The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-04-01
SHARP BREAK IN WHEAT
BULLS DISCOURAGED AND PRICES
DECLINED STEADILY.
Liquidation Began at the Tap of the
Bell. and Wheat One Time Touched
&c I~-Sc-Other Markets Firm.

CHICAGO, March 31.-The longs i'm wheat
were thoroughly disheartened by a further
sharp break i'm that market to-day, May
closing at $c decline. 1t sold within
&c of 70c at one time. Weak cables and
a poor cash and export demand started
liquidation which continued almost with
out cessation all day. Other grain and
provision markets were comparatively
steady. corn closing a shade higher. oats
unchanged and provisions 212c lower TO
e1.c higher.
Liquidation of long May wheat began
with the tap of the opening bell and con-
tinued all forenoon. BY 1850 o'clock the
price Of that option had declined to 703sG
7Olac. compared with 1l2d 1850 at the close
of the market yesterday. 1t opened at
from lie to 71lsc. While May was making
the decline of 1Isc referred to, July lost
only sc. July could at any time during
the decline be sold in considerable quanti-
ties at the bid price without further de-
| pressing it until a greater concession was
forced by the difficulty of finding buyers
for May. Additional weakness of the
market was due merely TO the continuation
of previous bearish conditions, weakness
abroad and no appearance of any buying
by foreigners, Notwithstanding the daily
inducement offered here of lower prices.
Liverpool quoted a decline of %d at the
start and a further loss of I'D later in
the day. A private cablegram from Liver
pool reported arrivals there of cargoes of
white wheat as Weighing that market
down this morning. Minneapolis and Du-
luth receipts were 39l cars, compared with
1913 a week ago and go last year. The re-
ceipts here were IA carloads. Exports of
wheat and flour from Atlantic ports were
.,x-.I 80 y al hHrGhnlG o. NnrE
reported prominent firms there selling
wheat futures on cable orders and selling
out of long. May wheat held for foreign
account was a feature of the pit tr,lnSac-
tions here at the opening. There was a
rumor near the end of the session that
the decline in price mad awakened a 1ttie
twenty-five boatloads had been worked.
The most that could be confirmed, how
| ever. was two boatloads. The milling de-
mand at Chicago was satisfied With 2l,W0
bushels. The DECLINE in May TO I0ssd lO12c
was followed by q slight rally which took
il TO 70$4c. and that by another decline
to 701sc and a recovery TO !0sc at the
close. July got at low as 6ssq6Sl2c and
closed at $3.50.
to the weakness in wheat. The fluctuations
were insignificant, but the tendency was
for the most part In the direction OF i'm
provement. Wet weather West with good
prospects of a continuance of the same,
light receipts. 103 cars. and good exports,
713, 900 bushels. all tended to hold prices
STEADY at Il Sfldue dDONt ytSlcIudy = pliSCS-
MAY opened a shade lower at 24a4c, sold to
247sd25c and closed steady at 241sc.
Considering the weakness in wheat, oats,
like corn. were relatively very firm. al
| though there was scarcely anything TO In
fiuence such a tendency. No news items
| developed, business was dull and prices
confined to a narrow range. May opened a
shade lower at 11lsdiIlRc, sold to 1Aq112sc
and closed at 1114c bid.
Provisions opened rather weak because
of fairly liberal receipts of hogs at. West
| ern points. At the decline with which trad
ing commenced there were buying orders
enough to prevent any further loss, and
| near the end, when wheat had got a turn
for the better. the decline was all recov-
cred and a small fraction to the good At
the close May pork was 212c higher at
SSH, May lard 212c lower at A.22l1s and
May ribs a shade higher at S4.6o.
Estimated Receipts on Thursday-Wheat,
q cars; corn, 13 cars; oats, III cars; hogs,
%. 600 head.
Leading futures ranged as follows: