The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-19
CORN LONGS DISMAYED
DUMPED MILLIONS OF BUSHELS ON
AN EAGER SfARKET.
Price Broke but Little-Wheat and
sions Swamped by Hog Receipts.

CHICAGO. Feb. 1S-The corn pit fur
nished a spectacle of excited activity to-
day. The May option. after an advance
early. broke under liquidation of enor-
nous lots by longs and closed %@7sc lower.
Other markets were affected sympathetic
cally. wheat closing ssQ19c, oats &c and
provisions 7ikQ121zc depressed
Corn held undisputed sway on the Board
of Trade throughout the entire session.
The volume of business was heavy the first
two hours. 1t was enormous the remainder
of the day. The pit was crowded by
the addition of traders attracted from
other arenas by the activity of the coarse
grain. The market for May opened 1sc
higher at 41h@41ssc. There was nothing
striking either in the crop situation or
the statistical reports, but shorts were
clamorous in their demands. Several mil
lion bushels changed hands at the open
ing figures and after touching 4hd4lAc.
the market was suddenly bid up to 4l%c.
Scarcely any corn changed hands in this
bulge. Suddenly the market began to
crumble. Where a few minutes before
scarcely any corn was to be had millions
of bushels were for sale. Country Offer
ings were reported much freer. Promi-
nent bull leaders unloaded million after
million. One Spectator was credited with
getting rid of 100000 bushels and others
were not far behind. 1t all seemed to
be wanted, however, mostly by shorts. May
declined to 40AG14O3sc and closed at 403sc,
AGBc under Saturday. Receipts were Alb
cars, two of contract grade.
Wheat yielded the palm to corn without
a protest, and followed the larger mar
het with great agility. Transactions were
between local interests. May opened I'M
changed to 1sQAc higher at 7515c to 755s@
7524c. Influenced chiefly by the opening corn
strength, although steady cables and mod
crate Northwest receipts were contribu-
tory factors. Some commission house buy
ing, coupled with covering by nervous
shorts, caused an early advance to 75hc.
The corn break later caused a reaction
to 15c, and the close was easy. May ssq1sc
lower at 75d75hc. The decrease in the
visible, $4,000 blu, was as expected. The
amount of wheat and flour on ocean pas
sage is now the largest ever known at
the season by 2,50O,00O bu. Exporters re-
ported twenty-five loads taken for foreign
shipment and seaboard clearances in
wheat and flour were equal to $4,000 bu.
Primary receipts aggregated 600 blu,
compared with $4,000 last year. Minneap-
626 last week. and 723 a year ago. Local
receipts were 50 cars, none of which graded
contract.
as was the case in the corn market, there
was heavy covering by shorts. The mar
ket followed the corn lead. May sold
between 25ssc and 257sc and closed Ac lower
at 25lac.
Provisions were not able to withstand
the local receipts of hogs, which were IA, 00O
head in excess of the number estimated
on Saturday, and the swift change in the
previously bullish condition of the corn
market. transactions were not important.
May pork sold between $14.07 and $40. 971a,
and closed 1215c lower at $14021z; May lard
between T.471s and $.421la, closing 7l9c down
at s7.421a. and May ribs between s7.O7ik and
S7.021A with the close 71zc depressed at
$L02ls.
Estimated receipts to-morrow-Wheat.
60 cars; corn, 500 cars; oats, 525 cars; hogs,
5000 hogs.