The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14
WHEATCLOSED AT795-8C
WEAKNESS SET IN SOON AFTER A
FIRM AT CHICAGO.
Small Receipts and Advance in Liver
pool Caused Opening
Pork a Trihe Higher.

CHICAGO. Jan Is. Wheat to-day, al
though opening strong at an advance,
turned weak and closed weak at a trife
over l cent decline. Weak closing cables
started the liquidation. which was INDUCED
in to an extent hardly warranted by the
general situation. Corn and oats were cor
respondingly weak, and lost about &c each.
but provisions managed to score a slight
advance.
In wheat the firm opening was the re-
suit of the steadiness of Liverpool and
light Northwestern receipts. The first ca
blegram quoted Ad advance In futures and
a later one gave prices lad higher. or near
ly double yesterdays advance here. North
west and local receipts, too. were moderate.
Chicago got only eighteen carloads of
wheat, against LOG a year ago, and Mime
apolis and Duluth reported 213 cars. against
40 a week ago and 4O the corresponding
day of the year before. Later i'm the day
all but I'D of the Liverpool advance was
reported lost, and prices started downward.
Opening prices for May were size to Size,
as compared with yesterdays close of S0zsc,
and after a slight decline to S07sc it had
another little advance to SlAQS13sc. The
latter was the highest price of the day.
Trade was noticeably light during the first
hall hour of firmness, and only increased in
volume when the price had got we'll under
soc. Among the reasons for the weakness
which Supervened was a rumor regarding
the flour trade, which, it was said. was ev-
erywhere very dull. Minneapolis reported
only LOCO brls of flour sold yesterday, and
Milwaukee reported $4,000 brls of Minneap-
oils flour stored there and $50 cars more on
track waiting to be stored. The light sea-
board clearances of wheat and fiour-114.-
600 bu-encourage d selling, and firm foreign
markets at advanced quotations did not
nelp the buying. The bears were on top,
ana IL they bought on the breaks they
put the wheat out short again on the raj
lies when they came and at lower prices
when the decline continued. In other
words. 1t was a Scalpers' market. May
fnally declined to 1889 and closed weak
Corn had a very quiet session, with prices
almost dependent on wheat. 1t was in
clined TO firmness as long as wheat
but weakened readily when the market set
the example. BradStreet reported a visible
Increase of 1.673.O0O bu; May opened about
weakened TO 2412c, closing easy at 2i1Ru249sc.
Oats opened steady to firm on bad-weath-
sympathy with wheat. The latter influence
was stronger by far than the former and
triumphed later in the session, causing a
decline in prices. There was a good dis
position to buy on the part OF the shorts,
and several lines, both large and small,
were opened up. May opened unchanged at
1Ss.c, held between 1889 and 1850, closing
easy at the latter price.
Provisions ruled strong and closed that
way, the only thing on the floor to do that.
The market was dull during the forenoon.
but livened up under the improved demand,
which came mostly from shorts. The early
weakness of the hog market caused a slight
opening decline in prices, but this was soon
overcome. AT the close May pork was a
shade higher at $4.05q4.071s. and May ribs
212c higher at Si.10.
Estimated receipts for Thursday-Wheat.
16 cars: corn, POS cars; oats, 10 cars; hogs,
$4,000 head.