The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-19
WHEAT PRICES LOWER
CHICAGO MARKET FELT EFFECT OF
THURSDAYS LIQUIDATION.
May Option Closed 5-sc Lower. at
sIO3 1-2. and All Other Markets
We're Weaker and Showed Declines.

CHICAGO, Feb. 1S.--Joseph Letter made
emphatic denial to-day of the report that he
disposed of 5000. 900 bushels of his Nav hold
ings of wheat during yesterdays excited
trading He was credited with making a
profit of s50000 He said: Il not only did not
sell q bushel Of wheat yesterday, but bought
wheat The current prices are only the be-
ginning of a range from $1.25 to $3.50 per
busheI. That's what I propose to sell my
wheat at"
Everything on the Board of Trade showed
a reactionary tendency to-day and closed
at declines. Wheat felt the effect of yester-
days heavy liquidation. This and the large
Argentine wheat shipments resulted in a
decline in May of 17sc at one time, but
heavy ocean freight engagements for Letter
caused a rally. May closed at a loss of sc
from yesterday Corn declined CSC and oats
sc. Provisions closed unchanged to 121ac
lower.
1t was evident at the start in wheat trad
ing that the short scare, so prominent a
feature of trading all week, had nearly all
died out under the influence of the heavy
selling during yesterdays session. In addi-
ton, the most important of the early news
was clearly in favor of the bears and a
weak and lower opening was the inevitable
H.,
terday, was $1.041s, was offered in goodly
quantities at the start at from $1.O31a down
to $1.03, and SO great was the selling pres
sure for time that the price dropped to
$l02A, or 4Ac lower than the highest price
paid yesterday. In this decline Argentine
news was prominent. Argentine shipments
for the week amounted to 1888 600 bushels,
against $4,000 bushels the week previous.
and 150 000 huGhn1S last wear bIa Yoayxyc
also rather discouraging to holders, both
Liverpool and Paris showing small declines,
and much was made of the failing of the
European markets to follow the advance
here yesterday. The character of the news,
however, soon changed. Minneapolis and
Duluth reported receipts of only 245 cars,
against 3S2 last week, and 253 a year ago.
Chicago received q cars, Of which were
contract A Liverpool Corn Trade News
cable from Rosario, Argentine, said that
continued heavy rains were doing consider
able damage and market advancing, with
sellers scarce. This caused a cessation of
which soon sent the May price back to
$1;O3B. 1t reacted then to SLOPES, but again
advanced, getting to $l03la shortly after IL
O'Clock. Trade in May became quieter than
for time, but considerable attention was
given July. Opening 12Q1c lower, at from
89!sc to SEC, that option broke. with many
lied July advanced also, getting up to S9isc
and trade for some time was quite active in
that delivery. Later in the day the market
became quite strong New York and Boston
messages reported the taking of freight
room for 10000 bushels of wheat for export
to Liverpool, all of which was credited to
Letter. Several of the large sellers of yes
terday, notably Cudahy, bought quite free
~. A general buying movement was started
May advancing to l.V, and July to S912c.
Then the market quoted down again. In the
last half hour the continued liquidation in
the coarse grain pits affected wheat and
the market eased off some AT the close May
was bringing $1:O31a and July SS5sc.
There was large general trade in corn.
Professional and elevator interests were
free sellers again. The weakness in wheat
also increased the disposition to realize and
weak. Some of yesterdays big sellers rein
stated their line at the decline and part of
the loss was recovered later. A poor cash
demand had a weakening influence. May
ranged from S0B@3lc to 3O3sQ3012c, and
closed CSC lower, at 301aQ30ssc
The market for oats was only moderately
active and erratic. The market was weak
at opening, In sympathy with wheat. Liqui-
dation started at once and prices broke
and q gradual rally followed, but renewed
selling easily broke prices again. There was
considera BILE long oats offering all day. May
ranged from &c to 26l4e, and closed &c
lower, at 26ssc.
There was a fair trade in pro-
VS. with the market ,c generally tend
raiding, apparently by packers, and q good
deal of outside profit taking. Prices declined
materially during the morning, out better
support developed later and a Slight recov-
cry ensued. sympathy with wheat was a
factor throughout At the close May pork
was 1212c lower. at $10.95; May lard 215c low
er. at $500, and May ribs unchanged at So
Joseph Letter said to-day that he had en-
gagged freight room for 1,000O COS bushels of
wheat since Feb !, and that he now con-
trolls room for about 100000 bushels He
added the significant remark that most of
the 100000 bushels had been sold to con-
sumers in Europe. principally to English
millers. He has avoided, he says, disposing
Of any wheat to spectators on the other
side of the Atlantic, in order that they may
not become his competitors in the near
future.
Estimated receipts for Saturday-Wheat.
60 cars; corn, $50 cars; oats, 200 cars; hogs,
1000 head.
Leading futures ranged as follows: