The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-26
WHEAT CLOSED LOWER
LEADING CEREAL SHOWED EARLY
STRENGTH WITH STOCKS.
Declines Toward the End of the Ses-
sion Made All Markets Weaker
and LOSSES We're scored.

CHICAGO, Feb. 25.--The improved tone
Of Wall street was reflected by wheat for
time to-day. and substantial advances over
yesterdays closing prices We're recorded.
Weakness at Liverpool and lack of intiuen-
tial support brushed this aside later, and
caused closing declines of Lease in July and
&c in May. All the other markets followed
closely the COURSE of wheat, being strong
early and weak later Corn declined 1sc,
oats closed practically unchanged, and pro-
visions declined 2lac for lard and ribs, but
171ac for pork.
The opening tone in wheat was somewhat
irregular. May was. quite weak, opening
1sa3sc lower at from $1.03la to $l05 and
selling down inside of minute or so to
$l.021a, then rallying quickly to $10S13. july
was by no means steady. though not dis
playing the weakness that the earlier de-
liveries did. July opened a shade lower, at
S9$4 @SS7sc, where it hesitated for a short
time, then slowly advanced to 9O1sc.
Though news was of q mixed character,
that having a bearish tendency was appa-
rentIy given the most attention at the start.
Liverpool was considerably lower, though
not enough TO cause much fresh selling
here. Northwest receipts were 267 cars,
against 245 last week, and 1870 a year ago.
most important bearish news was the Ar
gentine shipments which amounted last
week to 1,4OS,0Ol bushels, which was far
from bearing out the statements that the
exportable surplus of that country would
not exceed 24O0O,COO bushels. After the first
minute or SO of trading, however. this sort
of news was lost sight of. The much more
confident tone of Wall street and the pros
poets of delay in decisive action over the
Maine disaster induced many sellers of yes
terday to turn buyers, and this demand eX-
erted a favorable influence on prices imme-
diately. Fear of a buying furry which
might punish shorts also caused hedging by
the more conservative bears. July devel-
Oped more strength than did May, and more
trading was done in that delivery through
out. The Letter party probably accumu-
lated 100000 bushels July during yester-
days selling Juror, and the amount of bid
ding for that option during the morning
developed the fact that the market was
oversold. 1t resulted in a gradual advance
in July to 90s4c, May meanwhile getting to
$l.035s. A long period of dullness followed,
realizing by smaller scalpers causing reac-
tions to $103 and 9GLc. After noon prices
gradually tended downward. The crowd
mad apparently got covered on July and the
market developed bearishness. AT soc for
July Letter brokers gave the market some
support, but the prices dipped to S9$4c be-
fore the buying had any effect AS soon as
this support was withdrawn the market
dropped at once, and in the last half hours
n. "A
in California wheat at Liverpool, 212d, was
talked of a good deal and helped to start
selling again. AS no influential support was
forthcoming the decline was rapid. July
finally got down to S9Ac, and closed at S9A@D
$3.50. May closed at 1.0312.
Corn early was firm. The market devel-
oped a strong tone on active buying, many
Of yesterdays sellers buying back their
lines, and prices during the morning
showed a substantial advance. The strength
of wheat was the principal influence. When
wheat turned weak, corn followed rapidly
short selling being quite heavy late in the
session. Heavy export engagements were
influential in the early firmness. May
ranged from 30l4c to 29s4c, and closed 1sc
lower, at 29s4c.
The market for oats was active and
strong early. Strength in wheat and corn
caused good buying by shorts and some re-
Installing of lines sold out yesterday. The
later decline in other grain markets was
followed at once by oats, all the advance
and closed unchanged at 261sc.
Provisions was of the same disposition to
cover stuff sold yesterday in the gram.
May started easy a result of lower hog
prices, but good general buying, in which
packers We're prominent, soon brought
about a good rally. This was maintained
for some time, but the late decline in grain
markets was followed by provisions. Pork
was especially weak near the close. May
pork closed 15c lower at $1,000; May lard
212c lower, at $3.50, and May ribs 212c lower,
at $5.1215.
Estimated receipts Saturday: Wheat, 100
cars; corn, 625; oats, 800; hogs, $4,000 head.
Leading futures ranged as follows: