The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-09
SURPRISE FOR BULLS
After Strong Opening Chicago
Wheat Took a Header for 1-8c.
Heavy Decrease in Visible Supply Failed
to Materialize and Grain Slumpcd
Provisions Higher.

CHICAGO, Jan. Sit was a whipsaw
market to-day. After opening strolg and
advancing about l3c on strong cables, light
receipts and the expectation of big de-
crease in the visible supply, wheat weak
ened and slid down 11sc on free selling in
duced by the disappointingly small de-
crease in the visible. May wheat closed
&c lower and May corn &c lower. Oats
were unchanged and provisions consider
ably higher all around
Wheat began the day with the condi-
tions favorable for the holders. The crowd
was eager to buy, and for the first half
hour offerings were scarce. May opened
sc higher. at 67Ac, and soon climbed to
673sc. The cold weather, which was sup
posed to be doing deadly work in the I'M
protected winter-wheat fields, was one of
the causes of the early frmness. Receipts
were light. Chicago received but fifry-eight
cars, against Ala year ago, and Minneap-
oils and Duluth reported but S72 cars, COM
pared with go on the corresponding day
last year. Foreign markets were also
playing in the bull band. Gables were
higher all around. but the main cause of
the firm feeling was the expectation of
marked decrease iii to-day's visible supply
report. Until that was posted the bulls
were jubilant. When the returns, We're
complete the report showed that the visi-
bic decreased 275.O0O bushels. Then the
bears inning came. August Brosseau, Nat
Jones, Frank Dun and others buying
turned sellers. BILLY" LIN threw 25O, 200
bushels of long wheat on the market and
prices went down with dizzy rapidity. The
export clearances were rather small, Balti-
more, which was expected to show liberal
exports, clearing none This added to the
weakness, and May continued to decline
had lost lDx..
however, a good demand was developed
causing reaction, but the uncertainty re-
garaing the government report to be issued
ana May closed but 1sc above the bottom
figures Of the day. May opened at STAG
advanced &c. declined 11sc. rallied 14c, lost
Ac and reacted 1sc 10 close at 665sc.
Corn receipts were under the estimate,
and that, combined with the early firmness
pit. The visible increased 1,2O4,0O0 bushels,
prices declined, with but a Slight rally at
the close. May opened unchanged at 3S%c,
advanced &c, dropped &c and reacted &c
to close at $3.50, but 1sc above the bottom
figures of the day.
the depressing influence of the later weak
ness In wheat and an increase of $4,000
lost. May opened &c higher, at Bic, sold
on &c and rallied &c TO close at yester-
days closing figures. 304c.
Provisions were strong, with packers buy
ing and on hog receipts less than the esti-
mate and an advance of 10c in prices.
Baldwin, Farnum, Armour & Co. and Swift
& Co. bought freely, and shorts did con-
siderable covering. Free offerings caused
temporary reactions, but closing prices were
not far from the days top prices. Com
| pared with last night May pork is 271bc
| higher, May lard .171ac higher and May
ribs zoe higher.
Estimated receipts for tomorrow are:
Wheat, 135 cars; corn. $50 cars; oats, $40
| cars; hogs, $1,000 head. Leading futures
Ilnged as follows: