The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-14
WHEAT NOW AT SO $50
The Heavy and Demoralized Grain
Market Unrelieyed.
Low Record of IS 7-8c Touched by the
May Future at Chicago Yesterday
Provisions Lower.

CHICAGO, Feb. 13.-May wheat went
down to 5S7sc to-day. Opening 1c lower,
at 59ssc, the price went down to the new
low price record u continuation of
yesterdays weakness. Buying by shorts
on a decrease in the visible caused
action of &c, but rumors of local financial
troubles sent the price down again and
May closed with a loss OF sc May corn
closed sc lower; May OATS &c lower and
provisions with pork and lard lower ana
ribs unchanged.
The weakness which prevailed through
out the markets of the country yesterday
was present in large chunks at the open
ing of the board to-day, and when May
wheat started 1c lower at 592sc, traders
were nervous and began to let go of their
holdings, their fears being augmented by
the discouraging tone of the cables. In a
few minutes May had slid down 12c more
and not a few traders were aghast as they
saw the new record made at 5S7sc. The
trading at that figure was light, however,
The deluge Of long wheat for sale that
looked for failed to materialize- The
visible supply in England was estimated
to have decreased 1.Oi7O00 bushels last
week and the decrease here was $4,000
bushels. This, in the face of the expecta-
ton of an increase, gave buyers a little
encouragement and with the temptingly
low price, shorts did some covering. st.
Louis sent a good many buying orders and
reported 10000 bushels taken there for ex-
port. New York reported that foreigners
were buying there and May climbed slowly
until it recovered an advance of lie. Near
$3.50 the price held steady for some time,
but rumors of some house here being in
trouble, although unconirmed, sent prices
down sc. A little buying at the finish
caused a reaction and May closed but sc
from the top, at 591hc. May opened at $3.50,
lost &c advanced 1c, declined 5sc and re-
acted 1c TO close at 59l2c.
In corn only n moderate business was
transacted, the market ruling quiet the
most of the day, with fluctuations con-
fined within sc limits. Price changes were
governed to a great extent by the action
in the surrounding pits. The feeling early
was weak, but later more strength was dis
played. The. opening was Aql2c lower
of wheat and the easier feeling that was
Cfplayed yesterday In outside markets.
good demand sprung up at the decline due
the price rallied ssc. held steady and closed
with May at the days top figures:
There was fair trade in oats and
from Saturdays close, in sympathy with
wheat and corn. The price rallied sc on
good bidding around the inside hgures, and
Nay closed but sc under the days top
figures.
Provisions opened strong and higher In
response to the very light run CT live hogs
at the yards and higher prices for them.
After easing off to a limited extent the
market advanced on the support accorded
by n prominent packing institution, es-
were light and there was not much trading.
Later on a feeling of weakness was devel-
oped with a limited decline in values, par
ticularly in lard and ribs, On increased Of
ferings of the former. pork not being par
ticularly affected. The weakness culmina-
the end of the session, pork and lard being
offered down by a big commission firm.
with nothing to hold the market up. There
was a slight reaction just before the final
tap of the bell, but the close was weak,
near the inside figures of the day. Com
pared with Saturday night May pork is zoe
lower, May lard loo lower ard May ribs
unchanged.
Estimated receipts for tomorrow are:
Wheat, 100 cars; corn, $50 cars; oats, $50
cars: hogs, 1900 head. Leading futures
ranged follows: