The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-30
A SLUMP AT THE CLOSE
LETTER SELLS AND THE CROWD
RUsHEs TO UNLOAD WHEAT.
Chicago Market Held Up Part of the
ry in Oats-POrk Higher.

CHICAGO, Dec. 29.-Wheat to-day was
apparently held up for a time by buying
furry in cats In the last half hour the
leading brokers of the bull clique in wheat
started to sell some May and the crowd
emulated and in the end surpassed their
efforts in that direction. December wheat
was left at a decline of SAC and May 12c.
Corn declined CSC. Oats in the end were
left at practically yesterdays closing prices.
Provisions ruled strong after weak open
ing and made substantial gains in prices.
Wheat was a shade easier at the opening,
because of a decline of Ad at Liverpool.
There was nothing else of a bearish char
acter in the news the traders had before
them at the opening and the market in
consequence remained firm during the fore
noon within narrow fractions of starting
prices. The opening in May was from 94c
to 9i1sc compared with yesterdays close
of 94Ac The spell of weakness around the
opening soon carried the price down to
$3.50, when the strength which developed
in oats affected wheat and the market re-
covered in a short time to 911s@9114c, and
kept close to those fractions all morning.
Trading was exceedingly narrow traders
who favored the bear side, however learned
a. lesson from the buZz-SaW tendency de-
veloped yesterday and kept away and In
the absence of any important buying de-
manQ the market was almost SIdSHdHI dl
times. Chicago receipts were much smaller
than estimated to-day. The number OF cars
received by rail was 1856 and out of that
eighty-seven were contract. The total add1-
ton for the day to contract stocks in regu-
lar elevators was estimated at lS9OW bu
Minneapolis and Duluth reported AL cars tna
against 472 the corresponding day or the
previous week and 227 year ago. The At
lantic port clearances of wheat and flour
We're equal to 594 coo bu. This helped sus-
tain prices. The estimates. of the Argentine
eXportable surplus circulated yesterday
making it 900 blu was less generally ac-
copied to-day. All the other estimates from
reliable and usually well-informed sources
make Argentine's export capacity Tor the
Is COO, COO bu and 100000 bu. The market
began to weaken in the afternoon, when
closing cables indicating rather easy for
eign markets were received. The bear1Sh-
ness that started continued to increase as
the session neared it's end and whereas no
one cared to t t II MbdO bey save ny
it was on the run. Allen and Grier for the
bull clique, put a big line on the market at
meanwhile. and that~option then dropped
like a shot to 923sc, everybody taking
kick at it: Then it rebounded and just at
the close it sold at 92%c, a decline of 112c
Little was done in December, but it also
was heavy. Armour & Co. were reported to
be sellers of it through brokers. 1t opened
at 99c and declined to 96Ac, closed at that,
as compared with 991Ac yesterday.
Corn was inclined. to be weak. There
was good sized scalping trade, with prices
easy early or liquidation, with steadiness
later with oats, then weak finally with
wheat, considerable profit taking and liquid
alton accelerating the downward movement
The close was easy at close to bottom
figures, May ranging from 3O1sc to 299s@
29s4c and closed at 2934c.
The market for oats was again a large
and important one and was the strongest
of all the grains. Opening steady. prices
suffered a slight decline through liquidation
by longs. Good buying by commission
houses, short scalpers and the trade in gem
eral soon caused an advance. which carried
the price to 2414c. the highest since last
August. Yesterdays heavy buyers were
again prominent to-day. Profit taking and
the slump in wheat caused some reaction
neSR the close. May ranged from 244c to
23%c and closed at 237sG24c.
There was quite an active trade in pro-
visions with all the products strong. A lit
tie weakness developed at the start, due to
a reduction of prices at the yards, but at
the decline both packers and shorts became
active buyers with a good many orders
from the outside. The market became very
strong and maintained most of the improve
ment to the end. AT the close May pork
was 15c higher at $9.0215, May lard TIC high
err at A.7712 and May ribs 212c higher at
$455
Estimated receipts for Thursday-Whea
240 cars; corn, $50 cars; oats, 800 cars; hogs,
81 900 head.