The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-09
MARKET BECAME WEAK
WHEAT FINALLY CLOSED 1-2C IN
DER SATURDAYS FIGURES.
DiscOuraging News Both at Home and
Abroad for the Bulls-PrOvis-
ions Remain Firm.

CHICAGO, Feb. S.-Wheat closed to-day
at about 1ac decline after having sold near
ly cent above Saturdays close. Figures
on the worlds visible supply cut quite a
figure in the days speculation. Corn and
oats were radically weak, corn declining sc
and oats 15c. Provisions were firm, but
show trifiing changes.
The news that the traders in wheat had
to start their operations was not very en-
couraging for a bull market. Liverpool was
only I'D higher at the opening than it closed
Saturday. which disappointing mas
much as it was very inadequate response
to Saturdays 1Ac advance here. Beer
bohm's report on the worlds clearances
of wheat and flour for the last week which
came in before the opening, gave the fig
ures as $780, 1000 bushels and the heavy in
crease thus shown had a marked effect.
Minneapolis and Duluth reports were not
encouraging by any means. the total for
the two places being 81 cars, against 421
last week, and Cos on the corresponding
day of the year before. These were the con-
ditions under which May wheat. which
closed at nc on Saturday, opened to-day,
with sellers at from 1850 down to 761kc.
But the market became strong Immediate
ly after the opening. The early figures on
large decrease, so large, in fact, that 1t
made shorts scramble to cover their lines.
Holders of wheat were not disposed to let
go, the consequence being that the price Of
May got up to 777sc before any material
reaction occurred. Meantime the local and
port clearances were reported at 435. 900 blu.
A decline to 1914 4767sc occurred when an
increase in the English visible supply was
announced, but this was quickly succeeded
the day, which occurred on the posting or
the worlds visible figures showing a total
commenced, slowly at first but gaining
momentum as the session drew TO close.
1t was due almost eltirely to realizing;
by the worlds shipments, which last week
were 16OO larger than the week before. New
free sellers there. May finally got down to
761ac and closed at 7615@765sc.
Corn maintained its price we'll till the
closing drop in wheat, but during the prog
ress of the latter it emulated wheats weak
ness and closed at a decline for the day
of CSC per bushel in May. Receiving houses
creased 1884, 900 bushels. May opened
shade lower at 24l4c, sold at 244q24ssc and
declined to 237sq2tc; where it closed
the session, but with tendency toward
firmness. Later, however, the market
turned very Weak paTay thrnSrb SYN i'm
eral selling by the professional shorts; A
heavy business was done at the decline.
May opened at 1715d17alc, declined to 1!Ac,
establishing a low point for the crop. The
market closed at TIC.
Provisions were well sustained amid the
bearish feeling in grain. firm nog market,
with comparatively light receipts, giving
tone TO the market, The closing weakness
in grain sliced off most of the days slight
advance. however. AT the close May pork
was about 2l2c higher at $.65; May lard 2lsc
higher at s3S212 and May ribs 21ac higher
at 1921.
Estimated receipts on Tuesday-Wheat, 2
cars; corn, GAO cars; oats, 49O cars; hogs,
20 600 head.