The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-26
PRICES BADLY POUNDED
ALL GRAINS SHOW SUBSTANTIAL
LOSSES, LED BY CORN.
Snow i'm the Winter Wheat Country n
Potent NEUTRALITY-SUSPICIOUS. Have
Only Small Declines.

CHICAGO, Jan. 25.-Reported improved
conditions in the winter wheat belt, to-
gether with the decided slump in corn,
caused an unmerciful hammering of the
wheat market to-day and May wheat
closed with a loss of Aqasc, at 7S1sc. Corn
was in a worse dilemma than wheat and
closed 19sc lower for May Liquidation by
the bull clique, apparently to secure profits.
caused the break Oats closed sc lower,
in sympathy with other grains Provisions
ruled steady throughout the session.
Wheat started fairly steady, mainly on
the sharp rally at Liverpool. which was
quoted &c higher. Light domestic receipts,
coupled with the closing firmness of yester-
day, induced considerable buying, under
which May opened unchanged to 1sc higher,
at 792sd791zc to 1850. There was not enough
buying. however, to carry the market up to
any great extent, and after May had
touched 1880 reports of generous snow
fall throughout the Southwest, where the
winter wheat has been threatened with
damage, developed decided bearish senti-
ment and the slight advance was soon lost.
A rumor that the advance at Liverpool was
due to the fact that Scent duty was like
ly to be imposed on the other side, coupled
with a decided slump in the price of corn,
started a selling movement that forced the
price of May down to 7Sc. The execution
of stop-loss orders also helped the decline.
There was little demand during the break
except from shorts, who bought sparingly
TO secure profits. A few minutes before the
from shorts to cover brought about slight
upturn, but the Improvement was short
lived and the market closed weak, within
Of 1Nfa+t 4
for May. Chicago received thirty-tWo cars
two of which graded contract; MINNEAPOLIS
and Duluth received All, compared with 245
for the same day last year. Total receipts
at Western primary markets were 439 600
blu, against 400 900 bu year ago. Seaboard
clearances Of wheat and flour were equal to
$40 900 bu.
Small Western offerings and an advance
OF 2sd at Liverpool gave corn a strong
start. but trade was slow and the market
soon showed a tendency to sag Off There
was only scattered selling at first but as
prices worked lower liquidation became
general and the market broke precipitously
Long corn poured into the pit from all di-
rections, st. Louis, in particular, being a
heavy seller. Stop-loss orders were numer-
Gus on the decline. There was feeble at
tempt made to rally the market toward the
close but liquidation was too heavy and
Improvement was only temporary, the mar
ket closing weak. May opened kc higher
at 63qSShc, touching 63bQ6SAc, declined
sharply to 611ac, rose to 614c and sold off
again to 611sc at the close. Receipts were
ninety-four cars.
Oats were Influenced by the weakness in
other grains. AT the start the market was
firm, but soon eased off under persistent
selling. Trade was mainly in July, one
Northwestern broker buying at least LOCO :
600 blu. May opened 3sGlAc higher at asa
45iLc and declined to 44c at the close Re
cepts were lot cars with fourteen contract
Provisions were comparatively steady
while the grain markets were going through
their hquidating experience. Trade was
dull and a reaction in the hog movement
put. a check on the desire to sell Nav
pork closed l0c lower at sl6.S719; lard prac-
tically unchanged at $3.50. and ribs PIC
lower at $S.55.
Estimated receipts for Monday: Wheat.
80 cars; corn. IS; oats. lis; hogs. Al 900
head.