The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-24
HEAVY SLUMP in GRAINS
AT ONE TIME WHEAT WAS 4 FULL
TWO CENTS LOWER.
Net Losses Range from 1-2c i'm Wheat
to 1 5-Sc i'm Considerations
Also in n Decline.

CHICAGO, Jan. pa sharp bear attack
OF corn brought on by the very weak cash
situation and slumps in outside markets
sent prices in all pits sliding down hill to-
day. Corn broke &c, wheat 1lsc, oats 1Ssc
and pork doc. After the subsistence of the
panicky feeling attendant upon heavy
forced selling there were slight reactions.
May corn registered a net loss of Use,
wheat 12q5sc and oats 1c. Provisions closed
PIC to 20q221zc lower.
All speculative markets were weak, but
the extreme weakness was in coarse grains,
corn leading III the depression. At the
opening this cereal seemed ripe for break
and break it did. The initial incentive was
the extremely bearish talk about the bot
tom being out of the Kansas City cash
market yesterday. 1t was reported that
Kansas City houses were making hedging
sales on the Milwaukee curb, and when
this market opened the supposed weakness
showed itself by heavy southwestern selling
here. May started 12cQ5sc down, at $3.50
6312c There was an almost entire absence
of buying orders, cables were weak and re-
ports mentioned a corn and oats blockade
of 1000 cars at Kansas City. ST. Louis
turned prominent seller of corn, and local
bears started in to pound out the holdings
of prominent long professional. May
broke to 622sc, a loss of &c, but at such
price covering was profitable. There were
reports also of some corn being worked to
Germany, and traders, taking into consid-
Grafton the small estimate of sixty cars for
tomorrow, brought a half-hearted reac-
ton. May sold back to 63Ac, but closed
weak, 1850 lower at 622lc. Receipts were
eighty cars.
Wheat was naturally weak on the corn
depression, but everything else was against
the price sentiment. news and general con-
ditions. Statisticians' reports indicated a
good crop condition and favorable weather.
Traders were inclined to the belief that
they had been too eager to accept the st.
Louis strength yesterday To bolster up
values. Cables were fidgety and finally
closed lower. Foreign reports forecasted
good crops in Russia and India. Outside
markets were lower at the start and May
opened here re to CSC down, at 1914 6D79&sc.
When corn broke May followed and sunk
TO 1880 Reports of a good export demand,
with shipments varying from Is to 80 loads.
helped prices late. A slight reaction sent
May to 1850, but the close was weak. ia
Ssc down, at 191s4194c. Local receipts were
Is cars, none of contract grade; Minneapolis
and Duluth reported S25, a total Of $40,
against 4Sl last week and $50 year ago.
Primary receipts were 414.OO0 bu, compared
with $4,000 last year. SeabOard clearances
In wheat and flour equaled $4,000 blu. The
seabOard reported % cars taken for export
In the oats pit the sentiment seemed 10
be not to get caught holding high-priced
oats, regardless of what dominating pro-
fessionals might do. In line with the STAN
pede in corn there was a general selling of
May oats. The break was bad, May sell
ing off 1850, to 447sc. Some support devel-
Oped at the low figure and May sold up
again to $3.50. The close was weak and lie
down, at 4514c. Receipts were 100 cars.
The early feeling in provisions was strong,
following the influence of good hog mar
ket. On the grain weakness heavy liquida-
tions of long stuff developed and prices
eased The early business was consider
able. but late trade turned dull and heavy.
May pork sold between $1655 and S16.60 and
closed 20Q221hc down, at $685. lard closed
711c lower, at S94212, and ribs 21ac down,
at $50.
Estimated receipts for tomorrow: Wheat
20 cars; corn, 60 cars; oats, 100 cars; hogs,
81, 600 head