The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-25
AN OFF DAY in GRAIN
ALL PRICES ARE OFF, LOSSES
RANGING Up TO L 5-SC.
Wheat Leads in the slump on show
and Observation-Disclosures
Are independently strong.

CHICAGO, April 24-Bulls in the grain
pits changed front to-day and bears came
in for share of the profits. After yester-
days remarkable advance on dry weather
a dusty weather map started prices
firm, but rains brought scare and
liquidation was the order OF the
day. Prices slipped down badly. May
wheat closing 1i491ssc lower. corn 1isc de-
pressed and oats 12sc of. Provisions were
independently firm and closed 21zc to 5q71kc
higher.
Dry weather being the cause of yester-
days wheat splurge, il was but natural
that anything in the way of rains In the
wheat belt should influence rapid changes
In sentiment on the part of the bulls. There
was plenty of bull news; cables were
strong, receipts small, clearances large and
crop damage reports came in abundance.
The morning weather reports showed the
wheat belt as dry as finder. Selling start
ed early, merely for profit, by the longs
who had accumulated stuff at low prices.
This eased the market somewhat, but when
the rain reports from Kansas arrived sell
ing was general. The outside markets lqui-
dated freely, especially st. Louis, which
sold very heavily and slumped. Before
there was any cessation of the heavy pres
sure on the market here prices had slipped
down almost &c. Late in the day there was
fair covering and values recovered little
of the loss. May wheat opened unchanged
to nc lower, at 767sc TO 76&sc. and fell to
75Q751lc, closing weak, 11zQ19sc depressed,
at 75I4Q75ssc. Local receipts were twenty
nine cars, one of contract grade Mime
apolis and Duluth reported l6s, total OF
19S, against 207 last week and ESQ year ago.
Primary receipts were 900 bu. compared
with $4,000 a year ago. Seaboard clear
ances in wheat and flour equaled 12s,OOo bu.
Sympathy with the wheat break was
enough to start corn down hill, but the big
bull crowd which bought heavily of July
yesterday turned in TO sell out much Of its
holdings and induced a bad slump. Senti-
ment was changed somewhat on general
news. Country offerings were larger. the
Southwest sold and was weak and reports
had it that the new crop was
starting we'll. An increased acreage
was also reported in the Northwest.
Leading interests did good buying busl-
ness as prices declined, but the pit closed
very weak and almost at the bottom val
ues. July was the weakest option. Com
mission houses were on both sides or the
| market but favored selling. May opened
| lac lower to &c higher. at 64kc TO 641Rc, on
4
! slumped to 6S1sc and closed weak, l1sc low
| er, at 6SAc. Receipts were eighty-eight
oats suffered with the other grains. Rains
| Southwest and freer country offerings IN
! duced liberal selling. and packers and COM
mission houses bought and held prices UP
! for a time. Declines ensued. Trade was
| on a liberal scale. May sold from 44lzc
| down to 43c and closed weak, 1$sc on, at
1910 Receipts were l67 cars.
There was an active scramble TO buy hog
| products at the opening OF the market be
cause Of a light run Of hogs and better
! prices at the yards. Packers were the best
! buyers and forced prices up. Later the
! same interests unloaded for good profits,
! and as grains weakened and offerings be-
| came liberal some of the early gains We're
| lost. The close, however. was firm. July
| pork closed 219c up, at si7.02l2, after selling
| at s17.15; lard closed 5d71zc up. at SlOqlOOZlS'
! and ribs 2x6I5c higher, at 81 4Vds 4Z1z
! Estimated receipts for to-morrow-Wheat.
| IS cars; corn, 100; oats, 1885, hogs. $4,000 head.
! Leading futures ranged as follows: