The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-07
SMALL WHEAT DEMAND
BEARS WE'RE NOT MOLESTED AND
CAUSED A MARKED DECLINE.
Chicago Traders Fear Liberal Ship
ments from Argentine and Rus
sia-POrI's Big slump.

CHICAGO, Jan. 6.-Absence of fresh buy
ing orders to-day in the face of heavy
liquidation caused a break of considerable
dimensions in wheat, corn and provisions.
Oats ruled firm and closed unchanged. May
wheat lost 5sG&c, corn sc, pork SOC. lard
1212c and ribs 5G712c each.
Reports of damages in Argentine crops
and unexpected strength at Liverpool after
a &c decline yesterday started wheat strong
May opened asM:2c higher at z1s0114c and
as calls had been sold very freely around
7115c sellers of those privileges took fright
and in the endeavor to procure wheat they
expected to need for delivery on calls May
was bid up to 71BdT15c Traders, who had
not sold calls were largely in the majority,
however and came into the pit with more
wheat than the shorts could absorb. Under
this ardent selling the opening strength
quickly evaporated and the price of May
dropped back to 701ac. Chicago received 109
cars, of which six graded contract. Re-
ceipts in the Northwest were 442 cars,
against AIS cars last week and S93 cars
year ago. The seaboard clearances were
liberal, 6l5,0G0 bushels, but not heavy enough
to impart bullshness to the market. Liver
pool was 14d higher and New York reported
fifty boatoads sold for expert. The news
influence however and the only matters to
impress the crowd were probabilities Of
Argentine and Russian shipments on lib-
eral scale in the near future. There was
dearth of outside trade. and about the only
support the market got on its downward
course came from holders of put privileges.
May had one or two sickly rallies, from
7012c and then took another plunge to Ac
below it's previous lowest point, selling at
6934 d69Bc The market became heavy later,
but toward the close some covering by
shorts caused a slight reaction, and May
closed at 7OQ7Olsc.
Corn opened strong with wheat and trad
ers for a time bought freely to cover short
sales May opened &c higher AT 3Fd3I1sc,
and was bid up to 374c. When wheat began
to slump the crowd began to sell short and
May soon slid off to 3612c, closing at $500
365Ac buyers. The trade lacked individuality
and was entirely of local character. Re
ceipts were Col cars.
Oats were Influenced to quite an extent
by the weakness in wheat and corn, but was
the finest of the three. Elevator interests
sold quite freely, yet the market ABSORBED
all the offerings and remained nfn- re
CENTS were 179 cars. May opened 1s0l4c
higher at 2714627ssc, then declined to &c and
closed at 27d211sc.
Poor quality Of hogs received at the yards
was responsible for a strong feeling in pro-
visions early Liquidation for outside ac-
count with the weakness in grains was more
than the market could stand ana prices s,- de-
| clned sharply. May pork opened odl12c
higher at $l0.35010971a, advanced to $l04212,
| then dropped off to $40 buyers, the closing
price. May lard started 2i2aoc higher at
| $5771ad58O sold to $3.50, then declined to
| S5621b at the close. May ribs began zi2c up
| at $5-071b. rose to $51212, sold down to 49l12
and closed at %971aG5.
Estimated receipts for Saturday-W neat,
90 cars; Corn, $50 cars; oats, 2O5 cars; hogs
| q 000 head