The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-15
BEARS CONTROL THE PITS
SELLING MOVEMENT OPERATES TO
LOWER ILL GRAIN PRICES.
Wheat Leads i'm the Weakness, but All
Cereal Markets Are Depressed
Provisions Also a Little Down.

CHICAGO Feb. 1.-THE bullish tendency
of yesterdays grain markets gave way to-
day to change of sentiment. Wheat was
weaker, largely because there was nothing
to help bolster up prices. Other pits felt
this influence. and May wheat closed ss91kc
down, corn CSC lower and oats &c lower
Provisions closed 21zc to 71kc down.
Wheat ruled dull and weak throughout
the day. Yesterday the hope of a better
export business and good short demand
had strengthened the tone materially. To.
day, however. there did not appear the bet
ter export demand expected, and there was
practically no short demand to keep up
prices. Gables at the start were a little
better, but the slight gain was soon lost.
Outsiders kept out of the buying side of the
market and locals sold generally. The
small cash demand and growing bearish
sentiment contributed TO the decline Stop
loss orders were reached on the decline,
and this occasioned further selling. Wealth
er conditions were nearly perfect Kan
Sas City, which for some time has been the
weak plank in the wheat platform, was
much lower. st. Louis also sold down
ward. The range was not large and there
was some recovery toward the end of the
session. May opened a shade to 1sUAc
lower at 1850 TO 7S1ac, sold. off to 7Sc and
closed weak, ssq1ac lower. at 7S14c. Local
receipts were % cars; Minneapolis and Du-
luth reported 239. total of 26S, against 275
last week and 453 year ago. Primary re-
ceipts were 10000 bu, compared with $4,000
year ago. Seaboard clearances in wheat
and Hour equaled 262. 900 bu. Argentine
shipments were $4,000 bu for the week,
against $4,000 last year.
Corn trade was small, with a leaning
most of the time to the selling side. Lower
cables, local selling and an absence of
support brought a weak tone early. The
break in wheat helped depress prices, and
after the few commission house buying
orders had been filled the market sold
down. More OF a bearish feeling developed
in the Southwest and the markets there
were lower. The Southwest looks with APP
prehension on the approach of spring and
its probable effect upon winter shelled corn
that is held in elevators. Local scalpers
were bearishly inclined, and with such en-
enlargement were free sellers. May opened
lower. but at one time touched 62AG622sc-
yesterdays close. sharp slump took
sc lower, at 6l7sq62c. Receipts were 13l
cars.
Trade in oats was small and was almost
featureless There was a small early de-
mand which strengthened the lower open
ing market. May advanced slightly over
yesterdays close, at 1850, but the drop in
other grains brought q small decline in
oats. May closed easy. sc off, at 1850.
Receipts We're lbs cars.
Provisions closed a little lower and easier,
but there was not much disposition TO
trade either way. Hog receipts continued
large, and there was some selling credited
TO packers The grain weakness also af-
fected prices. May pork closed 212c down
at $15.S71R. lard nc lower at $40 and ribs
21ad5c down at SS.411AuS.5O
Estimated receipts for tomorrow: Wheat
IS cars; corn, 40 cars; oats, so cars; hogs,
1000 head.