The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-04
WEAK FROM THE START
CHICAGO WHEAT DEPRESSED on CA
BILE NEWS AND BIG RECEIPTS.
Other Markets Were Strong, Corn anG
oats Closing FractiOnalIy Better
and Pork at IL 1-2c Gain.

CHICAGO, Feb. 3.-Wealness in wheat
and strength in the coarse grains and pro-
visions were the distinguishing character
istics of trading on Change to-day Weak
cables and heavy Northwest receipts were
features in wheat weakness, which was re-
leved occasionally by rallies brought about
by Letter support. May closed at SsQalc de-
cline Provisions were strong on small hog
receipts and advanced 2lsQ1215c. Corn closed
AG3sc higher and oats 14c higher.
Weakness was apparent in wheat from
the start May opened 14@asc lower, at $50
95lsc, and in the course of the next hour
had gone down to 94ssc. Liverpool started
the decline. That market opened weak at
ed decline for futures and at 1880 D. m.
showed a further I'D loss. There was other
bearish news in abundance. Northwest re-
ceipts showed a sudden increase Mnneapo-
lis and Duluth reporting 403 ears, against 2S4
last week and 2S1 a year ago. Chicago re-
ceipts were 46 cars. Buenos Ayres cable
said the crop in the Santa Fe district of
Argentine was immense and of fine quality.
Primary receipts were almost double those
of last year the total being 49,, 900 bushels,
against 2S2 900 bushels a year ago. About IL
o'clock there was an Improvement in the
market. The decline was stopped by buy
ing against privileges, which were bought
heavily on the late Wednesday curb, though
there was no such rebound as was looked
for. May advanced to 94S4c, where it held
for short time, then commenced to sag
again. About noon the market again de-
veloped strength. Short selling had become
too popular and the market had become
somewhat oversold in consequence. Brokers
for the Letter crowd appeared in the pit and
their buying started an advance that car
red the price, in few minutes, to 951sc.
The corn market became very strong
about that time and lent its influence, as
did the Atlantic port clearances which
amounted to the liberal total of $4,000 bush
els. During the rally the only real activity
of the session exhibited, the oversold
condition of the market at the time MAX
ing a rush of shorts an easy matter. After
the Letter buying was over, however, the
market fell away again. The advance IN
duced the putting forth of more and heavier
quantities on short account, and this caused
the final collapse in prices. This time May
declined to sage The market WIS given sup
port again just before the close. buying
again being, apparently, led by the Letter
interests, and the price had recovered to
$3.50 before the session ended.
Corn, in the main, was firm and fairly
active. For a time during the morning
prices were inclined to droop with wheat
but the market grew decidedly strong as
business progressed. 1t was helped greatly
by the advance in provisions: Commission
houses were good buyers and shorts COW
cred freely Country offerings We're very
light. May ranged from 2S1s0294c TO zS9sc,
and closed A03bc higher, at 29c.
Oats were active and firm. There was
good general buying, some of 1t from ship
pers against sales of cash, but the bulk Of
it investment buying. Offerings Were scarce
at first, but on the advance they became
more Liberal and some reaction followed
The close was firm May ranged from 24asc
to 237sc, and closed 4c higher, at 24lsQ
24Ac.
< good deal of interest was again shown
in provisions. Small receipts of hogs started
general buying, in which outside orders
were conspicuous, and a sharp advance IN
pork ensued, other products holding steady
There was some realizing later but the
market in a general way, was well sup
ported. At the close May pork was 1212c
higher, at 5000; May lard 2t3c higher, at
1896, and May ribs sc higher, at $500.
Estimated receipts for Friday-Wheat,
20 cars; corn, $50 cars; oats, 145 cars; hogs
200O0 head,