The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-15
ALMOST A STAMPEDE
LITTLE BULL NEWS. FOLLOWED By
BREAK OF 1 5-SC IN WHEAT.
Other Grain Readily Sympathized and
Closed Lower - Provisions
Strong and Higher.

CHICAGO, Feb. 13.-Wheat suffered to-
day from liquidation that at one time al
most took on the nature of a stampede.
The market was rather in need of bull
news, but little was forthcoming and the
unloading which ensued caused a break of
a full 15sc in the May option. Corn and
oats suffered to degree. closing about lsc
lower each. Provisions showed strength all
day and advanced 10d12isc.
Wheat opened firm at a shade of improve
ment on Thursdays closing prices and i'm
proved on first quotations before reveal
ing the nature of the tendency which in
the middle of the session became strongly
downward. May started at 1875 G7512c, COM
pared with Thursdays closing price of
1512c, then worked gradually up to 76isQ
16Ac. There was the turning point for the
day, and it went down in two long rolls,
landing first at 751sc, and after a reaction
to 75ssc, it renewed it's quick descent to
74Ac, being the next terrace on which it
rested. 1t was at the bottom of the early
advance although the disturbed condition
Of European politics had a slight influence
at the immediate opening. This factor was
lost sight of, however, when the Liverpool
cables were received. showing no effects of
the war talk, and the attention of specula-
May option at ST. Louis. There was no APP
parent reason for the jump. and ii scared
the local operators into a general scramble
TO cover. That resulted in an advance to
76hq76Ac. That was the high point of the
day. Then came the. deluge. When the
shorts came to rescue some of their early
purchases they found no market. Here was
another painful surprise to the already
somewhat ratified spectators, and reg
ular stampede of holders took place,
checked once or twice by purchases of the
cooler headed ones, who were on the right
side of the market and satisfied with their
profits Local and Northwest receipts had
little effect. Receipts in Chicago since
Thursday morning were 800 cars. compared
with S49 carloads on the corresponding two
receipts We're $50 cars, which includes yes
terdays inspection, and S62 year ago. At
lantic port clearances for two days were
only $4,000 bu In wheat and flour together.
Bad crop reports from Missouri. Indiana.
Illinois and Ohio were received by nearly
all houses having correspondence from
there Minneapolis sales Of flour as tele-
graphed were only 5000 brls yesterday. BY
the time the price had got down to 74Ac
That brought matters to cli no So and IA a.
further decline TO 13S4c ensued. The closing
was nervous at 73a4@737sc.
Corn was rather heavy and trade confined
strictly to small scalping transactions un-
I'll wheat began to show so much weakness.
After that some selling out of long corn
1t opened unchanged at 235sc, sold as low
as 23ssc and closed at 23lac. Exports since
thursday amounted TO 5f2,UOO
Another low-price record was also es-
tablished for oats. The opening was
steady and a slight advance ensued under
some scattering buying. When wheat
price was bid at the finish. May opened a
shade higher at 17lsc. sold TO kGac. de-
clined to 165sG1634c. where it closed. Bust
ness was more active than usual on Sat
urday.
Provisions were strong all day. The gov
eminent report on hogs in the country,
showing % per cent fewer than at the
corresponding time a year ago, and much
under the number for many years, caused
vance which followed. The extreme weak
ness of grain caused some reaction, but a
good advance was nevertheless scored. At
| the close May pork was Pic higher at
$50; May lard about 10c higher at S3.S71e6
| $50. and May ribs about loo higher at $4G
| 4.02la.
Estimated receipts for Monday-Wheat
e cars; corn, $50 cars; oats, 575 cars; hogs,
| $1,000 head.
The leading futures ranrod DC foIIor-r.