The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-30
GRAIN MARKETS LOWER
PRONOUNCED WEAKNESS on AC-
COUNT OF WASHINGTON NEWS.
Letter Clique Bids May Up to $I.O4 IA
at the Close. but July Lost 2
Cents-Pork Declined.

CHICAGO. March 29.-Grain and provis-
ion markets were all lower to-day, the
weakness being especially pronounced in
wheat. Washington news caused general
unloading. Wheat closed with a net decline
of &c for July and a cent for May.
Corn and oats closed Ad3sc lower each and
provisions declined 213c for ribs and
1Oc for pork. Lard was better supported
and advanced 2!9c.
Wheat opened exceedingly weak initial
trades in July ranging from $3.50 to S31sc,
or 5s@7sc under yesterdays closing price.
May was cent lower at $1O4A and de-
clined at once to $1O4 That future. how
ever was little heard from and remained
at that price with scarcely trade of note
until late in the session. In July selling
orders were prominent at first and it took
but brief time to break the price to $3.50.
The break in Wall street stocks and the
days developments at Washington Gre
ated decided uneasiness among traders and
led. to the abandonment of much of the
wheat taken on during yesterdays advance,
and to the almost total withdrawal of in
fiuential support from the market. The sit
uation as to Cuba indeed constituted about
the only feature of the market, as little
else was given any attention. The market
continued to drop for an hour, getting
down as low $3.50, when buying against
puts caused a rally to S27sc. Outside of
this demand there was little buying from
any source, and the market again sagged,
though slowly, until around the noon hour.
Then greater weakness was developed. The
proceedings in the Senate resulted in long
property coming the market and in
creased the volume of short selling in a
marked degree, July breaking under the
pressure to 81s4c. Then the market hard
ened under covering movement, which as
sumed respectable proportions for a time
and caused a rally to S25sc Northwest
ceipts were moderate to-day, Minneapolis
and Duluth reporting 213 cars, against go
last week and 772 a year ago. Chicago re-
ceipts were 112 cars, thirty-four of contract
grade. The total addition to the contract
stocks was about 127 GOO bushels fifty-five
cars and $500 bushels coming from mixing
showing but little response to yesterdays
rally here. Exports amounted to about AGO.
600 bushels. The visible decreased 2,443000
blu. Near the close a sharp break in May,
caused by the attempt to market fairly
large line on an unsupported market, re-
suited in renewed activity among the July
bears, and prices slipped off again in
very short time to S1a4c
After the liquidation in May was over
Letter brokers had no difficulty in bidding
the price, which had fallen to $1.011a, up to
$1G4A again, and this quick reaction caused
little better feeling in July. The market
rallied to S1AG82c and closed at that figure.
There was quite heavy selling of long
corn all day and the market was weak
from the start. The break was altogether
in sympathy with wheat and the Washing
ton news. Shorts took most of the offer
ings. There was some recovery from the
bottom late in the session. May ranged
from 29c to 289s@2Sa4c and closed 14Qasc low
er at 2S4@2Sbc
Oats were rather slow and weak. LID
uidation which marked the early hours was
in sympathy with the wheat break Sup
port was not lacking. however, and caused
a slight recovery. A good export demand
was of some help in sustaining prices May
ranged from 25@251sc to 242c and closed
&c lower at 247sc.
Provisions were irregular, though in the
main weak. Lard was steadied by the pur-
chaSes of prominent packers, but other
products suffered from liquidation through
commission houses. Washington news
caused a good deal of uneasiness among
holders and this and the depression in grain
prices were the features of the selling. AT
the close May pork was 1Oc lower at 40;
May lard PFC higher at $2.9712, and May
ribs 212c lower at S..
Estimated receipts for Wednesday,
Wheat, 90 cars; corn, lis cars; oats, 145
cars; hogs, 20 900 head.
f,rt1 foII