The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-23
WHEAT WENT OFF 5-8C
BEARS IN CONTROL IN SPITE OF l.
FAVORABLE BULL NEWS.
The Declines Extended to Other Mar
kets, Corn and bats Losing Frac-
tions-Pork II lee Lower.

CHICAGO. March 22.-Wheat to-day
closed weak at a decline of 15sc. Statistical
news. as a rule, favored an advance, but
no attention was paid to it. the market at
times being almost entirely without sup
port. Other markets were weak, partly in
sympathy with wheat, corn declining sc,
oats sc. and provisions 7I2d121ac.
In spite of bullish statistics and much bal
crop news wheat was dull and heavy. The
extreme dullness and narrowness in trade
and the weakness in the early Liverpool
cables more than the offset the bullish sta
~tistics, and caused a good deal of liquida-
ton, which was chiefly responsible for the
weakness. Crop advices from Illinois, In
diana and Missouri were bad, but those
from Kansas and Ohio were fairly favor
able. The visible supply decreased more
than expected, the figures and the clear
ances from the seaboard were again large
about 435. 900 bushels in wheat and flour, but
no demand for export was reported. Worlds
shipments last week were a trifie less than
5000. 600 bushels. against 3.6S7. 900 bushels the
week before. and 100000 bushels the same
week last year. Nothing could infuse spirit
into the bulls however, and the price with
in an hour of the opening was lac below
the price 1t closed at Saturday Tor May
delivery, crop damage reports from St.
Louis and the fact of that delivery showing
no decline in that market caused COM
parative firmness in July. Minneapolis and
Duluth received 1874 cars of wheat. against
So2 cars a week ago, and 5s1 cars the cor
responding day or last year. Chicago re-
ceipts were II cars, against Is cars a year
ago.
The St. Louis support tie July was
finally withdrawn owing to the bearish-
ness of this market, and in the last half
hour bears were in control everywhere.
May started at 1880 10 44c, against Satur-
days close of 14lac. 1t eaSed OF to 13AQ
1889, recovered to 73g135sc, declined to
I34c, closing at Use.
Speculative business in corn was fairly
active, and a stiff fight was kept up be-
tween the bulls and bears, with the final
result decidedly in the latter's favor. Much
of the weakness was due TO the declines in
wheat, although the reduction of 1Ac in
effect at once, undoubtedly had great in
fiuence. Seaboard clearances were 1,1l2, 600
bushels. May opened sc lower at 245s9
24Ac, and declined 10 2il2c, where 1t closed.
Oats were rather dull, although a fair
business was transacted. Fluctuations were
and corn, but on q more moderate scale.
May started a shade lower at 171sQ17Lc.
sold at TIC, up to 1SAc, and closed at 171sc
bid. The visible supply showed an increase
of 269, 600 bushels, which may have assisted
in the heavier feeling.
Provisions were weak under the influence
of some realizing by holders, who, although
still feeling bullishly on the market, We're
said to be aking chances of getting the
property back for less money. The tendency
At the close May pork. was 12lsc lower at
S.12l2: May lard 712c lower at Si.2O and
May ribs 16c lower at $40.
Receipts for Tuesday-Wheat,
20 cars: corn, $50 cars; oats, $50 cars; hogs,
Is. 900 head.
Leading futures ranged as follows.