The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-29
HEAVY PROFIT TAKING
HOLDERS OF WHEAT UNLOADED AND
CHICAGO PRICES FELL OFF.
Declines Were Scored i'm Corn, Oats
and Provisions While Liquida-
ton Was in Progress.

CHICAGO Dec. ga general desire to take
profits marked trading in all the grain and provi-
sion markets and moderate declines in everything
resulted. The country was especially active in
the liquidation. Wheat declined Ac corn Loose
and oats closed a shade lower. Provisions de-
clned 5G15c.
For the first fifteen twenty minutes of trad
ing in wheat it looked if the market in for
a wild day of it. The bull sentiment carried over
from yesterday augmented by sharp early
advances in the Liverpool and Paris markets,
which caused shorts some anxiety and drove hesi-
tating bulls to action. The result was a regular
scramble for wheat at the opening. with initial
prices varying considerably. May started at 7114c,
or aq5sc over yesterdays closing price. But
wise dealers who had been accommodating
wheat for two weeks for such demand
poured in such quantities Of the cereal that the
market after fuctuating for q few minutes be-
tween 7O1sc and 70%c broke with a crash, the
May price being driven back to 7OA@7O4c under
the flood of offerings. During this decline local
holders did good deal of liquidation, but most
of the wheat from the country. The
heavness of outside selling in fact. the chief
source of weakness at the time as it thought
to indicate heavier receipts in the future.
Later cables continued to show strength and early
figures indicated decrease in the worlds visible.
New York reported good continental acceptances
of American wheat, but had a different story
about the United Kingdom, bids from there being
away out of line. Before 1920 o'clock the market
had quieted down greatly. Liquidation became
insignificant and traders who still had faith in
higher prices bought enough to cause a gradual
improvement in the price. The visible figures
proved disappointment, showing moderate in
crease, but the market was sustained by the
huge cearances from Atlantic ports, amounting
l. Us, OOO bushels. Although prices f1uctuated
good deal up to 1890 o'clock, the market tended
generally in upward direction. Northwest re-
ceipts were 567 cars, compared with S19 last week
and AL year ago. Chicago receipts 1872
cars, fifteen of contract grade. Advices from
Argentine favorable regards crop
conditions and said offerings freer. In the
last hours trading the market again became
weak, liquidation becoming heavy, partly under
the influence of a late break in corn Many of
the early buyers turned sellers. May had
previously advanced to 7Os4@7O7sc, but it broke
again to 6ssc Before the close it rallied 7oasc
and that was the final price.
Corn was fully irregular and active as
wheat. Cables were up sharply and this and the
opening strength of wheat started the market ir-
regular, but strong. But general was the
profit-takng that immediate and sharp declines
occurred. Country selling again very prom
inent. After a long spell of nervousness the
market became queter and stronger on the heavy
export engagements and the better tone of wheat,
but before the close the country selling again
overwhelmed buyers and prices broke badly. The
close found the market on another upturn, with
part of the decline recovered. Receipts were asa
cars. Seaboa-d engagements were placed at eighty
loads. May ranged from CSC to S9s4c and closed
1sQ9sc lower at SS9sc.
There was a fairly large trade in OATS with
the market showing much more steadness than
wheat and Opening firm, the market de-
clined under liberal profttaking, mostly by local
longs. The good cash demand helped steady the
market later. Receipts were 213 cars. May
ranged from 277sc to 2S9Sc and closed shade
lower at 2S@2S1sc.
Trading in provisions very large. The mar
ket in the main followed the trend of grain, OPEN
ing strong and higher, but closed lower and rather
weak. 1t was a case of profit taking, in which
local and outside traders took part. Packers were
free sellers. There was good buying all day. but
liquidation too heavy for the market to stand
up under. At the close May pork 15c lower
at $1O.4O May lard &c lower at $5.65 and May ribs
sc lower at $5.15.
Estimated receipts for to-morrow-Wheat, 122
cars; corn, 430 cars oats, 165 cars hogs, So 900.
Leading futures ranged follows: