The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-14
TROUBLE FOR LETTER
AGAIN THE SPECTATOR HAS TO
SAVE THE PRICE OF WHEAT.
Early Weakness Threatened a Seri-
Gus Decline at ChicagO-Pro-
vision Market Lower.

CHICAGO, Jan. 13--Wheat to-day closed
at almost exactly yesterdays final figures.
Early weakness, caused by a sharp decline
at Liverpool, was overcome later by sup
port from the Letter crowd and covering by
shorts Corn and oats after dull sessions
closed at substantially unchanged prices.
Provisions closed about nc lower all
around.
Weakness was again the most obtrusive
feature of the opening proceedings in the
wheat pit May was for sale at 900 to 901sc,
against 90$s09015c at the close the day be-
fore. There were substantial reasons for the
opening decline. The Liverpool market was
%d lower to begin with and q little later
and still before trading commenced here the
decline had deepened to a loss of from 11sd
to I'D per Genital Paris was likewise some
what lower at the opening. The Min
neapolis and Duluth receipts were 332 cars.
against 376 a week ago and 277 the CORE
spending day of the year before Chicago
got thirty-three cars, against seventeen last
year. Three carloads only of to-day'S Chi
cago receipts were of contract quality The
explanation of the extreme weakness at
Liverpool was that Argentina was offering
wheat very freely. London also cabled that
cargoes on passage were very weak A rise
of Ac a bUShel that followed fifteen minutes
of free selling was partly due to fear OF
complications with Spain arising out of the
rioting, said to be prevailing in Havana
and which caused a few timid shorts to
cover The price of May declined in a few
minutes after the opening to S97SQ90c and
then gradually hardened in tone until 9Oasc
was realized for one or two 5,OO bu lots:
The business light for an hour and
changes in prices were merely between Of
ferings at 90Ac and buyers at the same.
The closing quotations from foreign markets
gave Liverpool resting al from Esd to Id
decline. Paris flour unc hanged for January
and 10 centimes higher for March-June;
wheat 10 confines lower for January and 10
confines higher for March-June. Primary
market receipts aggregated 100000 bu,
against 10000 bu year ago. Shipments
wheat and flour together to 32l, 900 bu The
effect of the generally discouraging news
was that prices in the afternoon began 10
from only those who had puts 70 protect
their purchases. Some buying orders from
members of the bull clique changed the
previously declined to 80 cents, but 1t was
well supported at that figure, not only by
market gradually rose TO 905sQ9O%c, but re-
acted to 9012c a few minutes before the
close and was at that figure when the ses-
Corn was firm in spite of the dullness of
trade and the early wheat weakness. There
was some country buying sufficient TO take
care of the offerings and buying by those
who had sold cans" and tounu the mar
get against them was a factor later. The
range of prices was narrow. May ranged
from 2914c to 2S7sQ29c and closed a shade
higher at 291sc.
Market for oats was very dull There
was some tendency for a time toward
easiness though for no well-defined reason,
but this sentiment was ultimately quelled
by the influence of corn and wheat. There
was important trading either way May
ranged from 23s4c to 2312Q239sc and closed
unchanged at 2SSsQ2334c
Market for provisions was dull. Prices
were steadied early by the very small hog
receipts but gradually weakened on in
creased offerings from local traders by Eng
fish houses. Figures showing heavy in
crease in packing for. the week had a
bearish influence. At the close May pork
was nc lower at $9.421b May lard TIC lower
at $477l2, and May ribs 7l2c lower at &-721g.
Estimated Receipts for Friday-Wheat, 30
cars: corn, $40 cars; oats, 21O cars; hogs,
%. 600 head
GO dino futures RANGED q follows.