The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-02-28
LOW-WATER MARK TOUCHED
Wheat, Corn and Oats Lower than Any
Time Since the Last Harvest.
Twenty-0ne Car Loads of No. Spring Wheat
at Chicago Yesterday Sold for soc Bushel.
Which Means About 35c fur Farmers.
TRADING AT CHICAGO.

Provisions Held Firm and Higher, Pork,
Lard and Ribs Making Gains
CHICAGO, Feb. 27.-The lowest prices
since the harvest were made to-day for
wheat corn and oats. No. 4 spring wheat
at SOC per bushel. At that rate the farmer
who raised the wheat would not
realize over 35c per bushel for 1t.
If it came from any great dis
lance. Compared with Saturdays clos
Ing prices wheat is $40 lower, aud both
corn and oats each Il c off. Provisions were
firmer and higher and closed with the fol-
lowing gains: Pork. 12l3c; lard, .17isc; ribs,
.15c.
The mild weather was accepted by many
as the harbinger of an early 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 to upset the
previous popular estimate regarding the
Intentions OF the heavy longs toward the
May deal 1t was also the general opinion
that the visible supply would not show
much. II any, decrease. In the latter re-
spect the crowd wac in error. for the de-
crease. as published later in the day, was
75l.OOO bushels, as compared with de-
crease year ago of S62. 0S9 bushels That
had reviving effect for awhile. as did the
low temperature prevailing In the North
west A severe freeze up following the re-
cent mild weather was regarded hs q dam
gerous visitant. But on the advance there
seemed TO be general desire to sell. under
which the market became decidedly de-
pressed. Reports of big stocks still In
farmers hands I'm the Northwest and the
declaration that the Chicago market vas
relatively about DC out of line with the
otter principal wheat centers caused gen.
eral discouragementa among longs. and there
was free liquidation. A severe decline
which followed was started by the sellin 9
OF 2O0, 900 bushels by Counselman- Day, 100-
600 bushels of which was long wheat sold
for New York account, and the other loo, coo
bushels was sold short for customers In the
Northwest, the house being one supposedly
In touch with the clique. The selling bad
a damaging effect, particularly when at 76c
there was still no sign of support from the
clique. The market opened about ssc low
or than Saturdays closing. advanced Ssc.
then May declined 1lsc, and July declined
asc. ruled steadier and the closing was y "a
sc lower for May and l9o lower for July
than the closing figures of Saturday.
Corn trading was rather spasmodic, with
liberal business eventually scored, prices
moving down fractiOnally. There were
few or no elements apparent, with the
one of bearishDess. Shorts covered fairly
on the soft spots. and this tended TO pre-
vent any serious decline.
Free liquidatloDs by longs in oats caused
heavy feeling. The market closed easy
at Ac above the lowest figures, with O net
loss of ls0l lac. A trade was made in July
for the first time ut 10 under May.
The provision market opened strong on
the small receipts of hogs but the slump IN
grain finally affected prices and the close
was at about medium figures. Estimated
receipts for tomorrow are: Wheat. 80 cars;
corn. 425 cars; oats. 500 cars; hogs, $4,000.
The leading futures ranged as follows: