The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-11
HEAVY CHICAGO MARKET
WEAK CABLES TOOK ALL STRENGTH
OUT OF WHEAT PRICES.
Shortage OF Russian Crop Placed at
59,OOO,OOO BusheIs--Provisions
Scored Declines.

CHICAGO, Jan. 10.-FIeaviness character
lied the grain and provision markets to-
day. Wheat was affected most by the weak
cables, and closed sc lower than the final
figures of Saturday Corn declined Aa3sc.
Oats closed CSC lower and provisions regis
tered declines ranging from nc to 10c
Wheat opened weak, at from 1kc to &c
below Saturdays close. 1t held fairly firm
during the greater part of the forenoon at
about the starting price. First trades for
May delivery were at from 907sc to 90s4c as
against 1850 at the close Saturday The
range from that time up to the publication
of the visible supply statement was from
Gle down to 905sc. The visible showed only
1900 bushels increase, and as high as l.
100000 bushels having been mentioned as
not a probable quantity for its increase, so
buying was induced by it, but it was too
limited to have any material effect The
early drop in price was primarily due to a
s4d decline at Liverpool and slightly easier
quotations from Paris, helped also by re-
ceipts in the Northwest much heavier than
could be regarded hopefully by the bulls.
Minneapolis and Duluth received 5S4 cars,
compared with 361 the corresponding day
of last year. Chicago received forty cars,
compared with twenty year ago. OF to-
days inspection only four We're contract
Worlds shipments to Europe were officially
reported at 4,S49,000 bushels but the COM
parative smallness of the figure evidently
had no effect on the foreign markets. It.
however, caused May to rally to 916911sc
from around 905sc, but the market slowly
sagged again. Liverpool Corn Trade News
cablegram said that an official Russian re-
port made wheat show deficiency of So
I11tcI7
years crop, 1875. 100000 bushels shortage, and
oats 1O4,OO0O0O bushels. That great def
cheney in production Of the country which,
after the United States, produces more
grain for export than any other in the
world, produced scarcely ripple of curios-
ity here. The Atlantic ports exports for the
day were equal to 100000 bushels The Eng
llsh visible supply decreased 215, 900 bushels.
The total United Kingdom stocks at the
principal ports, compiled Jan. l. showed
since they were previously made up, Oct. /.
an Increase of 10000 bushels of wheat and
,OJO sacks of flour. The closing quotations
liz foreign markets sugges ted greater heavi-
ness than there was visible reason for at
TINS distance. Liverpool closed at decline
for the day of from sd to Id, Paris from
50 to GO centines lower for flour and %
Confines to 20 centimes down for wheat.
Inc market became quite weak toward the
end. Up to within half an nour from the
close May sold around 907sc, but the weak
closing cables caused renewed selling,
which. coming on an unwilling market,
caused further break to 903sc. May was
offered at 9015c at the close.
Corn was very slow. 1t was also weak
without any fresh reason, for being in sym
pathy with wheat being apparently the
only reason for the decline. Elevator peo-
pie were moderate sellers. Buying was
scattered and unimportant. May ranged
from 29Ac TO 29c and closed 14@$sc lower.
at 29c.
Oats were weak from the start. The fea-
ture was the unexpectedly large increase
IN the visible, 2,435,000 bushels, due to the
arrival at the seaboard of oats started East
In December. The visible figures caused
general selling, in which outsiders partc-
pated, but the liquidation ceased when the
explanation of the increase was given. May
ranged from 23s4c to 231ac and closed sc
lower, at 2312c
Provisions were dull and heavier Liberal
receipts of hogs started the market weak
Little support was given the market either
by local packers or from the outside and
selling by commission houses and scalpers
easily pressed prices further down. At the
close May pork was foe lower at 1913
May lard 10c lower, at $780, and May ribs
TIC lower, at S4.67b.
Estimated receipts to-morrow-Wheat rs
360 900 head.
Leading futures ranCed &C follouyS.