The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-07
WHEAT CONTINUES WEAK
ARMOUR GAVE SUPPORT, But THE
MARKET RECOVERED LITTLE.
War Rumors Caused the Late Selling
Movement-Corn, Like Wheat, Was
Strong, then Weak.

CHICAGO, Feb. Ga storm Of liquidation
broke over the grain pits to-day on account Of
the critical situation in the Orient Sharp losses
were sustained in all cereals.
The wheat market was unable 70 rally ard
closing prices were near the low point May
being off Ic from last nights close. May corn
closed lssc lower. while oats were down 2q21sc.
Provisions practically unchanged.
Strength and activity marked the initial trad
ing in wheat. That the war outlook of a
most serious nature evidenced by decline
In the price Of English consols Shorts were
active buyers at the start and bid up the price
close, the opening quotations being at s5l4c to
95ac. July was a shade to S@&c higher at
But these prices lasted only moment. There
such quantity Of wheat for sale. both
utes the price Of May had fallen TO s4ssc and
July to S5Ac. The selling soon partly
SUPPORT BY ARMOUR.
On support from Armour the market quickly
recovered part Of the early loss. May rallying
TO 947sc and July SEC Trading was compare
lively quiet during the remainder of the day
until within the last half hour. Commission
houses continued to show small rallies, while
profits.
In the face of fresh war rumors the pit was
There was not enough demand to absorb the
offerings and in consequence May broke to 9324c.
sis.c The close was extremely weak, with
May at &c. a net loss for the day of 1c. July
was 1qikc lower at Afsc.
Clearances OF wheat and -four were equal to
253.5OO blu. Primary receipts were 57T6O0 bu.
luth and Chicago reported receipts of 2S5 cars,
compared with 2S3 cars last week and 4S4 cars
year ago
CORN STRONG, THEN WEAK.
About the same conditions surrounded trading
in the pit witnessed in the wheat
| market. Prices were strong at the start in
| huenced by the situation, but weakness
developed early in the day heavy liquidation
! OF May by one of the largest holders
While there was a fair demand for the July
| delivery. the market failed TO rally. and closing
| prices were at the bottom. May opened sc
| lower to &c higher at soc to 561zc, and closed
| at the bottom at 54Ac a net loss for the day
| of 1870. July closed 1ha12sc lower at 52G52Isc.
Local receipts were 1876 cars none of contract
MAY OATS WEAK, JULY STRONG.
The feature in trading in oats was the weak
ness of the May delivery and the comparative
| strength of the July option. With the sharp
| break in prices in wheat and corn early in the
day May oats We're offered freely. resulting in
| a considerable loss. Commission houses were
! fair buyers on the decline, but profit taking
continued on a sufficiently large scale to keep
| Part of the weakness in the May option was
due to the fact that stocks showed some increase
at 459sc to 46Ac, while the close was 2d21sc
lower at 441sq44Ac after the price had touched
| 441sc. Local receipts were 12S cars.
| PROVISIONS LOWER.
| Provisions were strong early, in sympathy
| with higher prices for hogs at the yards and
| on news After the first hour, however
| prices began to decline under the influence OF
| the break in the grain market. At the close all
| of the gain was lest, May pork being off 219C
| at s13.j71a. May lard was also down 212c al
| ST. 52lg. but ribs were up 2lkc at $3.50.
Estimated receipts Monday: Wheat 40 cars;
corn, 455 cars; oats, 2S0 cars; hogs A. 900 head.
4 Leading futures ranged Is follows: