The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-17
MAY DOWN TO Ga lac
Another Low Record Price for
Chicago Wheat Smashed.
Weak Cables and No Confirmation of the
Bond Issue Caused the Slump
Provisions Some Lower.

CHICAGO, Jan. 16-Wheat again broke
the low-prica record for May to-day. touch
mig e4l4c. Weak English cables and lack Of
confirmation of the bond issue was response
BILE for the sc decline, but good export
claarances and some good buying caused
reaction, and May closed but CSC lower
than yesterday. May corn was unchanged.
May oats 1sc lower. and provisions slightly
lower after an early advance.
Wheat opened weak with May &c lower.
and Immediately began a decline, which
ended with May at 6414c The early decline
was attributed TO the fact that there
no confirmation Of the bond issue by the
government and the decline and weak tone
Of the English markets. Private cables also
reported that the English markets were
weak, owing to cheap offerings of wheat
from Argentine The shipments from east
ern European, Baltic, South American and
Australian ports were smaller. While this
might naturally be considered bull feature,
il attracted only a little attention in
the way Of a price-maling factor. Local
stocks showed an increase of contract
wheat making a total of 1S,S13,000 bushels,
against 6,992, 900 bushels a year ago. The
export clearances We're moderate and ag-
gregated 81, 900 bushels of wheat and flour,
bear traders sold freely, but the wheat was
absorbed and the buying, combined with
the fair exports and higher prices at Paris.
caused a reaction. May closed steady at sc
above the days bottom figures. May opened
at 651sc, declined 7sc, reacted sc, and closed
at 647sc
In corn there was a very modest business,
the market ruling rather quiet all day, with
prices changes limited to 14G3sc range. Their
was a somewhat steadier tone and values
averaged a trihe higher. Offerings were
not free, some of the long lines being
liquidated, while the demand was consider
ably improved. q few of the prominent
shorts covering. Exports were large and re-
ceipts were under the estimate, helping corn
to resist the influence of the weakness in
wheat May opened unchanged at 3IAc,
sold up &c, lost Ac, and reacted 1sc to
There was liberal general trade in oats,
especially around the inside figures. A good
deal of long stuff come out, but it was
all taken up by shorts, and other grains
reacted oats followed, May closing but lsc
from the days top figures. May opened
unchanged at 2912c, and after losing 12c on
the weakness in wheat, reacted %sc, to close
at 29ssc.
Provisions opened strong and higher on
hog receipts one-third less than the eSti-
mate, and advance in prices at the
yards. An early decline was caused by the
weakness in wheat and free selling, but
good buying caused q reaction. Selling on
the rumor that to-morrow's receipts will be
largely in excess of the estimate caused
break at the finish and closing prices were
at inside figures of the day. Compared
with last night May pork is 212c lower, May
lard .021sc lower. and May ribs csc lower.
There was good inquiry for vessel room
to Kingston and Buffalo at 2Ac, and sew
eral charters have been made. Estimated
receipts for tomorrow are: Wheat, 1O2
cars; corn, 40 cars; oats, 115 cars; hogs,
$1,000 head. Leading futures ranged as fol-