The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-23
WHEAT MARKET REACTS
MORE BEARIsH REPORTS on SOUTH
WEST WHEAT CAUSES DECLINE.
Armour Selling Again Causes Wenk-
to Have Sold 1 100000 Bushels.

CHICAGO, April 22.-Revision of expert
reports making wheat conditions in the
Southwest more bearish was largely in
strumental in starting heavy liquidation
of wheat to-day. The July delivery closed
with net loss of 7sq1c. Corn is off ga
1zc. Oats are down 1zd5sc. Provisions
closed practically unchanged.
For minute or two al the beginning of
trading in the wheat pit there air
OF uncertainty. In consequence transdc-
lions were rather light and prices were
about where they left off yesterday, with
July sc to 14c lower at SIC to S5Lc.
suddenly the market collapsed and de-
cline OF lie or more was experienced in
all deliveries. Trading became active and
general disposition TO sell became mani
tested Reasons for the weakness which
mad thus quickly developed were various.
A correction of crop experts report OF
the southwestern situation, as first re-
ceived yesterday, and which was originally
exceedingly Dullish, largely nullihed the
first conception OF the situat ton.
Traders who bought on the supposition
That western Kansas and western Okla
nOma were the portions OF the South
western territory referred to in the report
as being past redemption had the wheat
for sale to-day. The sellers had in the
meantime aScertained that the irredeemabl
portion OF the Southwestern wheat fields
was confined TO western Texas and west
ern Oklahoma.
LIVERPOOL MILLERS BUY INDIAN
WHEAT
A cable dispatch from Liverpool stated
that millers were buying considerable
quantities of Indian wheat for May and
June shipment at the equivalent of 50 cents
a bushel. Such a contrast with the prices
at which wheat could be laid down from
here had much to do with the heavy sell
ing pressure In addition there was
large increase in Argentine shipments. No
heed was paid to crop damage reports
from the Ohio valley and Indiana, the gem
eral desire being to liquidate long wheat
Many stop loss orders were reached, &C
celebrating the decline. The only demand
came from shorts, but there was not suf-
ficient buying from that source to cause
any great rally. The market continued In
a demoralized condition the entire session,
SAC July closed at S42sQS41kc. May ranged
between S77sc and $3.50 and closed at SS7sc
Clearances of wheat and flour were equal
to 1890 blu. Primary receipts were go, loo
bu, against 266.S0 bu a year ago. Brad
streets reported worlds export as equal to
1,645. 400 bu. Minneapolis, Duluth and Chi
cago had receipts of l6l cars. compared with
156 cars last week and l6l year ago.
CORN MARKET WEAK.
The market was weak. partly in
sympathy with wheat and partly owing to
liberal selling by Armour. over 100000 bu
of May were reported sold by the erstwhile
bull leaders There was little hrmneSS
early, but on the break in wheat liquida-
tons or May corn set IN.
The attending decline carried the price or
July and September down with ii. There
after the market was inclined to drag. about
the only support coming from shorts. July
opened unchanged to &c higher, at $3.50
4S%c, sold off to 47Ac and closed at $3.50
4SAc. May ranged between 41ac and 491zc,
closing at 4Sc. Local receipts were 1873 cars,
with twenty-five of contract grade.
CONSIDERABLE SELLING OF OATS.
Pit traders were persistent sellers of dis
| tant deliveries of oats due to more favor
| able crop advices. AS result of this selling
| pressure and under the influence of the
| slump in wheat and corn the market ruled
weak, but the declines were not as pro-
nounced as in other grains. The principal
support came from shorts. After opening
| unchanged to &c lower, at 363sQ36i2c. July
| sold down to $3.50, and closed at 357sQ36c
| Local receipts were ffty-One cars.
PROVISIONS QUIET.
| Provisions were quiet, and in view Of the
weakness in grains the market held COM
paratively steady. There was some selling
| on a liberal run of hogs. but the market re-
| ceived fair support from packers and shorts
| July pork closed down NC. at Sl2.2o. July
| lard was a shade higher at Sc. 1916 712. Ribs
! were off shade at S6-521216.55.
| Loading futures ranged as follows: