The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-18
WEAKER GRAIN MARKET
INCREASED STOCKS BROKE THE
SPIRIT OF BULLS YESTERDAY.
Corn Was Heavy All Day and Led In
the Decline-HOgs Were Plentiful
and Pork Lower.

CHICAGO. Feb. 17.-Accumulating stocks and
enlarging farmers deliveries broke the spirit OF
the bulls in corn to-day and the heaviness Of
corn depressed wheat, each cereal closing with
loss of Sc Oats were sc lower. Provisions are
a shade lower all around.
There was considerable steadiness in wheat dur
ing the first half hours trading. Early Liverpool
and New York quotations showed marked adj
vance, while there was good deal of nervous
ness among local traders growing out of the sud-
den death Of the President of France and the
country contingencies which might follow. May
opened higher at 1880 and there was dis
position to even up there was good business
transacted at the top figure. The news and con-
ditions however, finally began to favor the bear
side and early buyers lost confidence and with
drew their support. Liverpool lost part OF its
early advance and indications at stock-taking
centers pointed towards increase in the visible
supply. Taking the latter in connection with
considerable weakness developed by corn, the
wheat market began to lose ground. Longs began
to liquidate and more wheat was thrown on the
market than could be readily absorbed, forcing
May off to 7254c Chicago received sixty-fve cars,
of which ten graded contract Minneapolis and
Duluth receipts amounted to 1914 cars compared
with 245 the corresponding day year ago. The
aggregate receipts at Western primary markets
euualed 507 900 bushels whereas only S0s,00O were
received year ago. The market ruled heavy at
the Decline but toward the close slight reaction
set in reports Of an Improvement in the export
demand and May rose and closed at 72Ssc, buyers.
Heavy receipts, with an absence Of shipping de-
mand and accommodating stocks, for which there
were no buyers outside of the spectators, OPP
pressed corn. Heavy liquidation of lines held by
prominent houses was accompanied by active
raiding by traders who have been the market
chief support for months, and the weight of the
offerings carried prices off &c before any material
resistance was encountered. Covering by shorts
to secure profits and commission-house buying
finally checked the decline. Receipts were 52l
cars. May opened unchanged at S6%qS6%c de-
clned to S5H@86c and closed at S6c, buyers.
Heavy selling by professionals on the prospect
Of a big increase in the visible, due to the dis
covsry of about l, 900 900 bushels not heretofore
reported, weakened oats. Receipts were ESQ cars
May began unchanged at 2SAc, sold off to 2794c
and closed at 27a4Q277sc.
too plentiful supply of hogs was the source
of a good deal Of bearshness in provisions, and
liquidation Of small scattered holdings kept COM
ing on the market in excess of the demand.
Toward the close, however slight reaction set
in, owing to a good cash demand for lard and
meats. May pork opened a shade lower at 50 921a
sold off to 49, So recovered to $9.95 and closed at
3d. 921b. The range in lard and ribs SMALL
Estimated receipts for Saturday-Wheat, 70
cars; corn, 575 cars; oats, 270 cars hogs, 10000.