The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-12
WHEAT TOUCHED GOO
No Bottom to Chicago Grain Mar
ket When Once Started.
The May Future Regained 3-8c of the
Loss. but with That Closed at An
other Low Record Mark.

CHICAGO, Feb. 10.-May wheat sold to
Coo to-day. a new low price record, and
closed with a loss Of CSC. at 603sc. After a
steady opening on the cold weather and
larger exports, a loss of 1c was caused by
free liquidation and pressure TO sell. A re-
action of &c ensued on covering by shorts,
followed by a decline at the close on more
selling. May corn closed sc lower: May
oats. Ac lower, and provisions with but
little change.
Wheat started higher. with May sc up,
at 607sc. The cold weather gave the bulls
some encouragement. as did also the larger
export clearances, and they soon had May
Up TO Gle. Renewed pressure to sell, pre-
sumably on account of the expectation that
the next visible supply statement will show
an increase, started a decline, however, and
May went down with a rush, landing at
Coo. The market seems to have acquired
the habit of making new price records, and
the astonishing price created but little ex-
element, and no panicky indications fol-
lowed. 1t had been expected that a decline
TO 6Nc would develop another demoralizing
bunch of stop-loss orders, but the orders
did not materialize. This somewhat alarmed
the shorts. and they proceeded to cover.
with the result that May reacted s4c and
held steady for a time at 60Ac. Northwest
ern receipts were again, however. numbered
among the bearish influences, Minneapolis
and Duluth reporting a total of 496 cars,
compared with 167 on the corresponding day
last year. Liverpool advices also were
rather bearish, and as the session neared
its close the selling again became free and
the firmer feeling wore away, taking with
1T sc for May, and that month closed sc
above the days bottom figures. May opened
a 2 NJ 6x-annn IL Lost 4 n rnantal a.
and declined sc, to close at 602sc.
Corn was quiet most of the session, but
an uneasy, unsettled feeling permeated the
largely by the action of wheat, and the de-
cline was due entirely to the action of that
al loss, but that was soon recovered when
offerings increased. and prices sagged down
st9ssG rail rallied Mas Ma b%; declined de- sS6va A@ as and
bottom figures.
oats were easier in sympathy with
wheat, and on moderate selling by longs
prices receded Ac and closed easy, after
opening unchanged. There was moderate
buylng early, but later buyers appeared TO
have been filled up. and May finished at
the bottom.
Provisions opened strong and higher on
next week and good bidding, prices adj
vancing moderately. The offerings Of all
kinds trade Of P sSTresponS Tgrd very s1 T light am and
an effort on the part Of some of the local
operators to advance values, but the con-
trary effect. Some support was given to
the market by two or three leading pack
ing institutions, prices advancing for a
time. with only slight reactions. The i'm
provement in wheat from the lowest price
on record also contributed to the strength
in this market. Later on it declined to
creased offerings and the withdrawal of
the previous support. with the closing
Compared with last night, May pork is sc
higher. May lard .02lac lower and May ribs
unchanged.
Estimated receipts for Monday are:
Wheat, rs cars: corn, 600 cars; oats, 2O3
cars: hogs, $4,000.
There will be no session of the Board of
Trade Monday, being a legal holiday I'm
Enthusiastically of Abraham Lincoln.
Leading futures ranged as follows: