The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-10
SUDDEN DROP IN WHEAT
CHICAGO PRICES HELD UP UNTIL
JUST BEFORE THE CLOSE.
Heavy Selling InduIged I'm, and Sup
posed to BE by Cudahy and
Leiter-Pork Higher.

CHICAGO, Feb. 9.-After ruling strong
until within fifteen minutes of the close
wheat took a sudden and ingorious fall
Unloading credited by some to Cudahy and
Letter and by others to st. Louis holders
started the market down and resulted in
a loss of q sc advance and a fraction
besides, the market closing 14@3sc lower
Corn and oats were dull and active by
turns, but closed with very little change
in prices Provisions again advanced sharp
ly, closing prices showing 5a171ac gains.
The early market for wheat was rather
colorless. May opened at a shade under
yesterdays closing prices, first trades being
made at 961s@964c, but the market was
steady and held for while at those fig
ures. Then it slowly advanced and ruled
strong for fully an hour, May in the mean
time getting up to 963sQ9634c. The early
news, if anything favored a decline, but
as usual traders were apparently afraid to
put out any lines and as there was little
demand outside of the covering Of one fair
ly large line, the market was exceptionally
dull for some time. Early Liverpool cables
showed about ed advance, hardly full
response to yesterdays advance here.
Northwest receipts We're LIBERAL Minneap-
oils and Duluth reporting 34S cars, against
264 last week and 21S a year ago. Chicago
receipts were 81 cars, four of this number
being contract. Yesterdays export engage
ments are finally put at "A boatloads and
a continuation of the demand was looked
for by some at the opening, but on the con-
trary New York reported cables bringing no
buying orders and adding the Argentine of
ferings were expected to increase shortly.
This news, however, had hardly an effect on
fI,o q
in circulation that a sharp upturn was part
of the Letter programme for the session
and this undoubtedly kept many would-be
sellers aloof Strength which developed in
the coarse grain and provision markets had
some effect on the advance After rising to
965s@ 9624c the market settled back to about
the level of the opening prices, then grad
ually gathered strength, with the trade
much larger and more general. Later news
from the seabOard was much more encour-
aging. Baltimore reported a, large cargo
sold to France and New York finally put
the days export business at twenty-five
loads. BY 1890 o'clock there was an urgent
demand from all over the pit and half an
hour from the close May had reached 81,
the highest point of the day. There it
stayed for q few minutes, then suddenly
the market collapsed. During the advance
there had been heavy selling. This was
easily taken of for a. time, but finally
the crowd, figuratively speaking, turned tail
and selling orders came in a flood, breaking
the market in the last fifteen minutes of
the session from &c to 951sM96c. The heavy
liquidation was credited by some to Letter
or Cudahy, and by others to large st. Louis
interests. From whatever source 1t was, 1T
had the effect of turning a strong mar
ket into weak one in a very short time.
May closed weak and nervous at 957sG96c.
Corn was active and firm most of the ses-
sion, the market being especially active to-
ward the close. A good export demand was
ions kept prices well above yesterdays fig
ureS till near the close, when the slump
in wheat caused free realizing and most
of the advance was lost. May ranged from
2912c to 291s42914c, and closed shade high
er at 29l4 029Ssc.
Oats were moderately active throughout,
but did not develop much strength until the
session was well advanced, when the
strength of other markets and some cover
ing by shorts caused q fair advance. This
was. maintained until near the close, when
The high point of to-day was the best yet
reached on the crop May ranged from Csc
to 24Ac and closed a shade lower at 24s4
0I247sc.
Market for provisions was very active
and new high records were made for the
year. Opening trades were at a slight adj
vance and under free purchases prices went
up sharply. Later prices settled back on
realizing, but toward the close the demand
became very active again and the market
buyers on soft spots and shorts covered
freely The advance was in spite of large
hog receipts. At the close May pork was
1712 higher at $1,000; May lard, SC higher
at $50 and May ribs 7l2c higher at $500.
Estimated receipts for Thursday-Wheat,
GA cars; corn, 600 cars; oats, 220 cars; hogs,
80 900 head
Leading futures ranged as follows: