The Indianapolis journal., 1904-02-12
BREAK in WHEAT MARKET
PROFIT TAKING PUT THE MAY DE-
LIVERY DOWN L 5-s CENTS.
Armour Credited with Selling of Both
May and July Toward the Close
-Patten Sells Oats.

CHICAGO. Feb. n.-Proht-taking caused a
break of 1ssc in the price of May wheat to-day
large part Of the loss was regained, however.
buying influenced by rumors
Compared with last nights quotations the final
figures for the May delivery sc lower.
Coarse grains firm. May closing lsc
higher and Sc higher. Provisions were 21zQ
sc to 7lac higher.
Initial sales of May wheat were made at 9s9
9s1zc. prices shade higher to ssq1zc lower than
yesterdays closing quotation. July un-
changed to &c lower. at s7hdS7&c. Several large
commission houses and many local holders were
liberal sellers the start. influenced largely by
the fact that there would be no session of the
board tomorrow. LincoIn's birthday
Fears OF serious developments before the re-
sumption of trading Saturday caused much even
ing-up trading Within the first half hour May
declined to 947sc. while July sold off to sea4c.
Buying on the break. however. was of equally as
good a character as the previous selling.
GOOD BUYING OF JULY.
Commission houses had plenty of orders to pur-
chase July, and the price of that option soon
started upward again. May followed in sympa-
thy. News from the Northwest continued of a
bullish nature, and the demand for cash wheat
here and at the seaboard much improved
Toward the end of the session there con-
siderable selling of both May and July by Ar
mour As result many local traders took the
selling side OF the market. An easier tone devel
oped, lasting until the close. May leaving off at
S5%qs57sc: July closed unchanged at STAG after
CIearanees of wheat and -four were equal to
2S2 900 bu Primary receipts were 1872, 100 bu. Ex-
ports OF wheat and -four for the week. according
to Bradstreet's, were equal to 1,746.oOO bu. Min
neapolis. Duluth and Chicago reported receipts Of
Al cars. against 257 a week ago, compared
with holiday last year.
WEAKNESS IN CORN
Weakness was in evidence in the corn pit dur
ing the early part of the session. There was
heavy selling by the large bull interests and
there was also considerable commission house
selling. Larger receipts than had been expected
and easier cables were the influences that
brought out the selling for short account.
The "a. demand came mainly from shorts but
and the market gradually advanced. Late in the
day there was liquidation by holders who did
not care to carry lines the holiday. and this
ever, was firm.
MAY May opened a shade to AG9sc lower, at $40
5sl4c closed at 5STsG54c. July showed a gain Of
Ac to sc, closing at 527sG52lzc. Local receipts
were 2SS cars one Of contract grade.
PATTEN SELLS OATS.
The feature OF the early trading in oats was
the selling credited to Patten. The market was
influenced to large extent by the action of corn
prices showing moderate losses during the first
hour. Armour liberal purchaser of oats
later In the day
Buying from this source in addition to an in
creased demand from shorts and commission
houses turned the market upward, and all the
early loss was regained. The close strong
with May sc higher, at 4Sc, after it had ranged
between 411zc and 434c. July up 2sc, at
39Ac Local receipts were III cars.
MAY PORK BREAKS.
The feature Of trading in provisions was the
early break in the price of May pork. that prod
uct losing SOC general liquidation. The de-
cline all reganed later on an active COM
mission house demand. Packers were credited
with selling ribs, but the offerings were all alb
sorbed large buying for investment account.
The close steady with May pork nc
higher, at S14.s2. The range in pork was between
$l442R and SASS. May lard closed 213c higher
at $7.72k. but ribs off PIC to Sc at 81 l2I5
Estimated receipts tomorrow: Wheat. 25O cars
corn, 22O cars; oats, l55 cars; hogs, IS, 900.