The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-22
NEWS OF BAD WEATHER
1T MATERIALLY HELPS PRICES IN
THE WHEAT MARKET.
Corn Affected by Ruling i'm the Peavy
Elevator Case-0ats Higher and
Provisions Active and Higher.

CHICAGO, May 21.-The wheat market
ruled strong and fairly active to-day, re-
gardless of lower quotations from Liver
pool. Weather conditions had again to be
taken into account, and added TO the situa-
ton was the Board of Trades declaration
that the Peavy elevator was irregular July
wheat closed &c higher, July corn &c high
er and May corn 11zc improved. July oats
made a gain of isc and provisions closed
from unchanged TO TIC higher.
Reports of a demand for export wheat,
light local receipts and bad weather condi-
tions in the Southwest and Northwest more
than counteracted disappointing cables at
the opening. The initial price for July
wheat was ls@Ac lower. at 7294c to 727sc.
and within the first hour an advance to
7S1sc registered. A firm tone prevailed from
the start. Offerings were light, with fair
buying by scattering commission houses.
Reports became current that several Wall
street operators were in the wheat market
and these, in conjunction with develop
ments in the Peavy elevator case. through
which it was rumored that large quantity
of wheat would be taken out of the contract
market induced the shorts TO renewed &C
tivity and a further. advance of Ac was
made. On liquidation a reaction TO 1850
7Sl4c followed, after which the market rail-
lied to 7SssG73s4c. The close was steady
and &C higher, at 73s.c. Ten loads were re-
ported taken for export Seaboard clear
ances of wheat and flour were equal to &c.
600 blu. Minneapolis and Duluth reported
seventy -eight cars, against rs last week
and 32S a year ago Local receipts We're
thirty-nine cars, two of contract grade.
Corn was affected, as far as the May de-
livery concerned.
the Peavy Elevator ''B Irregular, ana,
consequently, relieving the market OF 6i4,OOO
bu of contract corn it contained. May corn
opened unchanged at 4sc. sold up TO 5o1zc,
and under profit taking. reacted, closing
firm and 11zc higher, at 4912c. July corn
also enjoyed an advance, opening un-
changed to sc higher, at 443sc TO 45c, selling
up To 1850. Trade was active. Weather
conditions. which were reported as unfa-
vorable, exerted a bull influence on July,
Notwithstanding the large receipts. After
the high price of the day, under liquidation
July reacted to 45c and closed steady and
14c higher at 451sc. Local receipts were 942
cars, 33l of contract grade.
Oats were strong throughout the greater
part of the day. weakening some toward
the close on realizing by local shorts. July
oats opened a shade lower, at ZSAc
Strength Immediately became manifest on
good commission house buying and the APP
pearance of numerous outside orders: Crop
reports too. continued to be a bullish fac
tor. The price rose TO 29A429Ssc when by
reason of liquidation slight decrease was
made. Later the bull leader in corn un-
loaded about 100000 bu and the market fell
TO 2S7sGJ29c. The close was steady and sc
higher, at 2S7s029l1c. Local receipts were
442 cars.
Provisions were firm after some early
weakness that had been induced by the
heaViness of the days run of hogs in the
West. Buying which caused the recovery
was largely OF the investment character,
and that was chiefly displayed in the trade
in lard. July pork sold between $14.S112 and
SIS and closed 5l71zc higher. at sl4.9712G 15;
July lard between $S.l5 and S22la closing
2l2d5c higher. at $s20dS.2 21R; July ribs be-
tween S795 and $S.0212GlS.05, closing I'M
changed to 2i2c higher. at SS
Estimated receipts to-morrow-Wheat, 30
cars; corn, 525 cars; oats, 175 cars; hogs,
49, 900 head.
Iondinor futures ranpod as follows.