The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-13
WHEAT LOST ADVANCE
LETTERS BROKERS ABLE TO sUs-
TAIN MARKET A SHORT TIME.
Cables Were Weaker and Traders
Generally synpathized with Bears
provisions Strong.

CHICAGO, Jan. 12-Wheat to-day lost all
the advance it acquired yesterday and
closed at 1sQssc decline. The market re-
ceived some support from the Letter inter-
ests, but weak cables and general apathy of
traders resulted in a decline in spite of
this buying Corn dropped A0ssc in SYM
pathy. Oats closed q shade lower. Pro-
visions were strong and advanced 5010c.
Opening prices for wheat showed a slight
decline, May starting at sOs4 G9O7sc as COM
pared with yesterdays close of 92c. This
was because Liverpool showed very small
advance in response to the gain here yester-
day, and Paris opened weak and lower.
The Northwestern receipts were again too
heavy to be a comfort to bulls, and small
receipts here were the only circumstances
that they could claim in their favor Trad
ing was restricted by the general bearish-
ness of the speculative crowd, which pre-
vented them from buying, and their timid-
ity at the same time of being caught short
under the Well-known threatening local con-
dition that now exists. For a short time
after the opening the market did show some
strength Brokers for the Letter interests
were fair buyers at 907sc, and their example
in this respect was followed by some of the
small fry the price as result advancing
to 91Ac. Rlimors that the French duty on
grain was about to be reduced were per-
sistently circulated at the opening and
helped the advance Denials soon became
so unanimous, however, that the crowd
dropped the tariff reduction as a motive for
the decline at Paris and the market here
eased off from that time. Chicago received
eighteen cars. Minneapolis and Duluth re-
ceived 367 cars, against 1853 the same
day of the week before and 213 the CORE
spending day of last year. The receipts at
Western primary markets were 100000
bushels, against $1,000 bushels the corre-
spending day of the year before. Liver
pool advanced only Ad per Genital, and
Paris opened from centimes to 10 centimes
lower. Beerbohm cabled that Argentine
wheat sold at 33s Cd, or the equivalent of
$l.0012, and that cargoes of that wheat were
being freely offered to arrive. On the other
hand, the Minneapolis dispatches reiterated
their constant theme of coming scarcity in
that region. The export clearanceS of wheat
and -four from the Atlantic ports amounted
to 445.UU0 bushels. Closing cables brought
lower quotations from continental markets,
while Liverpool closed about 34d lower for
next crop futures, September showing Ad
advance. Paris quoted flour for this
months delivery 45 confines lower, and for
March-May Is centimeS higher; wheat, D
confines lower for both immediate and re-
mote deliveries; Antwerp, 20 confines lower
for American red and 121& centimes lower
for Walla Walla. The prices of May
fluctuated between 907sc and Gle for the
greater part of the session, and at o'clock
was selling at 907sc In the last fifteen min
utes of the session support almost entirely
disappeared, and operators who had be-
come long" on the early French rumorS
had considerable difficulty in unloading.
May declined quite rapidly in consequence
and was quoted at $685. 9O12c at the close.
Corn was very quiet. The market was
easy at the opening with wheat. 1t turned
firm on the prospects of a cold wave, but
turned easy again as wheat declined, and
showed weakness for the rest of the ses-
sion. Scalpers did the principal buying.
Shorts who covered yesterday did the sell
ing to-day. May ranged from 29ssc to 29c
and closed A03sc lower, at 29Q291sc.
The market for oats was slow. Some
firmneSS shown at the opening under
fairly good buying by commission houses
and on the good cash demand, but later
prices fell off with wheat and corn. May
ranged from 2S7sc to 23Ssc and closed shade
lower at 1925 @23Ac.
Provisions were strong throughout. Much
lighter receipts of hogs than expected
started the market at small advances all
around. Some reaction followed, but at the
concession there were plenty Of buyers, and
q second and more material advance quick
ly ensued. The market was well supported
to the end. May pork closed 12%c higher
at $3.50: May lard &c higher, ut $4.S5, and
May ribs 10c higher. at $3.50.
Estimated receipts Thursday: Wheat, 81
cars; corn, 40 cars oats, go cars: hogs,
81. coo head.
Leading futures ranged as follows: