The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-04
A REACTION IN WHEAT
THE CHICAGO BULLS DUMPED THEIR
HOLDINGS AT A PROFIT.
Many Professionals Put Out the Usual
Line of shorts-COrn and
Pork Weaker.

CHICAGO, Jan. 3-The new year on
Change commenced with lot of profit TAX
ing by bulls. Declines in all the grain and
provision markets resulted. Wheat lost 11sc
corn sQ1c, oats. 5sQ%c, and provisions SO
10c
Wheat at the opening and for few mo-
ments following showed comparative firm
ness, though not as much as was expected
from the strong curb markets prevailing
since Friday. Opening unchanged, at 7124GD
l17sc, very moderate buying demand, most
Of which came from the outside, sufficed to
advance the price to 721sc. That was the
turning point Liverpool was only Id higher
Northwest receipts for the holiday interval
were 9S5 cars, small compared with 1880 last
week. but large enough to attract attention.
Chicago receipts were 1SS cars, ten of con-
tract grade. Paris was reported SO centimes
lower. Argentine crop reports were favora-
BILE, although the advices were to the effect
that the harvest would be late. There was
nothing oppressively bearish in the news,
but shortly after the opening it became evil
dent that most Of the heavy bull traders
were convinced that reaction was due and
that the ruling prices justified profit taking.
There was also the selling of wheat by that
class of spectators who invariably put out
plentiful later in the session, but in the
meantime the selling movement had become
general, professional short sellers adding not
a little to the weakness the market developed
by pounding it vigorously. Before noon
very material decline had taken place. May
declined to 71Hc, recovered to 713sG711ac un-
der the usual covering by scalping. shorts
then declined steadily to 703Sc, reaching that
price shortly after noon. Weakness that
developed in corn was given a good deal Of
attention by wheat traders and affected
prices more or less. Expectations in regard
to the visible decrease were realized the
final figures showing a decrease of 900
bushels This rather startled the market
after the decline and resulted in a slight i'm
provement in prices during the last half
hours trading. CIearances from Atlantic
ports for two days were 1876, 900 bushels
May rallied to 703sQ704c, and closed at that
price.
Corn was active and weak. The feature
was the closing of large line of long corn,
showing good profits, and which, coming IN
on a market naturally a little wobbly, caused
sharp break in prices. Cables We1e weak
and lower and receipts were large 500 cars
with to-morroWs estimate still heavier. Ex-
port sales and cash demand mere we e both
small. May ranged from 81 to ?81sQ3S14c and
closed BQ1c lower, at 371s637Ac.
The market for oats reflected corn in every
particular. There was heavy liquidation by
the same parties who were selling corn, and
the market was weak from the start Re-
ceipts were also a pressing factor amount
ing to 4l6 cars. There was some improve
ment in tone late in the session, part Of the
decline being recovered. May ranged from
271%@2714c to 28Ac, and closed 5sq24c lower,
at 271ac.
Provisions until late in the day showed a
good deal of firm1ess. There was very
good outside demand for pork and lard, and
those products especially showed sire 1gth
Selling by packers, however, was heavy, ard
longs realized on some large lines The
market finally broke in sympathy with
port again developed and part Of the decline
was recovered. At the close May pork was
about 10c lower, at $10.471a; May lard &c
$515.
Estimated receipts for Wednesday: Wheat,
2lO cars, corn, LOIS cars; oats, 375 cars, hogs
10000 head
Sd,