The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-20
CORN STILL DOMINANT
ANIMATED MARKET, WITH STEADY
RESISTANCE AGAINST PRESSURE.
Close but n Shade Down-Mysterious
Strength of Wheat-Oats Fairly
Active and Provisions Quiet.

CHICAGO. Feb. 19.-The corn market
sturdily resisted heavy proht-taking
movement to-day and closed with the May
option only shade lower. Wheat showed
a somewhat mysterious strength and closed
at an advance of 1kGssc for May. Oats
closed unchanged and provisions 21zc lower
tc 2lc higher
The corn market was again animated,
holding fast to its recently acquired posi-
ton as leader of the Board of Trade
speculative attractions. The liquidating
movement, which began in force yesterday,
was continued, and while the volume of
business was smaller, it was sufficiently
heavy TO draw attention from all over the
floor. The crowd, encouraged by lighter
country offerings. small contract stocks.
and above all. by the stubbornness with
which the price had yielded in the face
OF immense sales by longs. was optimistic
and absorbed all offerings on the cheerful
confidence that the high price of the crop
Lad not yet been reached. May opened %c
lower to &c higher at 4OAc to 4O1kc Aqu-
dalton was still in progress. but offerings
were taken readily and the price soon
touched 40ssc. Here the selling pressure
became heavier and May reacted to 4O1sc.
considerable period it was game of give
and take between 401sc and 40ssc, with longs
on one side and commission houses and the
local crowd on the other. The close found
the market strong. May only a shade lower
at 4oAG40Ssc. Receipts were go cars. one
Of contract grade. Corn equal to contract
requirements here amounts to only 542,-
zoo bu Local cash sales were 100000 blu.
While exporters reported 50 loads taken
tor foreign shipment.
The early steadiness of wheat, and
pecially its closing strength, were rather
mysterious TO students who look TO crop
reports and statistics for reasons with
which to account for the markets actions.
"A deal involving over 5000 bu was amply
sufficient to cause comment. May opened
q shade higher to 1dAc lower. The market
was run up TO 75ssQI51sc during the fore
part OF the session. The announcement OF
an increase of $4,000 bu in the world s visi-
bic caused a brief suspension of buying.
hut towards the end of the session the
market rallied again and closed strong at
the top, May 11Q5sc higher at 1850. Elk
porters reported Is loads taken to go to the
other side, while seaboard clearances, III
wheat and floor, aggregated 10000 bu. Lo-
cal receipts were 20 cars two of contract
grade: and the aggregate receipts at Min
reapolis and Duluth were 367 cars, against
4I2 year ago. Total receipts at primary
Western points were $4,000 bu, compared
with $4,000 bu the corresponding day last
year.
TRANSACTIONS In oats were not large, anu
fluctuations were narrow. The receipts
here, 81 cars, We're the largest in some
time. and a moderate amount of selling
by elevators was thereby occasoned This
was well taken, however. May sold be-
tween 25asc and 251ac, and closed unchanged
st 2519c.
Provisions recovered from a slight de-
preston, which was left over yesterday.
Hog receipts were heavy and this had a
weakening effect early, but this was OFF,
sct later by a good cash demand. May
snrk oil cd 1Lo ut larH In
higher at s7.45 and May ribs 21kc up at
sos.
Estimated receipts tomorrow: Wheat. IS
3S 600 head