The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-17
RUMORS OF FAILURES
Nay Wheat Dropped to 81 1-2c,
but More than Recovered Later.
Plenty Buying Orders Toward the Close
Made All Markets StrOng-PrO-
visions Advanced.

CHICAGO, Feb. 16.-May wheat sold at
Size to-day, but rallied and closed &c
higher than yesterday. Rumors of an i'm
pending failure here caused a weak open
inc, and free selling sent the price down 10
the new record, but covering by shorts and
buying orders sent values up, and May
closed at 5SAc. May corn closed &c higher.
May oats &c higher and provisions closed
strong and higher after an early decline.
The wheat market opened at a still lower
level to-day. There were a few sales for
MAY as low as 57Ac. but the bulk of the
first transactions were at from 5Sc to a
shade higher That was a drop from 1ac
to nc since yesterdays close. RumorS Of
impending failures in trade here had been
freely circulated on the curb yesterday
afternoon. One firm sold about 500,C00 bu
of wheat after the close yesterday, 1t was
claimed. There was a wave or returning
confidence which endured for about twenty
minutes after the start, but ~deSpairing
sales by unnerved holders at the Slight add
vance which occurred sent prices tumbling
again, sand before forty minutes CT the
session had passed the price Of May wheat
had dropped to size, a low price record.
TIE Liverpool market was weak and the
continental markets came lower for
futures. There had been a recovery here
from size for May to $3.50, but light clear
arces from the seaboard and the decline in
continental cables caused another down.
ward reaction to 57&44o7sc. There were
plenty OF buying orders late in the day,
which gave the market a irmer tone to-
ward the end, and $3.50 was the ruling
price about half an hour from the close.
There were q few sales near the close at
5S%c, and there were sellers at that when
the closing bell sounded, May closing at
the top.
Corn was moderately active, fluctuations
being a little more frequent within limits of
?gg$4c, The general tone with the excep-
firm and the closing Shove a gain. The
opening was fractionally lower and sold off
a shade more, due to the uncertain action
of wheat, but at the decline a good demand
was developed, while the offerings became
corr~espondingly smaller, resulting In an ad-
vance of 5sQ3.c. Local realizing carried the
price back about &C, when the market ruled
firm, closing with May at the days top
figures.
In oats there was a fair trade and an IT.
regular feeling. The opening was weaker
and hGAc lower, but reacted and closed
higher. There was moderate selling early,
but the offerings found ready takers and a
better feeling developed. The rally in other
grains also helped the market. A good de-
mand existed for cash lots which also as
sisted in making the tone better and closed
at the days top figures.
There was a fairly active trade In provis-
ions at better than yesterdays prices. Inc
lowest price of the day prevailed at the
opening and the highest at the close. The
packers were good buyers. the most con-
spicuous being the Chicago Packing Com
pany. Baldwin was a buyer, presumably on
an order for some packer; Hog receipts
yesterday. The quotations from the yards
showed a decline OF from 5 to loo which
aided I'm the early decline, while the later
action of wheat and the rather free buying
caused the subsequent advance. There was
a gain for the day at the close of 27l12c In
MAY pork, .1Oc IN lard and .1212c in ribs.
Estimated receipts for tomorrow are:
Wheat, ~ cars: corn. 43O cars; oats, % cars;
as follows: