The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-09
FAILURE OF WAR SCARE
RESULTED IN LOWER PRICES AT
CHICAGO, WHEAT LOSING &c.
Corn Was Strong and Higher for a
Time, but All Other Markets
Weakened and Declined.

CHICAGO, March S.-Wheat was almost
entirely dominated by the more pacific Eu-
ropean political news to-day and closed at
&c decline. Small worlds shipments were
again indicated but traders paid little at
tention to the fact. Corn was surprisingly
strong most of the session, but closed at
unchanged figures. Oats closed shade
lower. and provisions closed at declines
ranging from 21sc to 71kc.
Wheat opened weak, the first transaction
in May being at from 49,, 20 752sc, from Csc
to sc below the closing price Saturday. In
the face of the confident predictions that
war; enveloping all Europe in its bloody
folds, was inevitable. the aspect of affairs
this morning was surprisingly peaceful.
The English consos were up 7-16 since
Saturday, and that was the chief reason
for the decline with which wheat started.
Before the session had progressed very far
there was an unexpected and quite ma
tefial rise in corn which caused wheat
to respond sympathetically. May got up
to 157sq16c, TO within 1sc of Saturdays
closing. That was the highest point it
touched, and then commenced to decline,
and by HIS o'clock had fallen to 7i9sc
Statistically, the news was quite bullsh
as any one had expected the decrease in
the amount on ocean passage was 100000
bushels, and the visible supply decreased
over one million bushels. The world s
shipments last week were again Sensa-
tionally light, only 2,Sll, coo bushels, against
1850. 900. a week ago, and 6,67l goo bushels a
year ago. The English visible decreased
$4,000 bushels last week. Minneapolis and
Duluth receipts were only 254 cars. against
800 week ago and 416 last year. The fail
ing off was attributed to the severe storms
in the Northwest. The early advance of
7-16 in consols aided further rise of 5-l6
gain lie per cent. The latter advance
came in about the same time as Thoman's
report of wheat in farmers hands, and
which was very bearish. 1t was that COM
bination of Thoman and European peace,
and chiefly the latter that started the price
down after its first rally and kept Ii drag
ging to the end. May got down to 74Ac
about half hour from the close, but the
taking of $4,000 bushels of wheat here for
shipment, with twenty-five boatloadS at
New York for export caused a reaction to
75a151sc, at which the market closed.
Corn started with rush, making &c
advance while wheat was hurrying in the
opposite direction. Shorts were active buy
ers on the poor inspection and unfavorable
weather. and the market was very lively
for q time. The continued weakness OF
wheat had its effect ultimately and all the
advance was lost. Clearances were light,
$4,000 bushels. May opened lsc lower, at
249sc, where il closed.
There was a good, lively trade in oats.
the market s logging along after a, corn
demand and this, coupled with sympathy
with corn, caused a good advance Trade
dropped off later in the day. and prices fol-
lowed corn on the downward path, closing
at slight decline. May opened shade
lower, at 113sQ17l3c, advanced to lsc. and
reacted 10 1Issa11l2c, where 1t closed
Provisions were fairly active. Prices
went up sharply after substantially I'M
changed opening on the buying of good
line of pork. With this out of the way,
prices declined as fast as they had ad-
vanced. The market was quiet but steady
for the rest of the session. AT the close
May pork was about 71ac lower, at $3.50;
May lard &c lower. at s4.l5, and May ribs
about &c lower, at $40.
Estimated receipts Tuesday: Wheat, 80
cars; corn, $50; oats, AS: hogs, $1,000 head.
Leading futures ranged as follows.