The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-29
LARD AND RIBS HIGHER
ALL THE GRAINS AND PORK. HOW
EVER, CLOSE AT DECLINE.
Wheat Leads the Break on Heavy
Rains i'm the West-COrn and Oats
show Small Losses.

CHICAGO. April 2S.-It was bad weather
for the bull traders in grains to-day. Even
though reports indicated diminishing sup
plies OF old wheat and offerings in corn
were still light. the crops We're receiving
too much benefit from the seasonable
weather to allow prices to hold advances.
These variant factors, however, caused sew
eral rapid changes of sentiment In the
end July wheat lost 1a11sc. corn l4c and
oats asq1kc. Provisions closed 213c lower to
PIC higher
Trade in wheat was only fairly active,
though the frequent change in front of the
spectators made the tension somewhat
marked. At the opening the news of gen.
eral rains in all the principal wheat States
except Kansas started wheat at a liberal
decline from Saturdays closing prices. The
Southwest sold literally and helped hold
prices back. The situation however. for
some time seemed TO favor the bulls. Ca
bles were higher primary receipts were
still light. showing rapidly decreasing
stocks, and the Northwest bought well of
cash stun and started an advance. Prices
worked up a little and were helped con-
siderably by the remarkable decrease in
the visible supply. On the strength of this
last influence July rose to 76kc after open
ing 2sQT1zc to 1Rq5sc lower, at 1880 to 1850.
The pit crowd however, was considering
the heavy worlds shipments and the gen
eral weather situation. and fought hard
against the advance. When reports or more
liberal offerings In the Northwest by the
farmers and of rains in Kansas arrived
there was renewal of the selling move
ment that had weakened the market at the
opening. Prices steadily declined with act
i've and heavy selling until July reached 75c
show of improvement in receipts. though
they are still small had bearish effect
July closed weak and 1G11sc lower, at 751sc.
Local receipts were twenty-three cars. one
of contract grade; Minneapolis and Duluth
reported go cars. total of 253. against 237
last week and 357 year ago Worlds ship
ments were 1865 600 bushels, compared with
100000 last week and 7.794000 a year ago.
Primary receipts were $4,000 bushels,
against 625000 last year. BreadStuffS on
passage decreased $4,000. Seaboard clear
ances in wheat and flour equaled 26SOD
bushels.
Trade in corn hinged on the action Of the
leading bull crowd. Influential buying pre-
vented this cereal from following the
course of wheat, although the break in the
other pit eventually had its effect At the
opening prices were very steady, and prac-
ticaNy no attention was paid to the general
rains In the Southwest and to the unre-
sponsive cables. Offerings were very small
and were readily taken prices advanced.
The leading house that is supposed to be
carrying twice the amount of corn in actual
existence did some good buying and sent
July prices from $3.50 to 6i5sc. Trade was
rather quiet the greater part of the session,
but wheat weakened there was some
The marked feature of the market was the
good show of strength at the close in spite
of the beariSh weather conditions, Septem-
Der closing Ac higher. July closed 14c down,
at 631Rc. Receipts were 104 cars.
Interest in May oats relieved the monot-
ony of a quiet market and helped uphold
the other options. There was fair buying
of the near option and prices advanced
somewhat The generous rains. however.
have increased the prospects of the coming
crop, and receipts grew larger and wheat
and corn weakened oats receded. The cash
article was in good demand, but there was
something of a disposition to keep out OF
the market until the possibility of a corner
| in May is past. May sold TO 4S1sq431Ac and
closed firm and izc up, at 42Ac. July, new,
! closed 2sG1Ac lower, at SIC. Receipts were
| i93 cars.
The provision market was manipulated
again by packers to-day for higher prices.
! The early tendency to sell on the
grain situation and for profits. Brokers at
| once began buying for packers. especially
| of lard and ribs, and prices f1uctuated
| nervously. Offerings by scalpers well as
| by packers became liberal after the price
had been pushed up, and on an absence of
| any urgent demand and the wheat break
| most of the early gain was lost. The hog
| market was strong. July pork closed 212c
| lower. at $17.021a, after selling at S17171a,
lard 21kc up, at SOLO, and ribs a shade
| higher at SO. 421609.5O.
| Estimated receipts for o-morrOw-Wheat
IS cars; corn. lis: oats. 260; hogs. 10000 head
| Leading futures ranged as follows: