The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-05
WHEAT TUMBLED AGAIN
GREATER PORTION or SATURDAYS
ADVANCE LOST YESTERDAY.
Foreign News Was Bullish. but Finan-
cial Troubles in the Northwest
started a General Decline.

CHICAGO. Jan. Wheat to-day lost
nearly &c of the 1Ssc it gained Saturday.
chiefly on account of the general taking of
profits, which were sufficiently enticing at
the opening advance. The Northwest bank
failures were also influential to a degree.
other markets were more or less affected,
corn declining about sc, oats 1c and pro-
visions 21aa12lAc.
Liverpool was q decided factor in wheat
at the opening. Opening quotations IN that
market were all the way from Id TO ll2d
higher. At the same time it was known
that the amount of wheat on ocean pas
sage had decreased very heavily, and that
the worlds shipments TO Europe last week
were small. Beerbohm's report called the
decrease on passage 3,4l6,0 bushels, and
the total amount put afioat for the week
1866, 900 bushels. With that to start, wheat,
which closed Saturday at S7sc. opened with
buyers at anywhere from Soc TO S5l2c and
S5Ac the most general price. There was an
abundance for sale at these prices by peo-
pie whose previous purchases showed a
handsome profit, considering the heaviness
Of the quantities some of them deal in and
had on hand, the result being a gradual but
almost steady decline. until the price of
May was down to size about 1870 o'clock.
Some of the selling came from outside
points, notably ST. Louis. and was in
fluenced by signal-service reports of snow
in the winter wheat district, allaying great
ly the fears of damage to that crop from
freezing after the almost Unprecedented
mild weather that has prevailed. Chicago
receipts were sixty-five cars, and 81. 900
bushels were inspected out of store. Mime
apolis and Dulut got only 31 cars. in COM
pariSon with CAS- on the corresponding day
of last year. The worlds shipments last
week. as finally reported, were $3.50. 900
bushels, against 1854. O00 bushels the week
before and 6,62l. 900 the corresponding week
last year. The visible supply showed an in
crease of 20S,0 900 bushels, instead of a de-
crease of about that much. Closing cables
were very firm from Liverpool. at a total
gain of I'd since ii closed Thursday last
London cd per quarter higher and Berlin II.
marks higher. The market here, however,
was kept down by steady selling out of long
wheat, a great deal of which during the
last hour was caused by several bank fail
ures in the Northwest. The price of May
fnally got down to S3Ac, and closed easy at
| S35sdSic.
Corn opened a shade better. I'm sympathy
with the better tone i'm wheat. but turned
weak as the leading cereal declined. Trade
was light-but little from outside sources.
May opened a shade higher. at 257sd26c. and
declined with several fluctuations TO 25ssc.
where il stopped.
Liquidation was the order of the day i'm
oats. Tn market opened steady but weak
ened later. in sympathy with wheTt t. and on
the decline several good-sized lines were
disposed OF. The visible showed an in
crease OF $4,000 bushels. which had some
effect. May opened a shade higher. at 1874
1850. sold between 1850 and 1880, closing
| easy at 1912c asked.
PROVISIONS were rather tame and appeared
to be as much under the influence of the
wheat fluctuations as were the other grain
markets. The opening i'm, the products was
at a little advance, because of the disap-
polntment in the number of hogs received.
The market lost the firmness as wheat be-
gan its decline. Packers were moderate
sellers. and some long pork and ribs were
likewise said to have come On the market I'm
small lots. At the close May pork was l21ac
lower. at $3.50; May lard 2lac lower. at
$5.yT2: May ribs about &c lower. at s.. 49,.
Estimated receipts for to-morrow-Wheat,
~ cars; corn, 20 cars; oats, 20 cars. Hogs,
10000 head.