The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-20
THE NEWS WAS BEARISH
WHEAT TURNED WEAK NEAR THE
CLOSE AND SCORED A SMALL LOSS.
Heavy Domestic Receipts and Lower
Foreign Cables Had a Depressing
EGect-POrk Unchanged.

CHICAGO, Jan. 19.-Heavy domestic re-
ceipts, weak foreign markets. small seaboard
clearances aud poor shipping demand finally
won the struggle with bullish sentiment in
wheat to-day, and May, after an advance Of
3sc, closed 14G$sc lower. Corn and oats left
off a shade higher. Pork, lard and ribs are
practically unchanged.
Unfavorable news from abroad gave wheat
q weak start. The Liverpool market paid
10 attention to the advance here yesterday,
but on the contrary, was I'D lower. and the
continental markets also tended downward
while all advices continued to speak very
encouragingly of the outlook for a large yield
in Argentina and India. May opened 1sQAc
lower, at 7O9sq70%c, and, although the crowd
was inclined to buy, it's enthusiasm was
checked by the execution of heavy selling
orders for futures from the United King
dom in the hands of commission men. The
Northwest receipts were quite moderate,
however, and that in the minds of local
operators partially offset the bearish news
from abroad Wall street stocks and cotton
were both strong to begin with and that
was considered another and still more i'm
portant reason for disregarding the depress-
ing aspect of the European news, the con-
sequence being that, the weakness at the
opening was in a short time replaced by a
spasm of sentimental strength, and May
wheat rose quickly to INC. Chicago received
III cars, of which fourteen graded con-
tract. Minneapolis and Duluth got $50 cars,
against 412 for the same day last week. and
301 a year ago. The aggregate receipts at
Western primary markets was 672, 900 BUSH
els, whereas last year 321, 900 bushels were re-
ceived Clearances of wheat and flour for
90
42O COO bushels or about half what they were
yesterday and only about one-third as much
many recent occasions. New York
reported forty bOatoadS wheat worked for
expectation at an early period of the session.
and one of the many small successes of the
bulls in the days market followed that an
nOuncement. Sentiment in favor of higher
prices, however, had about exhausted itself
an hour or so from the close, when it was
found that there was no demand for spot
wheat at SIC bushel below the speculative
price of May. Near the end early purchasers
became sellers, and May began to sag slowly
finally working down to 7O12Q1O9sc, at which
it closed
Corn met with buying of a character which
led the crowd to believe that prominent par
ties were becoming interested. The strength
in New York stocks tended to awaken spec
utation, and, as there has been very little
selling pressure, early prices advanced
sharply. Receipts were 455 cars, and arrivals
at Western primary markets were very large,
while the shipping demand had dropped off
entirely. This had a depressing effect as the
session advanced and as soon as wheat be-
gan to decline the demand in corn dropped
off and the early gain was all lost. May
opened a shade lower at 3624d367sc, advanced
to @1Ac, then reacted to 361sQ3lc, buyers at
the close
Oats followed corn closely, being influenced
by the same reasons which governed the
leader. Trade was active, and almost all
the recent sellers turned buyers, but in the
end selling orders predominated and the
market weakened at the close. Receipts, 573
cars. May opened a shade lower at 212c,
sold E(3aM2fI6c. q then declined
TO 2l9sc, the closing figure.
Higher prices tor nogs. lack of offerings and
the steadinesS of corn held provisions firm
at a small advance. May pork opened 212c
lower at Sl010. advanced to $101715 and closed
at $l9l2l2. The range in lard and ribs was
very narrow.
Estimated receipts for Friday-Wheat, AS
cars; corn, 400 cars; oats, 200 cars; hogs, 25,-
600 head.