The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-12
NEARLY A CENT LOWER
WHEAT WAS WEAK AND CHICAGO
HOLDERS HELPED 1T ALONG.
Seventy-Fiye CargOes Said to Be on
the Way to Europe and Expected
to Break the Market.

CHICAGO Feb. u.-Wheat declined &c
to-day Liquidation by strong local holders
and the general softness of the foreign
markets impaired a decidedly bearish tone
10 the market throughout the session. Corn
and oats were easy on a small amount of
business, but closed at substantially un-
changed prices Provisions suffered another
slight decline.
May wheat, which closed yesterday at
76ssc, opened to-day at 767sG765sc. There
were only a few sales at the higher of the
quotations. as the influence which prompN
ed the advance lasted for only few mo-
ments. This was the decline in English
consols, which, taken in connection with
the unsettled European political situation.
was thought TO indicate growing danger of
war. But this was almost Immediately lost
sight Of Liverpool opening cables showing
I'D decline. This did not indicate any APP
prehension on the part of foreign specula-
tors. The cables brought the information
that a lot of California wheat shipped to
India will be reshipped to English markets.
The effect of this news was TO cause
break to 7524c for a short time. AT this
point there was rally on buying by shorts
and a little bull news in the shape of crop
damage reports which carried the price TO
762sc by IL o'clock. Then the big slump OF
the day occurred, the market in half an
hour taking straight &c drop. This was
started by the report that seventy-five car
goes, about 100000 bushels, were now
aGoat to Europe and will arrive next month.
The presumption was that such a large
amount of wheat would break the market
there. 1t led to extensive liquidation In
which some Of the strongest holders in the
lif no fCIT tor a NJ
load was over the markets quoted down
somewhat, and slow recovery TO 1880 en-
sued, This was only temporary, however
Liquidation started again during the last
hour and the market. already weakened by
the large unloading, was easily forced down
to 15lsc. The market had recovered to 15l2c
at the close.
Corn suffered n little, in sympathy with
the decline in wheat. May got down to
2S12c, which is the lowest it has so far sold
this season, or indeed. at any time since il
has been traded in for May delivery. Local
shorts did some covering at the concession
in prices, sufficient to cause rally to the
900 bushels) were considered a favorable
factor. May opened unchanged, at 235sc,
sold between 2312c and 234c, closing at
235sc.
Oats were quiet and featureless. At the
opening a steady feeling existed, but later
in the day, when wheat declined, similar
scattered selling and buying was fair and
general May opened shade higher at
TIC, sold to INC, dropped back TO 1Ic and
closed with that price bid.
Trade in provisions was light, and prices
suffered another small decline, in sympathy
with the lower yard prices. There was
some covering by shorts near the close and
part Of the early loss was recovered. pack
ers being the principal sellers. May pork
closed about 21ac lower, at s7.6712; May lard
212c lower. at $3.50, and May ribs about 212c
lower. at $3.9212.
Estimated receipts for Friday-Wheat 50
cars; corn, 45O cars; oats. $50 cars. Hogs,
80 900 head.
There will be no market tomorrow, it be-
ing legal holiday.
Leading futures ranged as follows: