The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-07
A FLOOD OF BEAR NEWS
STARTED CHICAGO GRAIN MARKETS
TOWARD 4 LOWER LEVEL.
Cash Business Picked Up Later and
Prices Advanced-Provision
scored Declines.

CHICAGO, Jan. 6.-Bearish statistical
news predominated in the wheat market
for the first part of to-days session, and
the price declined a cent. The improved
cash situation started things the other way
and at the close May wheat showed &c ad-
vance over yesterdays final price July,
however, closed sc low er. Corn after v eak-
ness became strong and closed 1saAc high
er. Oats were firm and advanced ss611hc.
Provisions declined 712Qi121kc.
News affecting wheat before trading COM
nenced was chiefly bearish and that was
clearly the effect it had on the spectators.
May, which closed yesterday at 9O5sc,
opened at from SOC down to S95sc For two
hours the range of the fluctuations was
practically limited between the extremes
mentioned. The main points of the early
market information were as follows: I.iv-
erpool quoted a decline of 11sd to start with.
and the reason for it was in one cablegram
ascribed to liberal offerings of Argentine
wheat and in another to Thoman's reported
bushels still available in this country A
private cablegram from Paris said wheat
was rapidly declining, and the market was
very weak and depressed. The Price Cur
rent remarked of the condition of winter
wheat that it was generally protected by
snow. The Northwestern receipts were
also still too liberal to create fresh bullish
sentiment Minneapolis and Duluth received
367 carloads, compared with 5S3 cars last
week, but they looked heavy when put
against 2G9 year ago. Russa's encourage
ment to shipment of flour to that country
in preference to wheat in the shape of re-
bates in railroad freights of from IS to 20
per cent. in favor of flour was also consid-
cred a reason for lower prices here. The
only bullish feature of the early news was
the small Chicago receipts. The number of
carloads inspected here was forty-one,
against eighty expected, and only three of
the lot inspected up to contract. Some
features of the local cash wheat market
came into play later in the day and was
one reason for a change that took place in
speculative sentiment and turned de-
spondency at the beginning into buoyancy
in the latter half of the session. No. 8
spring sold in car lots at sec when May
was quoted at $3.50, and generally the OFF
grades in the sample market were bringing
more money by from 1c to &c per bushel
than the same quality sold at yesterday.
The upward turn to the market was helped
also by the liberal clearanceS from Atlantic
ports, which in wheat and flour amounted
to 5600 900 bushels Reports from Baltimore
were likewise forthcoming to the effect that
three steamers had been chartered there for
wheat, and New York also reported some
fresh business done for export Closing ca
bleS made Liverpool latest, prices from I'D
day. Perhaps as influential a factor in the
afternoon bulge as any was the fact that
several heavy local shorts bought steadily
for an hour when the price of May was be-
tween 89Ac and 901sc, and when owing to
the late bullish adviceS from the outside
the general crowd that was short tried to
buy it found the salable wheat had all been
absorbed. The price for May slowly recpV-
cred to 90Ac and moved up more rapidly to
90a4 Q9O7sc and closed at 90%c bid, or &c
higher than it did yesterday.
Corn was moderately active, following in
it's course the changes in wheat prices. The
market was weak early with wheat, but
when that market reacted corn advanced so
easily that 1t appeared as if it had been
pretty thoroughly liquidated Near the
close shorts became alarmed, and the best
prices of the day were prevailing as the
session ended. Commission houses and
scalpers were the sellers. May ranged from
29AM293sc to 2Sa4c and closed 1s@4c higher,
at 2914Q29ssc.
Oats We're firm throughout the session.
even with wheat and corn weak Shorts,
both large and small, were constant buyers.
and their operations caused slow but
steady advance in prices. The small sup
ply of contract oats in Chicago tended to
create some anxiety among shorts A good
shipping demand existed May ranged from
22bQ23c to 235sc and closed ss@11c higher, at
2312@235sc.
Provisions were weak from the start. Hog
receipts both here and at Western points
were heavy, which was regarded suff1-
free sellers, and the heaviness was added
to as the session progressed. There was a
little better demand at bottom figures At
the close May pork was 121ac lower, at
$9.221a; May lard TIC lower. at &.S21a, and
May ribs 10c lower, at 81. 621b.
Estimated receipts for Friday-Wheat 81
cars; corn, 555 cars; oats, 295 cars; hogs, 35,-
COO head