The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-12
HEAVY DROP In WHEAT
MAY FUTURES WEAK AND HEARS
POUND THE PRICE TO :: I-2C.
Little Confidence Placed in the Gov
eminent Crop Report and Bulls
Are Discouraged.

CHICAGO. March 11.-wheat closed very
weak to-day at a decline of 17sc. Disap-
pointment over the reception given to the
government figures on the crop reserve
made a weak opening and the market was
pounded hard and persistently all the day.
Corn and oats were surprisingly strong,
corn closing unchanged and oats showing
only a trifiing decline. Provisions closed
2i@@5c higher.
Wheat opened weak. although at substan-
TALLY yesterdays closing price The gov
eminent report of the quantity of wheat
in farmers hands March ! was treated by
the trade at home and abroad with their
usual contempt for government agricul-
tural statistics Although the quantity on
the farms was estimated at only 5000, 900
bushels, tie spectators were free sellers
of May at the opening at from 7412c down
to 7i14c. and before buyers enough could
be found TO absorb the quantity for sale
1T had declined to 13$4a73ssc. The market
then took on a better tone on a reported
decline in consos and predictions of a cold
wave in the Southwest where such a thing
following the rains would do considerable
damage. The buying that commenced
proved sufficient to cause reaction to a
shade above 1850, or the point where the
market closed yesterday. Then it turned
weak again. There was no apparent rea-
son for Ii. but liquidation on a large scale
commenced and continued for the rest of
the session The market yielded slowly for
awhile. put when II once again got below
i4c for May ii went pumping down the
one-SlxteenJnS steps with "a good deal more
rapidity and landed at 731sn75l4c, about l2:l5
u. IN. some of the lines held by the thick
and-thin bulls went into the raVenous maWs
OF the bears when the price turned under
74c. As far as domestic news was con-
nj
to cause such break. Chicago receipts
We're III cars, against 90 on the correspond
ing day OF last year. Minneapolis ana Du-
Iuth reported 323 cars, against 3l7 a week
ago and 800 a year ago. New York report
ed 10 boatloads of wheat sold for export
principally May-June shipment. About
$1,000 bushels were sold here to domestic
mlliers The market was under bear con-
troll to the end, the broken-hearted bulls
having abandoned hope. After a long
struggle around &c the price broke in the
last ten minutes of the session to 72IsGI
Use ana 1t closed without, raiiying from
that 7nI
Corn held up remarkably we'll in great
contrast 10 its action yesterday, prices
holding Stubbornly even when wheat was i'm
only moderatively active and traders were
encouraged by the small receipts and large
clearances to accept all offerings. Clear
ances We're $4,000 bushels. May opened a
shade higher, at 2il4c. sold between 242sc
and 249241sc. closing STEADY. at 2i1sQ2f4c
oats were fairly active and easy at the
opening although prices were higher. There
was considerable pressure to sell during
the morning, but later better demand
sprang up and prices recovered part of the
small decline. The action of corn was a
steadying influence. May opened shade
higher at llisMl7Ac, sold down TO lie and
closed at 11Mlllsc.
Provisions We're firm on a comparatively
smallf trade. An opening advance, due to
the small hog receipts, was lost during the
early weakness OF wheat. But both foreign
ana domestic houses were good buyers and
the decline was more than recovered. prices
cloSlng near the top. AT the close Nav
pork was DC higher. at $3.50; May lard about
Zt2c higher, at A12l2G4.15, and May ribs &c
higher. at $Ii5.
Estimated receipts on Friday-Wheat is
cars; corn, l4I cars; oats, 22s cars; hogs
2l.OO0 head.