The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-29
MAY WHEAT is UP 1-2C
| AFTER A DROP TO 81 3-4C, LEADING
CEREAL RALLIED TO 53 1-:C.
Early Weakness in Chicago Grain
Due to Report that Cola Might Go
to Premium.

CHICAGO, Jan. 2S-After a sharp break
to-day. caused by selling on the heavy gold
exports wheat rallied on liberal covering
by shorts and finished with 1ac gain. Corn
closed &c lower; oats, CSC lower, and pro-
visions at slight declines.
The price of May wheat took a fresh
tumble at the opening to-day. The crowd
appeared to have scarcely any but selling
orders to start with. From 531sc and 5Sc
for a few lots right at the beginning, the
price ratified down in less than minute
to 529sc. That decline appeared good enough
for some heavy shorts to cover, ard in the
course of the next forty minutes it had
reached 5SAc on that class of buying. The
rush to sell at the start was, doubtless, due
to the Washington news that a premium
on gold coin was within the possibilities of
the week. The price of May wheat was,
however almost entirely matter between
longs and shorts. The former sold early
causing the first break; the shorts bought
enough to cause a reaction to 53Ac, that
was followed by another period of realiz-
ing of long wheat, which was principally
due to a wicked shake out of holders of
corn. That caused wheat to drop to 52a4c
at which point it was again taken hold of
by the shorts and again reacted to 521ac
the closing price. The visible figures did not
have much influence they showed about
such decrease as had been looked for.
Corn was firm at the start, but raiding
by several prominent houses weakened the
market, stop loss orders became numerous
and the close was weak. The visible sup
ply increased 5000 bushels, compared with
an increase of $4,000 bushels year ago.
Shippers here who have corn in New York
claim that they can find no sale for it at
the equivalent of Chicago prices. The nomi-
nal opening price of May corn 451ac,
or 1sc above the closing price on Saturday
the prices named, but after it's first break
to 451s@45Ac, which occurred Immediately
after the opening, it recovered to 451h0455sc
1t was hanging around 4514c on the second
decline when the raid started. 1t dropped
to 45c and that caught the stop orders, I'M
der the influence OF which the price went
down to 44A@44ssc After recovering to
44a4@447sc and declining again to H1sc. it
closed worth 445sc.
throughout. Prices were following corn to
some extent, selling up. 1s@Ac early and
kept up until shortly before the finish,
when the market rallied again and closed
under Saturdays last quotations; May, at
The lower prices were not alone created
from sympathy. Free selling by Patton
bpaS fb aarn fas and updk
did the decline of corn. The buying was
quite fair. but scattered. and all in small
orders. The visible supply figures had no
noticeable effect on the market
With only al o 5000 hogs at the yards. in
stead of 5000 as estimated. the provision
market started firm. The first trading in
May pork was at $1075, as against $1065 at
the close on Saturday. May lard opened
with heavy buyers at, 6.75c against 6721ac
at an equal advance. Those opening prices
were the best of the day. The heaviness in
corn was a disbursement to holders of
provisions, and prices sagged steadily dur
ing the remainder of the day. At the close
May pork. was 71sc lower; May lard, .O215c
lower, and May ribs .021ac lower.
Estimated cars for Tuesdav-Wheat, At;
corn, 300; oats lis; hogs. 21,0oo head.
Leading futures ranged as follows: