The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-22
WHEAT STILL NERVOUS
WIDE FLUCTUATIONS, WITH THE
CLOSE HIGHER THAN SATURDAY.
shorts Confident that Letters Brokers
Were buying ON All soft spots
Corn and Oats steady.

CHICAGO, Feb. 21--Wheat was very
nervous and unsettled to-day and fiuctua-
tons covered a wide range. News, as a
rule, was bearish, but tomorrow is a holt
day and the pervading Letter influence made
shorts anxious to cover. May closed at s4c
advance and July 12c higher. Corn and oats
were heavy on free liquidation and closed
lac and CSC lower, respectively. Provisions
show small irregular changes in closing
prices.
1t looked at the opening in wheat as if
there was to be another wild day in the pit.
May was bid for at the commencement all
the way from $1.O6 to s1.071l, the higher of
the figures being an advance of 115c over
Saturdays closing price. Most of the bidding
was at $1.06 and the price settled there for
a moment. Then it rose rapidly to $1.07ls.
declined cent and worked slowly back to
$1.07. July was affected also. though not
showing such rapid or violent fluctuations.
July opened at from 92c to 92l2c, or 1sc lower
to CSC higher than Saturdays closing fig
ures, and advanced during the first bulge in
May to 1880. This was followed by re-
action to 927sc, and subsequent rally to
931Ac The break in New York stocks and
the war talk in the morning papers I'M
doubtedly had a good deal of influence on
sible for the nervousness the market dis
played. Some bullish strength was also i'm
parted by the steady falling off in North
west receipts. Minneapolis and Duluth re-
ported arrivals of 800 cars. against S43 last
week. Last weeks receipts, however. were
for two days. Chicago received 20 cars. 81 of
which were of contract grade. Worlds ship
ments were heavy at 1873 600 bushels, but
this was offset by another large decrease
in Liverpool stocks, about 100000 bushels.
Though Letters representatives claimed
they did nothing with to-day's market the
crowd believed that a good portion of the
buying which was done on very soft spots
was for his credit and this belief added to
the general nervousness. There was also
general disposition to even UP on short lines
as much as possible in view of to-morrow's
holiday Wheat on ocean passage showed an
increase for the week of 1920. 900 bushels.
This provoked lively selling from scattered
longs. Up to midday the market showed a
series of fluctuations more or less violent.
May being bid up at one time to $108 but
dropping at once to N.071R. July acted
heavier and did not get at any time above
9312c The visible figures were a distinct dis
appointment to the bulls. They showed
decrease of but 301, 600 bushels. and but for
the heavy decrease at Chicago owing to
Letter shipments there would probably
have been an increase. Free selling both of
July and May followed this announcement.
Toward the close a sudden bulge in the New
York market and the good export from At
strength into the dropping market and
slow rally followed. AT the close May was
bringing $1.06% and july 925sc
There was heavy selling of corn from ev-
cry direction. The market started strong
and higher in sympathy with wheat, but
heavy liquidation started at once and prices
soon lost their early advance. Heavy local
receipts a visible increase of ]. 1895, 900 BUSH
els, also encouraged short selling. Country
offerings were small and cables firm. May
ranged from S19sc to S05tc, and closed &c
lower, at 307sc
The market for oats was similar to that
of corn in its action. The start was strong
with wheat, but the market soon yielded to
general selling and lack of support and
acted weak for the rest of the day. The
visible decreased SEC, 900 bushels, but this
apparently had no effect. May ranged from
271sc to 26@c, and closed 3sc lower at 26szc.
Provisions were fairly active and irregu-
lar. Opening strength with grain and a firm
hog market was followed by general small
declines on selling yspackers and holders of
small lots. After that prices did not change
much. Lard was better supported than
either pork ribs and closed steady. Al
the close May pork was 2Iac lower, at Sill;
May lard 212c higher. at $5.25, and May ribs
21xc lower at $5.25.
Estimated receipts for Tuesday-Wheat,
81 ears; corn 800 cars; oats 250 cars; hogs,
600 head.
Leading fI1tures ranoed nc follows.