The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-31
WHEAT MARKET QUIET
TRADE SMALL AND CLOSING PRICES
AT FRACTIONAL DECLINES.
No Attempt to JugEIe with January,
as on Former Days-Other Grain
DuII-PrOvisions Unchanged.

CHICAGO, Jan. 29.-Wheat to-day felt the
heavy liouidation which was done near the
close of yesterdays session and acted weak
and irregular May closed &c lower. No
attempt was made to do anything in Jan
uary Corn and oats were heavy and de-
clined &c each. Provisions were firm,
without much trading, and closed un-
changed.
Wheat showed some strength at the open
ing, principally because Liverpool had re-
sponded fairly we'll to yesterdays advance
here. Holders of lines already heavy were
good bidders at the start, which was at
974@9711c for May, an advance of 1sQssc.
A good deal was for sale at those prices,
but the selling did not depress the price
lower than SIC, and shortly after a gen.
eral buying movement carried the price up
to CSC. That advance, however, raised a
short selling breeze of such strength that
in half an hour the advance had melted
away, the decline not stopping until May
was down to $500. The heavy dumping of
long lines late yesterday made many traders
afraid to risk their money in wheat at prices
above &c, and this fact had a good deal to
do with augmenting the liquidation which
carried prices down. Most of the routine
news was buIlish Bradstreet's report made
the weeks clearances of wheat and flour
from both coasts 624 bushels, compared
with 3926.OOO bushels the previous week and
2,5150OO bushels the corresponding week of
last year. Chicago received forty-six cars
of wheat, only two of which were contract.
Minneapolis and Duluth receipts were 800
cars. against 1858 week ago and 1863 last
year. The total receipts at Western pri-
mary markets were $4,000 bushels, against
10000 bushels the year before. The days
clearances from Atlantic ports were again
heavy, amounting in wheat and flour to
temporary strength into the market May
recovering to 973sQ9715c, but it soon fell back
again under renewed OFFERINGS and to a
lower level than before, 96Ssc being touched
oeore the reaction came. Shortly before the
close the market was given support, Letter
brokers' being credited with good buying at
the bottom figures, and May advanced to
yoBc, where it closed. July was relatively
neayler than May. 1t opened at from S6a4c
reached all day. 1t sold as low as SEC and
closed at S6Ac, loss of 1Ac.
Corn was barely steady at a slight de-
cine from yesterdays prices. An early de-
cline in wheat started moderate liquida-
ton in corn and a decline ensued which was
not recovered. Seaboard demand was light
and country offerings were said to be in
cfedSlng. May ranged from 295sc to 29Ac
and closed 4c lower at 29ssc
oats were. firm at the start, with good
commission house buying on New York de-
mand. Prices held well for time, but
broke later under heavy liquidation by a
firm which has been unloading for several
days. Talk Of rate cutting prevented the
market from declining more than it did
May ranged from 243sm 2415c to 23B@24c and
closed 14c lower at 240241sc
Very, little was done in provisions, and
prices Kept within an exceptionally narrow
range. There was moderate selling of stuff
already showing good profits, but offerings
were readily absorbed. Trade was princi-
pally OF scalping nature. At the close
May pork was unchanged at $40 May lard
unchanged at $4.S712Q4.90 and May ribs un-
changed at $4.9212.
Estimated receipts for Monday-Wheat,
So cars; corn, 200; oats, $50 hogs, 40 900
head
Leading fnfIlraS rnnped O foIIo,rrc.