The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-10
REACTION IN WHEAT
Which Led to Lower Prices i'm All
the Chicago Pits.
Corn and Oats Couldn't Resist the Pres
sure and Provisions Underwent
Perfect Slump.

CHICAGO. March s.-The principal spec
ulative markets were all weak to-day
Wheat took the lead. but corn, oats and
provisions, each, in their turn, challenged
the leader. and all, with the exception of
wheat, came in punched together at about
the bottom of the days course. Wheat
closed at a recovery of sc from the lowest
point touched, but sac lower than it closed
yesterday. Corn and oats are each nc low
er and pork zoe lower. Fear that the gov
ernments estimate of wheat in farmers
hands would exceed 100000, 900 bushels was
the principal reason assigned for the weak
ness.
The wheat market acted weak during the
greater part of the first hour. The weather
was fine, and with plenty of moisture In the
ground, nothing more could be desired for
a splendid start for winter wheat and the
prospective seeding of the spring crops
That was the only element of weakness in
the influences which usually come on the
market at the opening. When the figures
representing yesterdays Atlantic seaboard
clearances began to be received the earlier
weakness was partially recovered. When
the total of the exports from the four prin-
cipal Atlantic ports was found to amount
to nearly 100000 bushels in wheat and flour
a decline of &c, which had occurred from
the highest point touched at the opening
recovered. There were a few sales Of May
at Coo at the start. then decline to $685.
followed by a recovery to Coo before IL
o'clock. A sale of 1000 bushels of No. red
winter by local handler of cash wheat to
an Eastern firm at lkc higher than was
procurable three or four days ago. when
May was quoted 1c above the price ruling
this morning, was likewise a factor in Gre
ating more confidence. Closing cables were
weak. Liverpool Antwerp and Paris, all
sending lower quotations. rms resulted IN
another weak spell in the market marx mere, our,
5912c, but on some fresh export business
being reported from New. York the market
recovered some and closed at 5Ss445y4Sc.
Corn was fairly steady for about five min
uteS after the opening, but later IL parucl-
pated in the weakness in wheat the re-
ceipts were only 20S cars and the estimates
for tomorrow only 206 cars. The Liverpool
market was quoted firm and I'D higher,
and the export clearanceS reported from the
seaboard were 1000 bushels; But Patten
Brothers. who had been conspicuous buyers
for two or three days, were sellers to-day,
and some others who had been buyers I'M
der what appeared to be much less encour-
aging circumstances, took the opposite
course to-day. The opening price was S.9sc'
The market was at practically the lowest
point of the day as the session was ending.
There were sellers of May at 37lsc.
Oats were also lower. Holders were offer
ing freely and a big business was done.
Patten Brothers and Bartlett-traZler each
sold in the neighborhood of 10000 bushels.
while Hess bought fully 100000 bushels. Mer-
rill & Lyons were also free buyers. There
was besides considerable short buying In
smaller lots. The decline in values was
principally due TO the weakness in wheat
and corn. May opened shade off from yes
terday'S latest quotations. at 3O1s631c,
touched Sic and gradually declined to 3012c.
1t was offered at 30asc at the close. July
sold from 29c to 2Sc.
1t was a liquidation by longs in the pro-
vision market to-day. Hog receipts did not
exceed yesterdays moderate estimates, and
the report from the yards indicated a good
demand for them at previous prices. There
was a considerable break in prices before
shorts were tempted by their profits to
come as buyers. Many stop loss orders on
long stuff were reached on the decline, and
It was only buying by shorts which pre-
vented the drop from being more sensa-
tional. Baldwin covered from 1900 to 5000
barrels OF pork the break and the Cudahy
Packing Company also covered round lot.
There was q moderate recovery from the
lowest price named, which the shorts again
took advantage of to put out their lines
again. and closing prices were near the
bottom. Compared with last night May
pork is zoe lower May lard loo lower and
May ribs .1212c lower.
Estimated receipts for tomorrow are:
Wheat 60 cars; corn, 206 cars; oats, 142 cars;
hogs. II, 900 head Leading futures ranged as
follows: