The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-11
WHEAT UNDER PRESSURE
TEMPORARY RALLY FOLLOWED BY
WEAKNESS AND .-SC FALL.
Traders Not Much Alarmed About the
European War TaIk-Ail other
Markets Declined.

CHICAGO. March 10. - Wheat opened
weak to-day and after a temporary short
rally became heavy again and closed at
s.G7sc decline. Part Of the weakness was
due TO the fine weather and part to the
strong British consols, which temporarily
dissipated the idea of European war. All
the other markets shared in the weakness
of wheat corn declining lac and oats asc.
Provisions closed unchanged TO &c lower.
1t has been some time since the wheat mar
ket has been so dull ii was during the
morning hours to-day. Traders appeared
to be unwilling to do business in view OF
the present uncertainty of political affairs
in Europe. and even the bears with almost
everything TO encourage them. took hold
very gingerly. English consols were un-
changed. ana Liverpool quoted wheat from
I'D higher to 14d lower at the opening.
Those were the features of the early news.
which caused wheat to be offered for sale
at the opening from 75c to 743sc for May.
as compared with 15l4c at the close yester-
some strength, the only time during the
day. 1t was reported early in the day
that New York exporters had taken freight
room for twenty-three boatloads of wheat
for April shipment. and that there was
good inquiry here. The export business at
New York was confirmed and very soon de-
tdllS or cash business lone mere 10 the e8-
tent of $4,000 bu were in circulation. This
stiffened the market TO 1o12c. Bradstreets
report, which was expected TO show
worlds visible decrease of 1000 600 bu, was
a great disappointment when il was an
nounced. 1t failed to give tine decrease in
Europe and afioat. and gave only LOS, 900
bu decrease east CT the Rockies. The favor
able weather was also a depressing factor,
and very good reports as 10 the crop condl-
ton i'm Kansas were received. Minneapolis
and Duluth reported 300 cars, compared
spending day of the year before. Chicago
received sixteen carloads, against seventy
three a year ago, but the rail shipments
hence were only 300 bu. compared with
$500 bu sent out last year.
Closing continental cables were all lower
and consols showed 1sc advance. and May
which had rallied to 74slc. after touching
74ss@7fzc, turned weak again and sank 10
14lsd 14Ac The market closed at 14asT141sc.
Corn firm long wheat was GO
ing up early in the day, and the light re-
ceipts ste Idied the market for a time after
that 1t became very heavy IN the last
hour. while wheat was at it's ebp, and the
pit. which had been almost deserted was
filled with brokers' anxious to unload, their
efforts re sulting in a sharp decline. Clear
anceS were $1,000 bu. May opened shade
lower. at 24l2Q249sc. sold sc higher, then
declined to 24lsc, closing weak 2ilsQ2iAc
Oats opened steady enough, but sold off
late and wound up the day i'm a decidedly
weak condition for futures, although the
sample market was firm, due to small re-
ceipts. \ good deal of liquidation was done,
lilIouSn sympathy with wheat May
opened unchanged at 171ac and declined to
Ike, where ii closed. Provisions started
firm on the small hog receipts. At the open
ing advance packers became free sellers
and the weakness of the grain pits en-
couraged shorts to sell also, a gradual de-
cline resulted. English houses gave a little
support toward the end. but final prices
were the lowest of the day. At the close
May pork was 212c lower, at $3.50; May
lard DC lower. at $40, and May ribs un-
changed. at $4371Rd4.40.
Estimated receipts for Thursdav-Vhest
IL cars; c3rn, $50 cars; oats 100 cars; hogs,
1900 head.