The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-23
WHEAT WAS DUMPED
CHICAGO MARKET PRICES BROKEN
BY THE HEAVY UNLOADING.
Both Corn and the Leading Cereal
Suffered, with Oats Unchanged
and Provisions Up.

CHICAGO Jan. 22.-Longs continued to
dump their wheat on the market to-day.
and under the heavy load the May option
touched 54a4c. The low price tempted
shorts, however, and their covering left
May at the close but ssc lower than yes
terday Corn closed sc lower for May,
oats unchanged and provisions at slight
advances.
That the liquidation of long wheat which
was the feature of yesterdays trade had
not ended was apparent as soon as the
session opened this morning. Commission
houses had wheat for sale, and al
though little trading was done immedi-
ately at the opening at 557sQ555sc for May,
there was such an avalanche of offerings
that the value was instantly crushed to
55ssc, being a still lower level than the
lowest of yesterdays quotations. Some
buying caused recovery to 555sc but SELL
ing on a liberal scale again set in and an
other tumble brought the price down again
with a dump lower than before, 5514c being
the next resting place. and even that was
only temporary. The Liverpool market
was weak and lower. After another and
more severe break, which took the price
down to 54a4c and a succeeding reaction to
55Ac, business, which, up to that point
had been on a heavy scale, fell off to a
mere nothing during the remainder of the
session. Primary market receipts altogether
were 10000 bushels. against only 10000
bushels week ago, and 292 COO bushels
on the corresponding week of the year be-
fore. Export clearances from Atlantic
ports were equal in wheat and flour to
1n,U0 The closing cables reported the
following declines l in foreign markets:
by terms and centimes for distant de-
closed With May at 5sNc. A' iA"'As' mere
influence of the Initial slump in wheat Wheat but
it ruled comparatively strong during the re-
m T,s;In. of the session and did not par,
the successive further decline in wheat.
The demand which prevented corn from
yielding to a further extent after the first
sharp break of Zee per bushel came entire
ly from shorts. That demand however,
was very general, and while the selling
out of long stuff was on a liberal scale, it
was scarcely UP to the demand from
shorts after the extreme pressure at the
opening was removed. May, after opening
unchanged at 451ec, touched 45c sold to
455sc and closed at 1880.
free selling dropped to 2S5sc. There was
liberal covering by shorts at the decline,
lighter toward the close and values, after
Selling on shade, fuctuated but little
Nay ended at 2Sa29lsc The cash market
mand for shipping was very good and local
orders also came in for a good share.
The receipts of hogs to-day were only
$1,000. Some confidence was impaired by
the falling off in the receipts and the price
of products started with an advance of
21sc in pork and &C in lard and ribs At the
close the pork stood at the opening price
after an intermediate advance of sc more
Lard also closed nominally at the opening
price, but there were sellers at the close
at the advance. Ribs at the end had
virtually dropped all of their early gain
there being sellers of May at $50 as
against a yesterdays closing quotation of
Estimated for tomorrow: Wheat
II; corn 200; oats, 81; hogs, 54 900 head.
Leading futures ranged as follows.