The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-03-01
LOWER PRICES RULE.
Corn. Wheat and Oats the Lowest
since Harvest.

CHICAGO, Feb. 27.-The lowest prices
since the harvest were made today for
wheat, corn and oats. No. spring wheat.
to the number of q cars. was sold at 500
per bushel. At that rate the farmer who
raised the wheat would not realize 35c per
bushel for it. if it came from any great
distance. Compared with Saturdays
closing prices wheat is lc lower; corn and
oats each &c off. Provisions were firmer
and higher and closed with the following
gains Pork, l21c; lard. l75o and ribs,
15c. The mild weather was accepted by
many a. the harbinger OF spring. and
probably had influence upon the minds OF
traders. The selling of May wheat and
buying OF July on Saturday by parties
who were supposed TO represent the So
called bull clique also tended 20 mp
set the previous popular estimate
regarding the intentions of the
heavy longs toward the May deal.
It was also the general opinion that the
visible supply would not show much if
any decrease. In the latter respect the
crowd was In error for the decrease, as
published later in the day. was 75l 900
bushels, compared with decrease year
ago of 1862, 0S9 bushels. That had a reviv-
ing effect for awhile as did the low tenn
perature prevailing in the Northwest. A
severe ireezeup following the recent mild
weather was regarded as a dangerous
visitant. But on the advance there
seemed TO be a general desire TO sell,
under which the market became decidedly
depressed. Reports OF big stocks still in
farmers hands in the North west and de-
clarations that the Chicago market was
relatively about cents out of line with
tile other principal wheat centers, caused
general encouragement among longs and
there was free liquidation. A severe de-
cline which followed was started by the
selling of 100000 bushels of wheat 10y
Councilman Day, 100, 600 bushels of which
was long wheat sold for New York sc-
count and the other 100000 bushels was
sold short Tor customer in the
Northwest. The houses being one
supposed in touch with the clique, their
selling had damaging effect, particularly
when at 76c there was still 10 sign of sup
port from the clique. The market opened
about sc lower than SATURDAY., closing adj
vanced &c, then Nav declined lie and
July declined &c, then ruled steadier and
the closing WAS {(Gac lower for May, SO
lower fo- July than the closing figures of
Saturday. Corn trading was rather spae-
modic with a liberal business eventually
scored, sDTlces moving down fractlonaly.
There were few or no elements apparent,
with the situation in the general drift of
sentiment one OF "bsarishness." Shorts
covered fairly on the short spots. and this
tended TO prevent any serious decline.
Free liquidation by longs in oats caused
heavy feeling. The market closed easy at
&c above the lowest figures. with a net loss
&c. A trade was made in July for the
first time at 1c under May. The provision
market opened strong on the small re-
| coipts OF hogs, but the slump in grain
finally affected prices and the close was at
about medium figures. Estimated receipts
for tomorrow: Wheat, 80 cars: corn, 40
cars oats. 300 cars hogs, 1900
The leading futures ranged as follows: