The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-22
START FOR WHEAT
CABLES EASY AND THERE WAS
SLACK DEMAND AT THE OPENING.
Fluctuations Narrow All Day, with
Bulls to Bring About Recov-
cry from Each Decline.

CHICAGO, Feb. news to-day was
not Of a character to seriously alarm either side
and after a good many ups and downs over a sc
range May wheat closed unchanged. Corn left off
unchanged and oats &c higher. Provisions were
wanted by shorts and pork gained zoe. lard &C and
ribs 1Oc.
Unresponsive Liverpool cables gave wheat an
easy start and May commenced &c lower at T27sc,
While the opening price expressed the opinion of
the majority, there was. however, an influential
minority that thought the concession in price a
valuable opportunity to possess themselves of
some wheat and May quickly recovered from the
opening decline and in less than an hour had
touched 7S1kc. The buying that woke UP the
shorts and disturbed their confidence in lower
prices came largely from the Northwest and was
brought about by a sensational drop in the tenn
perature in the British possession, 20 below zero
being reported from Winnipeg. The receipts here
and in the Northwest were liberal, 116 cars at
Chicago and 40 at Minneapolis and Duluth. The
clearances Of wheat and -four from Atlantic ports
amounted to 400, 600 bushels. Bradstreets report
Of LESS, COO bushels reduction in the worlds Wis
ible did not affect the market to any great extent.
The holiday tomorrow appeared to be feared by
the shorts and although there was some DISPOSE
ton to sell at over 73c for May, it was wanted
back again when any stand was made by the
holders. Near the end the market was subjected
to a little of the hammering process so dear to
the hearts of some of the old-time scalpers, and
under it May wheat was pounded to 72Ac. 1t took
only a moderate show Of resentment on the part
Of the bulls. however. to jump the market to
1870, where 1t closed.
The threatened reinstatement of winter weather,
with increased consumption as one of it's conse-
quences, strengthened corn. Receipts were large,
1,OS5 cars, but reported falling off in farmers de-
Ey,aries IN account of tho prexioue .1acliun ia
prices prevented further selling of long corn and
| caused shorts to go cautiously. May opened 80
sc lower at from S5ssdS5%c Down to S52sc. but
not much could be bought at the lower figure and
it reacted to S6c and closed at S5Ac, buyers.
The oats market Travelled under the supervision
of the other grains. Receipts were heavy, $40
cars. May began unchanged at 275zc, sold spar
ingly at 7%@2lac and closed at 279sc, sellers.
A hat in the deliveries of hogs on t1elr Trev.ous
enormous scale strengthened provisions. Pork and
ribs were at times quite buoyant on buying by
packing concerns, but lard was relatively heavy
throughout on account Of scattered selling by
commission houses. An improvement in the de-
mand for cash meats was a helping influence.
May pork opened 5QlOc higher at $9.40Q9.45, sold
off to 9.35. then improved to IS. 574 and closed at
1856, sellers. May lard began 21hQ5c better at
5.S2k@5.35 declined to S.. %. then rallied to $3.50
1914 and left off at $3.50 7ay ribs started So
TIC up at S472k@475, we I'd to %k6712Q47O,
then rose to $4.771k. the Gle figure.
Estimated receipts for " nesday-wheet. q
cars; corn, 475 cars: oats, 25 cars; hogs. $1,000.
Holiday tomorrow on account of Washington's
birthday.