The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-25
SLUMP In ALL MARKETS
UNLOADING or WHEAT CAUSED A
DECLINE OF s-sC IN MAY.
Bull Clique Made Little Effort 10 Pre-
vent the Losses-COarse Grain
and Provisions lower.

CHICAGO. Feb. 24.-The grain and pro-
vision markets were all weak to-day, led
by wheat. The break in Wall street result
ing from the war scare caused general anxi-
ETY. of smaller holders to get out and re-
suited in sharp declines. May wheat closed
at loss of 2ssc from yesterday and July
lost 112c. Corn and oats closed about sc
lower each, and provisions show closing de-
clines of from sc to 17iac
Selling orders especially from the smaller
holders. We're very much in evidence at the
opening of wheat trading, and as limited
support was given the market the tone at
the start, and for some time after, was
very weak. Opening prices of July, which
closed yesterday at 912sc, ranged from Gle
to s03Ic, and in May from $l.05 to $1.0424,
these figures being 1q1Ac decline from yes
terday. Selling orders came on the market
steadily for a time, and, although no large
blocks were unloaded, the effect of ham
mering was shown in decline to 9Ossc in
July and s1.O4t4 in May. There the market
reacted under moderate covering by shorts,
July reaching size and May $1051s. These
prices proved to be the high points of the
day. Selling started afresh at the advance,
and prices gradually tended downward,
though fluctuations very frequent, the
market showing considerable nervousness.
The break in Wall-street securities and the
increasing gravity of the Cuban reports
We're the overshadowing influences. The
smaller holders especially showed a good
deal of anxiety to unload their lines. An
other factor was the weakness shown by
Liverpool in the face of small stocks at
mat place. The English market showed a
decline of from sd to I'D. The rally in
Wall street had the effect of stopping in
q degree the selling pressure, and the first
reaction noted followed after May had got
down to $LO4A and July to 9O3sc, when
period of comparative steadiness followed.
Those prices We're around put figures,
which had a steadying influence on the
market. Letter was also credited with
moderate buying at the decline The mar
ket became exceedingly dull and remained
weakness developed. Offerings of long
wheat, which had been small for some time
increased in volume under tho influence of
rather sensational Cuban news There was
considerable pressure on May, which the
crowd believed due to Letter and this
served to increase the nervousness of hold
ers, and prices steadily declined. Routine
news had little influence prices. North
western receipts were 26i cars, against $50
celpts We're l23 cars, 80 of which were con-
tract grade The days exports from the
seaboard We're rather small, amounting to
2oGO00 blu in wheat and flour. Closing ca
bles all showed weakness. Toward the
close the market became very weak and
little support from any quarter was forth-
$685. and July declined to S915dS95sc. clos
ing at S9sc the latter delivery being sup
ported by prominent broker late in the
session.
Corn was active and weak influenced by
the war news and the break in wheat.
Liquidation was very heavy from the start
from all sources and prices declined rapid
ly. Toward the close covering by the shorts
gave the market a steadier Tone though
very little improvement in prices resulted.
May ranged from 301ad305sc 10 29s4c, and
closed &c lower, at 297sc.
Inc market for oats was active and weak,
the same influences prevailing as in corn.
Liquidation was quite general and heavy
during the morning, and sharp decline
resulted Weakness was very pronounced
until near the close, when moderate COW
ering caused a slight rally, the market,
however, closing easy May ranged from
$3.50 to 277sc, closing 5sM34c lower, at 261kc.
PROVISIONS were only moderately active
and weak. Packers and some influential
commission houses We're large buyers, but
the influence of the war news, the declines
in grain markets and lower hog prices
caused heavier offerings than the demand
could absorb, and prices declined from the
start. At the close May pork was 171bc
lower, at $10.6o; May lard. TIC lower, at
$5.2213 and May ribs 10c lower, at $5.15
Estimated receipts for Friday-Wheat los
cars; corn, $50 cars; oats, sos cars; hogs, b.
900 head.
ftf1