The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-21
BEARS LOST COURAGE
HAD THE WHEAT MARKET IN HAND
ONCE, AND THEN LOST 1T.
Argentina Crop Shipments Set In and
Western Receipts LarEe-PrO-
visions Closed Higher.

p CHICAGO, Jan. 20.-The expectation that
some of the prosperity shown in the stock
market must soon manifest itself in the
grain trade, together with heavy cleaTances
at the seaboard to-day, with no sign of
the foreigners becoming oversupplied sus-
tanned prices in the wheat pit and May
closed unchanged. Corn left off a shade
higher and May oats a trife lower. Pork
advanced 1OG1212c and lard and ribs 212d5c
EACH
Steadiness at Liverpool and predictions of
cold weather gave wheat a fairly good start.
May opened a shade higher at 705sc and as
there was very little for sale it touched
7Os4c in a few minutes That was the turn
ing point, however. as longs began to liqui-
date freely, while there plenty for sale
for the short account and May got down
to 7014c before the first hours trading had
elapsed. The change in sentiment was due
to thee bearsh Interpretation of the report
of the Russian wheat crop, which had
showed an increase of GA, 100000 bushels over
last year, but was 120000,000 smaller than the
previous estimate of the Russian minister
of agriculture. Argentine shipped dbcu: ~
600 bushels wheat to the continent this week,
thus inaugurating her export business fer
the season. That had depressing effect, but
selves to any heavy risks on the shcrv side
in face of so much inssten:9 on the STAY
ment that many spectators with the big
profits from the stock market wee feeling
very friendly toward whca-. Chicago re-
ceipts were 1872 cars, of which eight graded
contract, ana Minneapolis and p,uUrh re-
ported 504 cars received, against 35S year
ago. The aggregate of the primary
Western market receipts was about double
that of a year ago, amounting to clIt1O
bushels. Atlantic port clearances, however,
to nearly a million bushels. This hal a sim
ulating effect and as the bears appeared TO
be satisfied with what they hac already az
cOmpliShed. May gradually recovered TO fO12
61705sc and was bringing THAI about half an
hour before the close. 1t tOucnad l03Sc a little
later and closed with buyers a; I0l2ae705sc.
Corn started strong under the false inn
preston that the damp weather would cause
a rally. On the improvement a perfect
avalanche of long and short corn was tum-
bled into the pit and all visible signs OF
strength vanished. During the last hour the
market showed some signs of reviVing on
scattering buying brought about by the re-
Taxing stiffness of east-bound railroad rates.
Receipts were ASP cars. May opened sc high
er at 371sc, declined to $3.50, then firmed up
to BIC, the closing price.
Oats were dull during the entire session;
there no inquiry for cash and the
sample market was weak, without any ma
terial change in values Receipts were light,
1853 cars. May started unchanged, sold down
to 27$sM271ac and closed al 2712G275sc buy
ers. Foreign buying of lard early strength
ened provisions. Heavy buying of pork and
ribs by commission houses during the latter
part of the session added to the advance.
May pork opened unchanged at $l0.1212, i'm
proved to $1025 and closed at $102212@1O.25.
May lard began unchanged at $5.71aa5.S0
and closed at $5.60GI5.S212. May ribs started
unchanged at $5.0505.0712. rose to $5.l0Q5.l212
and closed at $50, buyers.
Estimated receipts for Saturday heat,
100 cars; corn 515; oats, 200; hogs, $4,000 head.
Leading futures ranged las follows: