The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-05
ARMOUR AFTER REVENGE
STARTS SELLING MOVEMENT AND
MAY WHEAT DECLINES 1 1-4C.
All the Strength impaired to Chicago
Market by Bull News Could
Not Sustain Prices.

CHICAGO, March 4-SelIing by Armour
and, presumably, by other elevator inter-
ests was the feature in wheat trading to-
day, and was mainly responsible for the
decline of 11.c in May and 7sc to 1c in July.
Corn was weak in sympathy and declined
sc Oats were sustained by the export de-
mand and closed at unchanged prices. Pro-
visions suffered severely from liquidation,
closing 10000 lower.
At the opening and for a short time
thereafter there was a lively speculative
demand for July wheat and the market dis
played considerable firmness. AS usual,
Letter was at the bottom of the strength
the ordering of $4,000 bushels more of his
wheat for shipment to the seaboard-this
making nearly 100000 bushels since this
movement began-being responsible for a
good deal Of buying. Another factor was the
signing of the decree reducing the Spanish
import duties on grain. Opening trades in
July were made at 91h@9lssc, shade
above yesterdays closing, and enough sup
port materialized to send the price up to
915sc in a short time. That proved to be the
high point of the day. Outside of the items
of news mentioned, everything favored the
selling side of the market, and this fact
pecially discouraging feature The market
showed 14@3sd decline Argentine shipments
were the heaviest thus far this season, be-
ing reported at 100000 bushels. Chicago re-
ceived Sc cars, 16 of which were of contract
quality. Northwestern receipts amounted to
131 cars. against 267 last week and 29S a
wear ago Export clearances for the day
were not large enough to be bull feature.
bushels. urinary
receipts were over 100000 bushels. This ar
ray of bear news gradually brought sellers
into the market. and liquidation, light at
first. gradually grew heavier, prices slowly
declining In the meantime another factor
had entered the market in the shape of
selling of Nav by the elevator interests in
which Armour was especially prominent
His houses made no secret of their selling,
and the freedom of their offerings brought
others to the selling side. Opening prices OF
Nav were 1ac higher, at $1.06i2 An irregu-
lar decline to $1.05A followed. Then came
slight reaction, but prices soon got back
to $1.O5A again July by that time had de-
clined TO 9O5sc. For some time the market
hesitated at those figures, but the liqulda-
tion of Nav finally took all the remaining
courage out Of the pulls ana tne +he Iaet
hour offerings became quite heavy, Dotn IN
Nav and July and prices slid on rapidly,
Nav getting as low as $1.0412 and July de-
clininC to 90c shortly before the close. Cow
ering by shorts with good profits, then
caused a little better feeling and slight I'M i'm
proVements followed, May rally1ng TO $LO4S4
and July to 90A@9G3sc. These were the clos
ing prices. ..,,o
Corn was easier on moderately active
market Some strength was shown at the
start. the market in this respect following
wheat but when wheat declined, seillng OF
corn became quite general and prices ue-
clined steadily. Favorable weather ana
prospects of u prodigious Argentine corn
crop were factors. May ranged from 309su
3Oszc to 301s@3014c and closed sc lower, at
3Ohc. , A..
Oats were remarkably strong during the
morning. Heavy export sales ana noeral
commission house buying caused sc al
vance which was maintained for some
time Weakness in other markets ana
moderate amount of realizing resulted in
loss of this advance later, the market CLOS
ing rather easy. May ranged from 2lz4c TO
26$zc closing a shade lower at 26AQ26fsc.
Pressure 10 sell provisions was marked
from the stzlrt and grew heavier as the SEES
sion advanced. Most of this was credlted 10
q prominent packer, but offerings were
quite general and the market, Whlch
opened lower. in spite of firm hog prices,
declined steadily. Toward the close little
rallied slightly. The feeling, however; was
distinctly weak. At the close May pork was
Zoe lower at $104Th; May lard 10c lower at
s.. 20. and May ribs 10c lower, at $ol'12.
Estimated receipts for Saturday-Wheat,
60 cars; corn, 625 cars; oats, 2S5 cars; nogs'
$4,000 head.
Leading futures ranged as follows: