The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-01
CHICAGO GRAIN DOWN
LONGS STARTED TO SCALP AND
BEARS FLOODED THE MARKET.
Early Advance In Wheat Was Not
Mafntnined-COrn and Oats Lower
and Provisions Some Higher.

CHICAGO. Jan. 31.-This was a day of
realizing on the long wheat. Not only that,
but short sellers, who for a few days have
watched like a cat at a mouse hole for
move on the part of the longs in the above
direction. flooded the market with their Of
feringsT The price closed at decline for
the day of &c. Corn and oats were each
a little lower in sympathy, and provisions
moved up a little.
Wheat was affected at the opening very
much as it was al the same time on the day
before by heavy receipts at Minneapolis and
Duluth and the mildness of the weather,
while higher quotations from Liverpool were
ignored at the moment, and the price for
May started at from 65sl to 655sc, as COM
pared with 5%4@S57sc at the close yesterday.
After a further decline to 653sc the price
began to recover again and rose in a very
short time to 661lc, or about as high as it
got on the previous days bullying. The ad-
vance was chiefly due TO the bullshness of
the wheat situation as set forth by the
Liverpool Corn Trade News. which esti-
mates the importing countries for the wheat
season at 40S.000.000 bushels, against the
available supply of 636, 0,00O bushels, and
says that the deficiency of 227 ,000 600 bushels
can only be made good by reducing the
amount to its lowest possible limit and using
lea The trading was active for about an
hour. Afterwards the pit quieted down for
an hour for want of anything further of
an exciting character and the price worked
down around 653sc and did not for some
time get away from between that and 65s4c
Later the market began to feel the weight
of the purchases which had been made and
by u O'clock it had begun to wear a very
detected appearance In q half hour Ii had
declined to 6oc, or nc from the highest
point it touched earlier. The stocks at
Minneapolis and Duluth are estimated to
New York stocks to have decreased 10000
bushels The prevailing opinion with regard
to the visible for this week was that II
might show small increase, or at least
very light decrease, and probably the
heavy operators We're influenced by that In
smaller than on the previous days OF the
week, and as the day before, II was largely
on local account. The closing figures were
65G651sc practically the lowest Of the day.
The corn market followed the course of
the fluctuations in wheat, being strong
early and weak later in the day. The wealth
er is making country roads very bad, and
lighter receipts in the near future are ex-
peCFed.
Business In oats was quiet and no new
features were developed. Outside of a small
amount of liquidation, trading was almost
at a StandStill.
Provisions were irregular. opening firm
and. after a weak spell becoming strong,
with closing prices moderately higher for
the day. The general impression in the
Cudahys brokers were the chief bidders
for product but after they had jollied it
I'D they became heavy. sellers.
Estimated receipts for tomorrow: Wheat,
s. cars; corn, 435 cars; oats, 200 cars; hogs,
9.CC0 head.
aadinU fut,,ras ranoad as follouS.