The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-04
GRAIN MARKETS WEAK
STATISTICAL INFORMATION ASSIST
ED BEAR RAID ON WHEAT.
More Interest In Chicago Board of
Trade Election Than I'm the Pits
provisions Scored Gains.

CHICAGO, Jan. 3.-There was more inter
est displayed in the annual Board of Trade
election which took place to-day than in
the trading in any of the grain and provi-
sion pits. Wheat was weak, following sta
tistical information of that tendency and
closed 1Q11sc lower. Corn lost sc and oats
AGI3sc of the former prices. Provisions were
strong and 21aQ10c higher at the close.
Wheat stearted easier and at lower prices,
May at 92c, which showed &c decline since
Friday Liverpool showed 15d decline to be-
gin with, and Northwest receipts did not
by any means suggest an immediate falling
off in volume. These We're the features in
early news which apparently created a de-
sire to sell at the start, and also extin-
guished for the time being any inclination
to buy. The result was that in the first
thirty minutes trading May declined to
911hc, and even at that price showed very
little tendency to react for some time. Trad
ing at the best was rather slow, the in
terest of traders being centered on the an
nual election. Chicago receipts were lib
eral and the visible supply statement was
expected to Ire additional discouraging
factor. The Minneapolis and Duluth re-
ceipts since last Friday morning were 912
cars, against GOT for the similar time the
week before and 374 the first Monday in
January, 1897. Chicago received 243 cars,
against 7S5 week ago and 165 the CORE
spending day of 1897. The exports from all
countries to Europe last week amounted to
7,479, 900 blu, against $685. eco bu the week be-
fore and 5292.0O0 bu the corresponding week
of last year. The quantity on ocean
passage neither increased nor de-
creased last week. New York reported some
ion hJ1xyi TNo ride q hn inU hfIf
not enough to have any influence on prices.
There were bids here, also, for No. ! North
ern spring wheat for export, but the hold
ers Of all of that description now in Chicago
held their property at prohibitive prices.
The visible supply statement was even
more beariSh in it's figures than it had been
expected. The increase instead of being
about $50 900 bu, as looked for was 1900, 600
blu, making the total 3S,S16000 blu. 4 year
ago this visible increased only 208 600 bu
but the total was 54651 eco blu. About the
only distinctly bullish item in the days sta
tistical news was the clearances from At
lantic ports. their amount being equal in
wheat and flour to 861 600 blu. OF that New
Orleans contributed in shape of flour 5000
brls The announcement of these figures
ing market, and May which in the mean
time had dropped to sic, reaching that fig
ure about II o'clock, recovered slowly to
size 1t declined again to 91Ac, but in the
last few minutes trading reacted again to
9115M915sc, where it closed.
Corn was heavy at the start and became
closing practically at bottom prices. The
downward tendency of wheat influenced
corn but the immense receipts. 913 cars,
were in the main responsible for the de-
cline. There was some country selling, both
through receiving houses and elevator peo-
pie. Buying was scattered. May ranged
from 295sc to 29c, and closed &c lower at
290291sc.
Oats were weak all day. Longs and ele-
vator concerns were quite free sellers. The
heavy receipts S69 cars, had a good deal to
do with the liquidation and sympathy with
wheat and corn was also evident. There
was some recovery from the bottom on
commission-house buying, presumably
against sales of corn. May ranged from
2319c to 291b@2314c, closing A@asc lower at
23A@23ssc.
There was an active trade in provisions.
The market was decidedly stronger and
higher at the start. due to the small hog
receipts and higher yard prices. Local
longs and packers sold freely at opening
advance and caused a reaction, but near
the end there was an increase in buying
orders, and prices took another upturn. The
market closed strong. May pork was Zoe
higher at $9.321b. May lard nc higher at
81 95 and May ribs &c higher at $4.721s.
Estimated receipts for Tuesday-Wheat,
$50 cars corn, 1,O75 cars; oats, ATS cars;
hogs, &c, coo head.
f,1f1 nc follows.