The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-21
G H E MARKET
UNEXPECTED DECREASE IN VISI-
BILE RESULTS IN &c ADVANCE.
other Grain Became Firmer with the
Leader and Scored Gains-PrO-
visions SIumped Badly.

CHICAGO. Feb. 3-An unexpected decrease in
the visible supply to-day. large clearances at the
seaboard and numerous crop damage claims
caused a sharp rally in wheat and May closed
%G1c higher. Corn advanced Ac and oats 5c. A
general overthrow Of long property demoralzed
provisions, pork losing 35c, lard 1Sc and ribs II1sc.
Wheat was firm TO begin with and had several
good apologies to offer to shorts for being so.
The worlds shipments to Europe last week
amounted to only 4.791. 900 bushels, o. about
$500 600 bushels less than Europe's estimated
weekly requirements. while the quantity on ocean
passage was reduced 800, 900 bushels. against 100000
increase for the corresponding week of last year
Reports from Missouri and Nebraska issued by
the Weather Service Bureau were to the effect
that the winter plant had been seriously injured
by the recent extreme cold. All this was COM
forting to the bulls and May opened &c higher at
2%Q7213c. A large business was transacted at
the top figure. Receipts here were ninety-six
cars. against seventy a year ago, and Minneapolis
and Duluth received $50 cars, compared with
exactly one-half that number for the correspond
ing day last year. Liverpool reported wheat
stocks in that port lis, 900 bushels lower than last
Monday, while London cables claimed only a
small business in wheat and American -four Is a
sack lower since Friday. Those items supplied
the bears with fortitude in selling and the early
rise was gradually pared away, May declining to
72kc. The visible supply, instead of increasing
500, coo bushels, as generally expected, showed a
decrease Of GAS, 900 bushels, while the Atlantic
port clearances Of wheat and flour were large,
amounting to s5, 600 bushels. Those two announce
ments inspired the bulls to redouble their energy
and May advanced quickly to 1850. Very heavy
damage to wheat from late frosts was claimed
from the States of Washington and Oregon. That
helped to maintain the market near the end and
May wheat closed at 7Ssc.
Large receipts and a poor shipping demand
weakened corn early. Buying to cover short sales,
however, quickly brought about a reaction and
the early decline was all recovered. Receipts
were 9O3 cars. May opened a shade higher at
s51kQ859sc, declined to S5hc. then improved to
Ssc and closed at S5Ac, buyers.
Long selling and large receipts caused early
weakness in oats. There was a good demand
from shorts at the decline and this coupled with
the frmness Of wheat caused a reaction to set in.
May began a shade up at 27$sQ27Rc, sold off to
271sc, then improved to 277sc and closed at 2112c.
Provisions were decidedly ~lop-sided and kept
topping over every time buyers made an attempt
to steady the market for a while. The enormous
receipts of hogs at the yards started such heavy
selling that the market got on a level with stop
loss orders. The ~stop-loss orders increased in
stead Of stopping the loss. May pork opened 1Oc
lower at $3.50. sold sparingly at $9.62h, then slid
off to 1913 the closing price. May lard started
&c down at $40 and sold off to 80 at the close.
May ribs began DC off at $4.ThQ4.SO, declined to
S4.65 and closed at $4.671A. buyers.
Estimated receipts for Tuesday-Wheat, III
cars; corn, LOIS cars; oats, $50 cars; hogs, 10000.
Leading futures ranged as follows: