The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-19
DOWN, AND STILL DOWN
WHEAT sUCCUMBS TO THE PRESS
URE OF LIQUIDATION.
Corn independently Strong, Closing
Higher-Oats "A Fraction Lower
and Provisions n Shade Up.

CHICAGO. Jan. REHABILITATION by large
and small holders was the feature of to-
days wheat market. The May price de-
clined 5s9&c. Small receipts and light
country acceptances helped corn, that mar
ket closing BqAc higher. Oats declined
&c. Provisions showed 21zc advance in all
products at the close
For a few minutes following the opening
in wheat, it appeared that the end or the
recent heavy liquidation was in sight An
advance at Liverpool. following yesterdays
decline here, encouraged buying at the
opening, and restricted selling. the result
being All initial advance of 1sqasc, May
starting at 75lsa75ssc. The price touched
75ss@751kc almost Immediately, under the
demand. But long wheat began to come
out at once, and it was evident from the
character of the liquidation that heavy
holders had no faith in the stability of
the market. The dumping Of important
long lines brought small traders into the
market with their offerings. In less than
an hour the May price had receded to 74c,
or &c below the lowest point reached dur
ing yesterdays slump. During the decline
there were strong evidences of Wall street
unloading, which had anything but quiet
ing influence on longs. At 74c the market
was given support. The local crowd ap-
parently believed that a rally was due,
and for time bought confidently, their
efforts sending the price back to 745s, and
though there were frequent periods OF
liquidation during the latter part or the
session. yet, in the main, the market ex-
hibited a fair degree of steadiness. Inc
feplf NJ f.oth her "a a
May at 74A@743sc bid. Northwest receipts
were go cars, against 474 last week and
S27 year ago. Chicago receipts were "A
cars, ten of contract grade. Total primary
receipts were 452, 600 bu Seaboard clear.
ances of wheat and flour, aggregated 395,Vo0
bu. The seaboard reported forty loads tax
en- for export. Argentine shipments were
reported at $4,000 bu, this small amount
being a factor in the opening strength
Corn was regular. The market was &C
tive and higher early, with buyers In
decided majority. Influential traders were
heavy purchasers, and a material advance
wheat weakness was felt. Late In the
session an easier feeling developed, with
the local crowd sellers. May opened 80
q higher at 3S5sQ38sc, advanced to 3ylsc,
3Saac. Receipts were $50 cars.
The market for oats was dull and almost
without independent features. Strength
was shown early in sympathy with corn,
but the market quickly followed when
corn started downward Trade was APP
parently local. Receipts were 179 cars.
May opened a shade higher at 25i4425$s,
and sold between 252sd25,sc, closing sc
lower at 251sc.
There was a firm undertone to provisions
although prices were immaterial. Light
hog receipts and higher yard prices en-
couraged some outside buying. enough to
keep prices little above yesterdays clos
ing figures. At the close May pork was
21ac higher at S14.f11 May lard PFC higher
at $3.50. and May ribs 21zc higher at S7.171s.
Estimated receipts Saturday: Wheat.
so cars; corn, 375 cars; oats, 225 cars; hogs,
$1,000 head.