The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-01-23
WHEAT is HANGING HEAVY
The Selling Craze Growing and Bull
News Receives Little Attention.
After a Strong Opening on Better Foreign
News and Prospective Decrease IN the
Visible, the Leading Cereal Tumbled.
TRADING AT CHICAGO.

Corn and Oats Higher and Provisions Ad-
vancing with a Firm Tone.
CHICAGO, Jan. 2l.-A new sinker was
tied to wheat to-day-fear of the conse-
quences of making No. Northern spring
regular delivery on contracts. The mar
ket was strong at the opening. and closed
about midway of the days range. and
about $50 lower than on the day before.
Corn and oats averaged higher. but closed
without material change except that the
January deliveries in both closed at NOM
NAL advance. amounting to about l4c for
oats and l9c for corn. Provisions opened
firm and continued SO to the end, gaining
10c in the price of pork, .07l2c in lard and
.05c In ribs.
There was q little show of strength in
wheat at the start on the unexpectedly
strong cables. but this feeling was followed
by q selling craze, which quickly sent
prices off, although the exports from coasts
were considerably larger than week ago
and Bradstreet's estimate that the amount
in farmers hands March would not exceed
104,000 900 bushels against III 600. 900 bushels
the same time last year. Estimates on'the
visible supply were fOc no increase. with
the chances favoring small decrease. All
this taken in connection with strong
cables would naturally have made O firm
market.
But there is q proposition pending
and will be probably voted on Monday
To make the grade of No. l Northern
deliverable on contract. Many in the trade
contend that this grade OF wheat Is inferior
to our No. 2. and will force buyers to take
poorer grade In settlement on contracts
than can be delivered under the present
rules: hence it has the effect of weakening
prices. III
In any event, whether il is as good as No.
or not. 1t will increase the supply of con-
tract wheat. add to the weight the bulls
have TO carry-some say 25. 000,0 600 bushels
and furnish the bears more ammunition.
Hence it tended to encouragement and
was an active bear factor. Of course the
change cannot effect trades already made,
which will have to be settled under present
rules. Cudahy was said TO have sold q
good deal of wheat on the early firmness
and started the break. The opening was
about Is "a SO higher, but prices declined,
then advanced lfo. eased off and the clos
ing was about Sc lower than yesterday
for May. while July closed about the same
as yesterday. The proposed change re-
RardIng No. Northern is presumably in
tie interest OF the Chicago elevator own
ers, who are bringing and clearing that
grade. The outcome of the vote is doubt
full.
In the corn crowd the talk of large ab-
De
alarmed shorts and there was good buying
The sharp upturn in provisions. also helped
the market Prices were somewhat GOV
erned by the action of wheat. There were
numerous outside buying orders at the
opening and initial trades were a 0asc
above the final quotations of yesterday.
After selling off fraction, advanced "a "a
Sc. when wheat turned down and corn
sympathized, selling Oft Is O &c. rallied 1s
0Ac. afterwards ruled easier and closed
with q shade advance.
There was moderate trade in oats and q
steady feeling prevailed. prices for May, in
which the bnlk of the trading conferred,
being confined to Ao range. The opening
was at lso advance, and the close at $50
decline.
The receipts of hogs were even smaller
than had been looked for. Only 5000 head
were reported at the yards, and for next
week $50, 600 head are all that are looked
for Tradingln provisions was only mod
erately active at any time. and very dull
for the most part. Estimated receipts for
Monday are: wheat. 225 cars; corn. $50 cars;
OATS $50 cars: hogs. $4,000. The leading fu-
lures ranged as follows: