The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-27
WHEAT DROPS TO S74C
FURTHER DECLINE CAUSED BY CON
TINUED ARMOUR SELLING
Suppnrt by Armour Toward Close.
However. Put Prices Jp Again
Corn Not so Wcnk-Oats Firm.

CHICAGO. Jan. 2s.-AnotheT sharp break oc-
Cured in wheat to-day. following the severe
slump OF yesterday. Heavy sales. attributed t.
The principal bah interest. caused a decline Of
2i.G2sso in the price % the MAY delivery.
Active support from the same source resulted
in not only complete recovery but a gain over
yesterdays closing quotations. final figures or
May being up &c. Ma corn also gained ixe-
when oats we're sc higher. Provisions %
higher 10 Iisc lower.
The action OF the wheat market to-day was.
more or less OF riddle. which few traders pro-
fessed 20 be able solve one thing seemed
certain. however the key TO tho situation IS helC
by the Armour interest. whose enormous selling
yesterday resulted in break of over &C in May
To-day a selling movement originating from the
same source. carried the price over = farthei-
away from the dollar marx.
The action Of this one powerful trader was
the only factor in the pit. ali general news being
totally ignored. At the start the Armour in
terest was an open buyer. For the first hour.
white the demand from the leader Of the bull
crowd continued, prices were firm
May opened l.6l4c lower to isake higher at
~ after the opening. the price rising to SS<a
SIZE No sooner had the buying from this source
Ssxe wheat FOR sale in suTed quantities.
LARGE OFFERINGS BY ARMOUR.
large part of these offerings was supposed
to be for the account of the Armours. The pit
was void of buyers In consequence May dropped
2IzG2Asc in ten minutes of trading. going down
to size before any support was offered.
Al this point the leading long apparently de-
cided to check any further decline; For the re
moUr interest was an active buyer. The market
responded readily TO the demand The rally was
Purchsses Of 100000 bushels not only caused
recovery of all of the loss but May late oz IN
from the low point. The close was hrn al Ssis
gS9c gain Of &c over yesterds,ys maj ib sTes
e rdse h p%esd TO saG Or SsssE at q Out
Clearances of wheat and flour were equal to
Compare 1DS Sp with sasSo ba year ago The
worlds visible supply. according to Bradstreet.s
Duluth and Chicago reported receipts Of 2i5 cars
against 40 cars last week and 42s cars year
CORN STRONGER THAN WHEAT.
The early corn market easier. in sympathy
with lower cables and favorable weather condi-
tions for tho drying Of the grain. There was
selling by local bears. but commission houses
fair buyers and the price yielded but little
The break In wheat prices was scarcely felt in
Late in the day there was good demand from
elevator people and comm fssion houses, which
resulted in developing strong tone. Light re
bull factors Closing prices were at the top.
with May at 1886. The opening was &c 10
was made az 4sss. Local receipts were 3o4 cars
one OF contract grade.
FIRM TONE IN OATS.
Buying credited the leading long had a
tendency to create a firm tone in oats. although
there was a disposition to sell early in the day.
in sympathy with the weakness in wheat. A
general demand developed during the latter part
OF the session and continued up 10 the close.
which firm. May opened unchanged TO sc
lower Also to 4lzc sold OF to 41i2c and
closed at 42isc. Local receipts were 2o2 cars.
LARGE PROVISION TRADE.
There was a large trade i'm provisions and
prices fuctlated nervously rhe market was
strong early on buying by commission houses and
packers. but later weakened selling by
Western interests. After several advances and
declines the market closed barely steady. Sell
ing due to prospects of increasing hog receipts.
responsible for the late selling. May pork
closed 7Ibc lower at $3.50. May lard up
2sc al s7.52izdT.55. while ribs were a shade
lower at $3.50
Estimated receipts tomorrow: Wlpeat, Is cars;
corn, $50 cars; oats, s. cars; hogs 5000 head.