and the close was 315c lower at
5412c. July sold between 459sc at the open
ing and 4434c, and closed $sMi2c down at
~ 4G44sc. Receipts were 2i cars, 10 or
contract grade. Sixty-four additional cars
of contract corn were transferred 10 the
public stocks from private warehouses.
Oats opened steady, but weakened on the
rains and heavy selling by Phillips and the
bull party. Trade at first was active, but
became quiet later. July sold between 2Ss
M2S&tc and 2SAc, and closed BQAc lower at
2SAc. May sold between S1c equal to yes
terday's best price, and sac, closing sc
down at soc. Receipts were IA cars.
Provisions were quiet and steady on light
hog receipts. July pork sold between SAD
and sl4.9715. and closed 12kc higher at
$1462lb: July lard between $S.02lk and
81. 971h. closing 5d71sc up at $7.95m7. 971a. and
July ribs between $7.S5 and $7.9213, with the
close unchanged at $7.3.
y Cfipanf tod rnnafntC fn-mnTrnW- Wheat n
cars; corn, 80 cars; oats, 1875 cars; hogs,
q 600 head.