The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-24
BREAK In THE LAST HOUR
PRICES OF ALL GRAINS GIVE WAY
UNDER LIQUIDATION.
Most of the Session Dull and Values
Firm Early-PrOvisiOns Very
DUH at Declining Prices.

CHICAGO, May 2S.-Bearish argument on
crop prospects started late activity in
wheat and corn to-day and brought about
rather liberal liquidation. Corn was held
firm by bullish manipulation most of The
day, but succumbed to the pressure. AT
the close July wheat was 5sd34c lower,
corn 1sd14c down and oats a shade lower.
Provisions closed 5Q71zc to 12lzc depressed.
1t was dull day in wheat until shortly
before the close. Early in the day there
was some small strength on better cables,
confirmation of good export business yes
terday and light receipts. Price changes,
however, were very small most of the
morning. July opened a shade higher TO
unchanged at 741sc to 74c, and sold up to
74l4c After this slight advance the mar
ket hung dull and hstless. There were ru-
merous bearish incentives, but the bears
were not inclined early to do much with
them. Argentine shipments were literally
increased. The crop prospects were excep-
tionally good, warm, forcing weather pre-
vailing in most of the winter States. with
corious rains along the Ohio valley and
clearing weather northwest Kansas City
was weak. In the last hour of business
the bears took advantage of the apparent
lack of energy in the wheat market and
put on pressure. Liquidation brought out
some stop-loss orders; there was no export
support and prices slumred to a weak
close, July %Q24c down at 314G73Ssc Local
receipts were ID cars, one of contract grade
Minneapolis and Duluth reported 10S cars
a total of 1l6, against 100 last week anG 4O9
last year. Primary receipts were $4,000 blu,
compared with 35S.0O0 last year. Seaboard
clearances in wheat and flour equaled S1,
600 blu. Argentine shipments were 10000
bu, against e24.GO0 last week
Corn ruled the strongest of the pits until
wheat broke. AS has been the case re-
Gently. the small receipts were bullish in
their effect. Country offerings also were
small and cash business was good. The
trade early was active and there was fair
buying at the advance. But crop prospects
were too good to give the market any de-
cided bulliSn snap. There has been much
talk of bullish manipulation, and many
spectators Were relying on a squeeze 10
! start good business. The outside interest
! in the market was very small, although the
| Southwest sent in some bullish reports on
the cash situation. Wheat had weaker
| ing effect, as the market was dull. After
! several hours Of dullness following the
| early activity liquidation set in and prices
| fell off sharply. July sold as high as 62S4c,
| but closed 1sQAc lower at 624c. Receipts
were n cars.
| The oats pit was the center of more in
| terest than for several days past. The
| general tone was strong, but trade was
! light and the weakness in other grains
worked against the early advance and the
/ close showed a net loss. May was pushed
| up to 4fc for a time, although il closed at
| 1870 The demand was fair and the offer
| ings were light until just before the close,
/ when they became more liberal. July sod
1 at 1850 and closed steady and a shade
/ lower at 374Q372sc. Receipts were 161 cars.
| Provisions had too narrow a market to
| allow of the general liquidation that was
forced by longs unloading. The result was
a decided slump after a very firm start.
Hogs were steady and there some
small early support. When the packers.
| however, had pushed the price up little,
stuff was thrown overheard and the close
was weak July pork closed 121zc lower at
| s17@17O215, lard 5Q719c down at $10121s and
| ribs 501lRc lower at $9.571A.
| Estimated receipts for tomorrow: Wheat,
| 10 cars; corn, IS cars; oats, $50 cars; hogs,
! $1,000 bead