The Indianapolis journal., 1898-02-24
HEAVY WHEAT MARKET
PRICES sAGGED. MANY BROKERS' DE-
sERTING THE PIT ENTIRELY.
Ma, Left on with 3-4c Loss. While
July Declined I-Sc - Weakness
and Declines in All Markets.

CHICAGO. Feb. 2S.-Wheat was heavy all
day and at the close showed declines Of
&c in the May option and 1lsc in July. The
market was affected principally by the de-
cline in the English markets. The DISPOSE
ton among wheat traders to leave that
market for the coarser grain pits caused
a decided decrease in the volume Of wheat
trading Corn was heavy and declined 14c.
Oats were firm after early weakness and
closed a shade higher. Provisions We're ir-
regular pork declining lie, while lard and
ribs did not change much.
All the firmness which characterized Mon
days wheat market had apparently de-
serted the pit at the opening of trading to-
day. The starting price for May ranged
all the way from s106l4 down to $L05s4, as
compared with Mondays closing price of
81. .O624, while July, in which the most trad
ing was done throughout the session.
opened at from 917sc to 915sc, a decline of
sl0r1c. MAY touched $1.05 before it was suf-
ficientIy supported to bring about a recov-
cry Commission houses We're the best SELL
ers at the opening, brokers for Letter be-
ing credited with some of the offerings Cf
Nav The opening weakness was due ap-
parently to the decline at Liverpool. That
market was from sd to 11sd lower, and
London also showed weakness. News which
followed though Of a mixed character
favored the bulls as q whole, and for q
time the market took on some appearance
of strength. Covering by shorts started III
moderate way shortly after the opening
and prices gradually worked back, May
advancing to $1.06 and July to 9212c. India
advices reported the crop prospects in the
central provinces very favorable, but this
was counteracted by private kilograms
from Argentine reducing the estimates on
the exportable wheat surplus Of that coun-
try to "a coo. coo bushels Additional strength
was lent to July by moderate support from
the Letter interests Trading at no time
however, was very heavy i'll either option
The fear of Letters influence over the mar
ket was shown by many traders leaving
the wheat pit for the coarser grain market.
Northwest receipts were not very heavy,
Minneapolis and Duluth reporting $40 cars,
against 250 last week and $50 a year ago.
Chicago receipts were u cars, of which 81
were of contract grade. Export clearances
from Atlantic ports We're $4,000 bushels, the
figures in most instances being for two
dayS. After reactions noted July sdgGed
back to 911ac and May TO $l0o12 on realizing
by room traders. Buying was started later
on Bradstreets visible supply report, which
showed q decrease of $4,000 bushels, This
was a surprise, as the trade had been led
to expect heavy increase and prices FOR
a time got back nearly to their former
level. Later in the day, however, the mar
ket became quite weak on further declines
in English markets. Letter brokers had
meantime stopped buying July, and prices
tumbled rapidly. July got down TO 9lc ana
May to $1.05, but reacted again before the
close covering, May closing at $1O6 and
July at $91asc.
Corn was moderately active. The opening
weakness of wheat caused a rush to sell ut
the start chiefly by room traders, and
covering and on the heavy exports. bus
prices declined again later, the market be-
ing easy at the close A feature was the
number of traders in the corn pit who usll-
ally operate in wheat and who were mostly
on the selling side of corn May ranged
from 307sc to 3012c and closed l4c lower,
at 303sc
Oats were active and unsettled. The fea-
ture was the revival of the export demand,
which acted as a strong support to the
sympathy with wheat and corn. Prices ad-
vanced at once on elevator and professional
buying At the top there was moderate
realizing and prices slowly declined. The
26l2c. and closed a shade higher, at 26S4
@267sc
Provisions were fairly active and irregu-
lar The weak hog market started the
market at general declines, pork being es-
pecially weak on stop loss order selling.
At inside figures there good miscel
laneous buying and lard and ribs became
fairly strong. Pork, however, was very
buyers. At the close May pork was 17lzc
lower. at S10.S21h; May lard SC higher, at
$3.50. and May ribs unchanged, al $525
Estimated receipts for Thursday-~Whea
1l0 cars; corn, eco ears; oats, 400 cars; hogs,
So 600 head.
Leading futures ranged as follows.