The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-03-19
PRESSURE TO LIQUIDATE
Corn and Oats Comparatively Firm,
Hut Losc FractiOnaily-GOOd Gains
Made I'm Provisions.

CHICAGO, March 1S.-Wheat broke
sharply to-day under a deluge of long hold
ings, May closing with a net decline of Use
as a result of the bearishness of the days
news. Corn and oats showed considerable
strength by comparison. The former clos
ing snHc, and the latter 1sc lower. Pro-
visions at the close were 71z420c higher.
May wheat opened %sdNc lower at Use
to 1850, with long interests endeavoring 10
rid themselves of holdings which suddenly
became worthless to them when they
summed up the situation early. Liverpool
failed TO reflect Saturdays advance here.
To this potent consideration were added
heavy worlds shipments. a big increase
on passage and liberal receipts at spring
wheat points. To make the situation more
bearish Nebraska reported that the condi-
ton of wheat in that State was II per cent.
better than at the same period a year ago.
A remnant of the bull force rallied to the
support of the market and succeeded in
causing a rally to 77ha1Ac, following the
opening. Desertion from their already
thiEned ranks soon rendered further re-
sistance useless, as outside aid, which had
been hoped for. failed to materialize. The
heavy primary receipts, small seaboard
~clearances. and disappointingly light visible
decrease, together with the lack of export
inquiry, were Influences which struck the
market after Ii had declined half a cent,
and many sold-out longs were reported to
have sold short under nc. Under this pres
sure May slumped to 76c. 1t took AN fore
noon to accomplish this decline. The trade
had been excited and large. At the bot
tom transactions fell off i'm volume, and the
pit became more quiet. Shorts took profits
and the market rallied TO 76lkc. but closed
heavy 11sc lower at 763sc. Exporters re-
ported but two loads taken. Seaboard
clearances in wheat and flour were equal TO
$4,000 bu. Primary receipts were 9sS. 900 blu,
compared with $4,000 blu last year. Min
neapolis and Duluth reported 79 cars.
against $40 last week and Sss a year ago.
Local receipts were 90 cars, four of con-
tract grade. Worlds shipments, according
to the Board of Trade advices. were 1885,
600 bu. a moderate increase over the previ-
Gus weeks shipments.
The corn market enjoyed a fair portion Of
attention. displaying a firmness which was
conspicuous in comparison with the weak
ness In the wheat pit. The opening was
cause of liberal receipts of contract corn.
There was a good volume of trade which
seemed to be nicely divided, but the market
gradually worked off fractionally. A fair
cash demand and spirited support from
local operators caught the market later
and caused a recovery of most of the early
loss. May sold between 41l3c and 4l1sQ4lAc,
and closed hGAc lower at 41$M4115c. The
July option ruled 1sc over May. Receipts
were 1893 cars, 1O2 of contract grade.
Oats were moderately active and steady,
in sympathy with corn and OH a fair cash
demand Receipts were Ia cars. May sold
between 25Ac and 25c, and closed lsc lower
at 25lsc.
Provisions showed some uneasiness early
on the liberal run of hogs at the local
yards, but a good cash demand and the
fact that receipts at the chief Western
markets showed a falling off from last year
caused a rally later and the close was firm.
May pork sold between $15.65 and SIS. 80, and
closed soc higher at $3.50; May lard be-
tween $7.6712@7.O and $7.77h, closing 7lac
up at $l.7Ii2. and May ribs between $747lb
and $3.50 7.57I2, with the close TIC improved
at 1856.
receipts Tomorrow: Wheat,
100 cars: corn, $40 cars; oats, 265 cars; hogs,
"a, 200 head.