The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-05
SAVED IN THE LAST HOUR
CHICAGO MARKET FOR WHEAT
BROKE BADLY. THEN RALLIED.
Decided weakness Soon After the
Opening Caused a Drop of 1 lie
from NEUTRALITY-SUSPICIOUS. Lower.

CHICAGO, Jan. 4-Revival in the foreign
demand for American wheat to-day caused
the market to close steady at only &c de-
cline 1t at one time showed break of 1Ac
from yesterdays figures. Markets for corn
and oats were very similar to that of wheat,
and showed very little Change at the close.
Provisions were weak and lost 7l2c and
121&c.
Wheat was somewhat irregular to begin
with There were buyers of May at from
911lc to 915sc on the start, as compared with
911zd91ssc at the close the day before. while
January, the closing price of which was
90%c, sold at the opening to-day at 9OAc.
May very quickly began to give evidence
of decided weakness. 1t dropped at once
after a few transactions at 91%c, and for
about half an hour it hung around 9iAc.
Forty-five minutes or so later it weakened
still further on some news connected with
the Argentine situation, and before the de-
cline brought in buyers enough to stop it
the price of May went to S0la@905sc and of
January to SSzse The early news was not
particularly influential either way. Chi
cago receipts We're only IS cars, instead of
$50 expected, and the Northwestern receipts
at Minneapolis and Duluth were reduced to
4O5 carloads, against 65T the week before.
AS compared with last years receipts, how
ever, to-days report was heavily in excess
of the 149 cars then received. Liverpool was
quoted I'D lower at the start, indicating
less weakness than was prevailing here.
Paris was also said to be somewhat lower,
but the weakest feature of the first batch
of kilograms was what New York had to
say of the selling by foreigners. The con-
tinent was selling, they said, and buying
orders from France said to have been al
ready limited to a price below the market,
were reported Cancelled this morning. Then
it was said the foreign selling and French
cancellations were because of heavy offer
ings of Argentine wheat for early ship
ment. The drop to 901sq907sc was on ac-
count of the last mentioned report. The
continental cables came very weak in tone,
and closing quotations showed the follow
ing declines at Paris and Antwerp: Paris
flour 65u75 confines lower 30l35 centimes
lower for wheat; Antwerp l212 centlmeS Tor
American red winter. Antwerp quoted freer
offerings from Argentine as the reason for
declining. May option on that made a
further dip to oUAc. Bradstreet MADE the
worlds increase for the week lS3o,OVJ
bushels all but 100000 bushels of 1t on this
side. In the afternoon New York reported
fifty-five boatloadS taken for export, and
infused some needed strength into the trade,
Notwithstanding the fact that the accuracy
of the figures was doubted by many. May
rallied to 91AQ91ssc, which it was quoted at
the close.
Corn acted weak most of the day. The
early feature scattered country selling
through receivers and elevators. Some
LIQUIDATION was also caused by the heavy
receipts 1,049 cars. There was little rally
later on the moderate estimates for to-
morrow and the market became fairly
strong when wheat rallied near the close
May ranged from 29BM29Ac to 2SAc and
closed a shade higher at 291sc.
Oats were also weak, and especially so for
January elevator people selling that deliv-
cry freely and forcing it 212c under May
Liberal receipts restoration of freight rates
and the falling off in export demand were all
factors in the general liquidation during the
morning. Prices rallied late in the day on
a little buying in sympathy with the reac-
lions in wheat and corn. May ranged from
231zc to 2234Q227sc and closed a shade lower
at 23Hc.
Provisions were weak from the start. Hog
receipts were heavy and offerings at the
opening were liberal in consequence, pack
ers especially pressing the market. There
was a good deal of liquidation during the
day. The later rallies in the grain pits inn
parted some strength in provisions. and
part of the decline was regained. The close,
however was weak. May pork was 1212c
lower, at So. 20; May lard 10c lower at $4S212
and May ribs 712c lower, at $4.6212.
Estimated receipts for Wednesday-Wheat
rs cars; corn, $50 cars; oats, $50 cars; hogs,
A GOO head.
f,,k,r f1lln