The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-24
OBSERVATION-DISCLOSURES
MARKET ADVANCED EARLY TO
s1.Os 1-2, NEW HIGH PRICE.
At the Top Liquidation on an EnOr-
nous Scale Set i'm. Carrying Prices
Down-Corn Follows Wheat.

CHICAGO. Feb 23.-with the suddenness Of
a culprit jerked from a scaffod, the May option
of wheat to-day fell 5Ac.
Trading enormous scale. Fears of
European complications in the Russo-Japanese
forced the price up a new high-record
mark s1-0siz. but tremendous liquidation
caused headlong dive TO $LO3A compared with
Saturdays close The final figures were down
1Ac. July closed 17sc lower May was off
1sG1Ac. oats lc and provisions 15c to 27l2c.
Wild excitement marked trading in the wheat
pit from the very start Buying orders APP
peared to come from all directions at the open
ing The cause sharp advances in foreign
grain markets.
that the English Iieet had been or
dered to intercept any attempt by the Russian
fleet TO pass the Dardanelles furnished an addi-
tional motive to many traders. The May deliv-
cry was in more active demand than the de-
ferred futures and, a result. initial sales on
that option at advance of %c 10 2Ac
over saturdays closing figures at SlO6ls to
The wide range of prices showed more plainly
the market opened While some brokers were
bidding $l0Sh a bushel for wheat, others al
most by their sides. were selling that commodity
for &c bushel less.
TRADING ON ENORMOUS SCALE.
The volume of trading the first few min
utes was enormous Hundreds of thou
sands of bushels were sold on the advance
and under this heavy profit taking the price of
May fell an even &c. from the high point to
s1O41k.
July declined to 94%c. or 5-Sc from the top.
Many stop loss orders were reached on the way
down, which added to the weakness Shorts in
the May option took advantage of the break TO
cover, and the buying from this source caused
Within the last fifteen minutes another flood
Of selling orders appeared in the pit. The result
Of this renewed attack break in May to
sl0SA, decline Of SIC from the high point
July sold of TO 92lzc loss of 31sc. The close
was weak with May at s1.O4. uly closed at s3Ac
SS6.s0 bushels. Primary receipts were 1Sl 900
bushels. against $4,000 bushels year ago. The
while the visible supply decreased ISL 900
bushels. Minneapolis. Duluth and Chicago re-
week and 722 cars year ago.
CORN MOVES WITH WHEAT.
Corn was traded in heavily and prices moved
in sympathy with wheat The opening strength
in wheat caused May to open shade to 1hG9sc
higher at 57q57lzc. There great deal Of
profit taking the start. due to the heavy Ii
quotation in wheat. May declined rapidly to
56$sc. but good buying developed on the slump
aiacrity as it had fallen Late in the day an
other break was brought about by the second
sharp decline in wheat prices May sold of to
55Ac. July ranged between 54%G5511c. Local
receipts were 639 cars, none of contract grade.
OATS NERVOUS TOO.
Oats were exceedingly nervous and on that
account the volume OF business somewhat
restricted. The feature in trading was the
heavy selling by a prominent commission house.
supposed to be acting for Patten The action
of this house followed by smaller holders,
which resulted in a decline OF 112c in May and
1c in the deferred futures. The buying was
mostly by shorts. The close was near the bot
tom. May opened unchanged to &c higher at
457sc TO 46c and after ranging between 44ssc and
46lsc, closed at HIsc. Local receipts were 400
cars
PROVISIONS CLOSE LOWER
Provisions were excited in the same degree as
the grain markets. The opening wild. with
prices strong, but a general rush the part
of holders to sell caused a loss Of all Of the
initial advance. May pork showed the greatest
weakness and declined to 45c from the top mark
After selling between $l5.6O and sl605 that prod
uct closed 27isc lower at $15.67h. May lard
was down 171zc. at $7771z. while ribs off
15c al S7.571z.
corn, $50 cars oats, 220 cars; hogs, so 900 head.
Leading futures ranged follows: