The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-01
JANUARY Closed DULL
CASH WHEAT FELL 10 st.o4 AND
MAY OPTION TO o47sc 1T CHICAGO.
Simple Reaction from the Bulge of
the Last Few Days, Assisted by
Weak Liverpool Cables.

CHICAGO, Jan. 31.-This vas another day
of reaction in all the grain and provision
markets. May wheat declined &c under the
influence of weak Liverpool and bearish
statistical news and slump of over &c in
the price of January. Corn was weak with
liberal liquidation and closed Sc lower.
Oats declined 1sQAc and provisions 212G10c.
In wheat conditions were more favorable
for a decline at the opening than for two
weeks. Outside of the depression caused by
the unloading of many heavy holders of
last weeks bulge, the influence of which
was still apparent, news decidedly favored
the decline which took place. May, which
closed Saturday at $685. opened to-day at
from 95a4 Q96c. A moment or two the price
recovered to 964c, then 1t declined slowly
to 955sc. There was not much selling pres
sure, but on the other hand there was
almost total lack Of demand and the mar
ket sank from its own weight Liverpool
was very weak and this had more influence
than anything else. Quotations from that
market at 100 p m. showed q decline of
115d, and London was rel orted equally weak.
Some reason was shown for this in the
larger estimated shipments by Argentine
and favorable harvesting reports from that
country. Worlds shipments We're large,
7,2IS,OO0 bushels, Russia showing a good in
crease and the increase on passage was re-
ported at 100000 bushels The visible sup
ply report showing a decrease of but 551 900
bushels was also disappointment. Mime
appolis and Duluth receipts amounted to
4S7 cars, against AIS cars last week and 421
cars year ago. Chicago receipts were six
ty cars, of which eleven were of contract
9oayb nv the the mi bers eeed
bushels, May advancing to 95Bc, but after
that the market ruled heavy. Late In the
session some selling pressure was put on
which had been nominally $l.0S12, dropped
very quickly to $1.03 on the selling of not
more than $1,000 bushels. This weakness
was reflected in May, increased liquidation
following the January decline and May soon
sold off to 94a4c. 1t was bringing 947sc at
the close. July sold as high as S57sc and
as low as Sc and closed at S5QS51sc. Janu-
airy closed at $1.04.
Corn Was weak at the opening and re-
manned so throughout. Considerable long
corn was offered during the morning, pre-
sumably on account of increased country
offerings, and this and the weakness of
wheat caused a decline. Prices sank still
further in the afternoon on heavy estimated
receipts for tomorrow, the market closing
weak at the bottom. Trade was fairly ac-
tive throughout. May ranged from 29lsQ29Ac
to 2Sa4c and closed 5sc lower at 2S$4c.
Oats. though showing some sympathetic
weakness with wheat and corn, did not de-
cline much. Buying was quite. active. by
traders who unloaded last, which sustained
prices Market weakened to close on the
May ranged from 41sW23s4c and closed AQ
3sc lower at 2334c.
Not much interest was shown in the mar
ket for provisions. Prices were steady at
the immediate opening due to firm yard
prices, but the weakness of grain markets
and realizing by some OF the smaller holders
caused gradual decline. Market closed
easy. May pork Zoe lower at $3.50 May
lard &c lower at $4.S5 and May ribs 212c
lower at $3.50.
Estimated Receipts Tuesday--Wheat, 100
cars: corn, So cars; oats, $50 cars; hogs,
81 600 head
Leading futures ranged as follows: