The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-03-16
GOES STILL LOWER.
After Starting OF From Chicago Wheat
Takes a Tumble.
INDIANAPOLIS. IND. I
MONDAY EVENING, March IA. I

MONDAY EVENING, March IA.
L. w. Louis & Co.'S Chicago advices today
we're as follows:
English markets nominaly unchanged. con-
unental markets somewhat lower, although
some reports claim that the Paris market is
strong owing to the unfayorable condition of
the crop outlook. The weather throughout
the country was of a nature to induce shorts to
cover, perhaps stimulated some buying, but
the action of the market such TO dis
courage holders. There seems to be a general
lack OF confidence. little bear news caused
sharp decline. This was the estimate of the
worlds shipments TO Europe being little
greater than the weekly consum ption. Specu-
lators all over the country are loaded up with &.
cotton. The decline today was disastrous TO q
great many. and seemed to have a tendency TO
shake confidence in everything of a speculative
nature. The receipts in the northwest and the
light clearanoes from the seaboard tend to
discourage holders and encourage short selling.
We still have large surplus 20 sell, and the
only thing to sustain prices Is liberal buying
for export We have repeated this so often
that II is becoming monotonous, but we still
think this the potent thing in the grain and
provision trade. Unless the foreigners take
our surplus our markets must continue de-
pressed.
The increase in the visible supply OF corn
caused liberal selling Dy holders and genenAl
bear feeling. This with the government re-
port that we had last week appears to be too
much for the believers in the present price OF
that cereal. The absorbing question is:
What effect will the opening of navigation have
on the movement OF grain? The large receipts
OF hogs and the light domestic and foreign de-
mand for the product was the principal cause
OF further decline. Spectators of mess
pork one after another are selling out their
holdings, there being favorable prospect
for better prices in the near future.
Wheat was quiet and steady today. while corn
and oats were firm.
Receipts for the past twenty-four hours, 20
cars against q total OF 10 cars for the preceding
day.
Whest-NO. ? red, $3.50 bid; No. 3 red, Soc
bid; rejected, SOCeS5c.
Corn-No. white, 42c bid; No. 2 white, 42e;
white mixed. 40c; No. 3 white, 40042c; No. 2
yellow. 3S15c; No. yellow, 3915c; No. 2
mixed, 99c; No. mixed, 3916c; sound ear.
1870 bid.
Oats-Firm; No. white, 1870 bid; No. 5
white. BE bid; No. mixed, 81 &C bid; reject
ed. 2S6l3Oc
Brsn-Easer; Sl4.
Hay-Choice timothy, $3.50; No. 1. $1,000
bid; No. .. SO bid; No. prairie. $50; No. 2
prairie. $3.50; mixed. $50; clover mixed. 50.
wagon.
Wagon Wheat-ssc bid.
On Market-Hay, timothy. Sl2@14; mixed,
SlO@l2; clover, s99ll; millet, 50; shelled
oats, 33@35c; sheaf oats, Sl09l2; corn, 400
45c; potatoes, 35940c.
CHICAGO, March 14-Wheat was rather
firm IN the early trading, becoming very weak
and closing with Il loss of 1isc compared with
Saturdays last figures. The early frmness
was due To the better prices at Liverpool and
a cold wave which covered most of the wheat
belt west and southwest. This about all
there was in the way of news for considerable
time. and as domestic markets generally
showed an advancing tendency the local feel
ing was for a time rather bullish. There was
every prospect OF a decrease in the visible sup
ply and very little selling pressure, while
shorts showed a disposition to cover and secure
profits or protect themselves against possible
loss. Pardridge, however, had plenty of wheat
Tor sale on all the firm spots and lester also
sold generously while Logan Baldwin &
Fsrnum and Alimine- Bodman, acting presum-
ably for New York parties, were also rather
free sellers. Late continental cables. however.
came Ia weak and warmer weather being re-
ported as probable the demand fell of and
the selling became more liberal. The export
movement from y ew ork was light, only ~. coo
bushels of wheat and 1900 barrels of -four.
Under these influences the market became
weak and sagged of materially. On this break
some Of the short sellers on the early market
began to take profits, both Pardridge and
Lester covering literally and there was
some reaction. The decrease Of 739. GOO bushels
IN the visible supply and a late cable
quoting Paris higher continued cold
weather also helped the market some and there
was slight reaction. Just before noon, how.
ever there seemed to be general rush to sell
which quickly broke the price a cent from the
top figures. This was attributed 20 a statement
that the worlds shipment for European coun
tries Tor the past week was 1880 bushels
against ., 100000 bushels the preceding week
and >, 100000 bushels two weeks ago. Danubian,
India and Austrian shipments were heavier.
The shipments as reported exceed estimated
requirements. Fears of anti-option legislation
by congress this week were also a weakening
factor and the feeling continued to the close,
May opened at oI13tgo1$4o, against o716c at the
close Saturday sold to SSc, broke TO S72o,
rallied to S734c, broke to SIC, advanced to
SIC, dropped 10 S63zc, rallied 60
SIC, broke to and closed weak at S614o
Corn was quiet aud steady, but with the feel
ing rather weak. The situation continued %
be regarded rs beaTish and there were free
offerings OF long property and some short sell
ing, the buying being mostly to cover short
sales and secure profits. Cables were weaker
and as the day progressed the weakness in
wheat was sympathetically felt. May opened
&c lower at 1850, and with immaterial rallies
sold down to and closed at $3.50. Oats sympa
thized closely with corn and on a quiet market
crossed &c lower at 291sc for May. Hog
products were decidedly weak and lower. The
receipts of hogs were 1000 more head than ex.
pected and prices at the yards were 10(dl5c
lower. This started free selling and May pork
fell from $l0.7611 early to S10.5715, reacted
some, but weakened again, but going to
| S10.52H and closing at Sl0.55, against $10.S71z
at the close on Saturday. Lard closed 1Oc
lower and ribs are 15c off. Estimated receipts
for tomorrow: Wheat, 225 cars; corn 800 cars
| oats, los cars; hogs, 81, 900 head.
The leading futures ranged follows: