The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-27
BAD NEWS FOR WHEAT
BEARS TOOK ADVANTAGE OF 1T AND
HAMMERED THE PRICE .-sC.
Weakness Extended to Other Markets.
Which All Scored Losses. Pork
Declining Slightly.

CHICAGO, Jan. 26.-Wheat had a greater
decline to-day than on any previous day
for several weeks. and sold below 7sc for
the first time since the middle of October
last. May brought 79c at the start and
sold at 71ssc near the close. finally resting
at 775sc. a decline of 17sc for the day.
Corn declined &c. Oats made a new low
record for both January and May, the
latter month resting at a &c decline. Pro-
visions declined 5071sc.
In wheat the marked weakness OF the
opening Liverpool quotations was all that
was Aecessary to make a decidedly wabbly
start, as traders. disappointed at the effect
of the government figures on forthcoming
crops, needed but little to start them to
unloading. Opening sales for May were
made at 7S1sQ79c; compared with yester-
days closing prices of 791a0 1850 and by IL
o'clock the market had declined to 7Sc. The
government, besides its estimate of the
home crop, published a communication
from Minister Buchanan, representative in
Argentine of the United States, to the
effect that Argentine would have Is, 900, 900
bu wheat for export. Minister Buchanan's
letter was dated Dec. Q, and. OF course, re-
lates TO a condition of affairs which later
advices show to have changed very much.
The report, nevertheless, had some effect.
Chicago and North western receipts were
again very light, but that was ascribed to
the effect of the extreme cold on transport
tation facilities. Chicago got 40 carloads,
against 13i a year ago.
Minneapolis and Duluth reported receipts
of 17 cars. compared with 26S a week ago
and 400 cars the corresponding day of last
Won lnnff NA.~ $500
with wheat and flour, to 3l5. 900 bu. Brad
streets worlds visible showed a decrease
for the week of 1.137. 600 bu. The heaviness
OF the market here increased as the close
or the session approached. There was a
general giving up of the ship by the bulls
IN the last fifteen minutes and a drop of
another cent per bushel IN price. May had
recovered TO 7S9sc and declined TO 17ssc,
with 1850 the last figure. The temporary
advance TO 1880 was caused by a Ad clos
ing recovery at Liverpool.
Corn was slow and weak, influenced by
the break in wheat and the expectation OF
larger receipts TO follow the cold weather
and the probable reduction Of retail freights
from the interior. There vas considerable
liquidation and u fair amount of short SELL
ing. The price was already 80 low, how
ever, that only a &c decline resulted. Nav
10 239su234c and closed at 23s4c.
oats established a new low record to-day
a ae1s tha Tba aaf fee1 Was the the principal item Of
TO finish and closed at the low price of
the day. The decline was brought about
through sympathy with wheat. although
some liquidation was going on in q small
way. May opened a shade lower, at INC,
and declined TO 11S1lI12c, where it closed.
Trading in provisions was extremely dull.
The sellers were chiefly confined TO pack
ers, and even their offerings were light, so
that the pit was half deserted during the
greater part of the session. They were
sufficient. however. to produce a small gen.
eral decline. May pork closed about nc
lower, at S7.921.G7.95. May lard about &c
lower, at $4Q4O21., and May ribs about sc
lower. at S4.05.
Estimated receipts Wednesday-Wheat. %
cars; corn, Flo; oats. 10; hogs. "a, 600 head.
Leading futures ranged as follows: