The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-05
QUICK RECOVERY MADE
DULL AND LOWER WHEAT MARKET
TURNED INTO A FIRM ONE.
Strength Late in the Session Extend.
ed to Other Grain, but Pro-
visions Continued Weak.

CHICAGO, Feb. 4.-Wheat to-day re-
covered all of the &c it lost yesterday,
closing at the same price ii did Tuesday.
The closing advance succeeded a very weak
opening and was caused more by the COW
ering' of shorts a somewhat oversold
market than to any real statistical
strength. Corn and oats shared in the
strength to a degree, corn advancing &c
and oats 1-16c. Provisions were heavy but
show Slight change.
Two factors contributed to the weakness
with which wheat started. The principal
one was the lower English class, especially
those bearing on the Liverpool market.
Some of the earlier Liverpool cables re-
ported decline of I'D with wheat pressing
for sale as they put IT. AS the decline on
this side yesterday amounted to only &c
1T could not be attributed altogether to
sympathy; in fact, many regarded the
slump as a result of manipulation pure and
simple, but it had its effect on opening
prices, nevertheless. The other factor was
prominent yesterday. 1t consisted in re-
ports that much of the recent cash business
had been sold against for May delivery.
For a few minutes after the opening trad
ers were rather on the fence. Not so much
was offered for sale had been expected
in view of the low Liverpool quotations
and this fact encouraged some traders to
buy with the result that slight advance
ensued. But the liquidation though delayed
came at last and for half an hour the
pressure to sell was persistent and heavy,
not only from those anxious to lquidate
but from professional bears putting out adj
ditional short lines. Opening trades in
May were made at 74ss07411c as against
yesterdays closing price of 747sQ75c. After
brief rally to 74Ssc, an irregular decline to
74Ac following. This was the lowest point
OF the day and proved to be the rallying
point of n 17sc bulge. the price reaching
l6lsc shortly before the close. AS far as
fresh news went. there was nothing of
moment added further than confirmation
by cable from London of the reported SO per
cent deficiency in condition of the French
crop compared with last Feburarys show
ing. An old and still active trader re-
marked that he thought the market was
much congested with wheat sold short
of May was S5lAc After 76lsc had been
reached some reaction followed, but the
closing was strong at 154c.
Corn was duh and firm most of the ses-
sion. Gables were lower and local receipts
liberal, but although the market heavy
Tor time, prices never got below yes
terdays close. During the last hour more
the advance in wheat and prices advanced
accordingly. May opened unchanged at .24c
closed.
Oats were active from start to finish.
Selling by shorts which started immediate
ly after the opening brought about a de-
cline and for time the market was de-
cIdedly weak. The rally which ensued was
brought about through sympathy with
wheat. many who sold early buying back
their lines. May opened unchanged at 17s
@1S34c. declined to 1880 and recovered to
1s24@177sc closing at 17$4c bid.
Provisions were weak though keeping
within narrow limits. There were good rea-
sons for tirmness in the strong hog market
and light yard receipts, but. nevertheless
the market was heavy from the start.
About all the business. however consisted
of commission house selling of lard. AT the
close May pork was 2iac higher at S7.51l5 /:
May lard &c lower at s2.S0u3.S2J2, and May
ribs unchanged at $3s7l5.
Estimated receipts for Friday-Wheat %
cars; corn, $50 cars; oats. $50 cars; hogs,
1900 head