The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-14
D~ISCOUNTING THE REPORT
GRAIN TRADERS THINK GOVERN
MENT FIGURES ARE UNRELIABLE.
other Influences, However, Combine
to Overcome Bear Arguments
Products independently strong.

for digesting the government crop report In
the grain pits and although the statistics
offered by the department were materially
bullish over the last observations, the
crowd, as usual, assumed that il knew
more about the true condition than did the
government and paid only passing atten-
ton TO it. Other conditions Of a bullish
character helped prices and after a ner-
vous and haggling session July wheat
closed sc higher, corn lzc up and oats
a shade higher. Provisions, as of late,
showed independent strength and closed 81
1Oc higher.
AT the opening Of the wheat pit there
was something of a contest to decide
whether the government report should be
considered as it appeared-a bull argu-
mentor whether the Department of Agri-
culture did not know its business and the
report should be discounted as invaluable
and throwing no real light on the situation.
The reduction of the winter wheat condi-
ton on May l to 1864 as against 1871 on
April 1 was not as great as had been ex-
pected. and in view of the fact that the
observations were taken before the recent
relieving rains in the Southwest had great
ly helped the growing crops, many bears
figured that the actual condition should
be bearish. The reduction of the acreage
by 4,S6S,00O was considered decidedly bull
ish. but many of the spectators who had
divergent opinions refused to believe the
figures as trustworthy. 1t was simply
another case of the usual bearish concep-
ton of the government report. Notwith-
standing this the market did not show a
good tone at the opening. The bulls had
the ascendant and July wheat opened Aq
sc to hQ%c higher at 76Ac to 7615c. Soon,
however, came expected selling. There
were several dips and recoverles, and July
sold under yesterday at 75sd76hc. The
opinion prevailed for a time that no one
really believed the report, and selling was
marked especially from the Northwest.
Outside markets spurted early, but sagged
off later, and the tendency was for The
market TO get back to statistics for it's
guide; Receipts were very small, Brad
streets reported the worlds visible supply
largely decreased, and contract stocks gen
orally were reported rapidly falling of.
There was some rain northwest that helped
the tone somewhat, but the crowd, as a
whole, got literally short of stuff. Then
came some fair export business and the
crowd got frightened. 1t soon appeared
that the market was oversOld and prices
advanced rapidly as shorts covered. July
gained its top figure again and closed firm,
Sc higher, at 762sQ76zc. Local receipts were
20 0dlSs Olt VI OillidIl 6ldOCs AlllllNdpO-
IFS and Duluth reported only Go. a total
of 123, against 151, last week and 200 a year
ago. Primary receipts were 173,00 bu COM
pared with 351,0O blu last week. SeabOard
clearances in wheat and -four equaled 800, 900
bu. The seaboard reported eight loads
taken for export.
Corn had the support Of wheat to help IL
against the depressing influences of a dull
trade and favorable crop reports. Most OF
the day spectators were either waiting
for the big bull interests to get into the
market or were watching the action of
wheat. Firmer cables and bad weather
and at the opening July sold to 63c. There
was almost no selling pressure, but when
wheat sagged off corn went down to 62Au
623sc. There was a late reaction with wheat
and July closed nc up, at 625sc. Receipts
were 121 cars.
Oats followed the action of wheat and
corn and ruled dull most of the session
There was a light demand early that sent
July to 375km3I%c, but the bull manipulation
of May options was selling freely, some
new oats from Texas found their way here
and prices dipped off to 361sc. The close
however, was steady and a shade up, al
37Ac. Receipts were 236 cars.
Hog products showed renewed strength
again on a strong hog market at the yards
very light offerings and packers support
Commission houses bough moderately
Some liquidation in the way of outsid,
profit-taking took off some Of the gain
but the close was firm. July pork CLOSED
&c up, at $17.4712: lard, 10c higher, at S1O.321
@1O.35, and ribs. 5q71zc higher, at 1851
@9.70.
lima receipts for tomorrow: Wheat
20 cars; corn, 80 cars; oats, 60 cars; hogs