The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-23
WHEAT GOES STILLL0WER
ARMOUR WAS BUYER, But MAY DE-
CLINED L "a CENTs-CoRN WEAK.
Additional Rain i'm Southwest Very
Depressing on JuIy-Foreign Mar
kets Lower-Provisions Firm.

CHICAGO, Jan 22.-Bears had the best OF the
bulls in the wheat pit to-day. forcing prices 10
a lower level. Declines in foreign grain markets
and favorable weather in the Southwest were
instruments that aided in the onslaught Clos
ing prices were near the bottom with May
l4sd1lge lower Corn lost sac and oats Sale.
Provisions closed 2lzc TO Ioc higher. On account
Of crippled wire service outside trading was
light in the wheat pit
The market opened weak. largely because OF
lower cables and large Argentine shipments.
Another factor was a report OF additional rain
in the Southwest enectually breaking the long
drought in that section. May was shade 10
%alsc lower at size to sl5sc. The sentiment
among pit traders seemed TO be decidedly bear
ish. and they were inclined to sell freely.
During the first half hour prices declined
rapidly and May selling at size open
buying by the big bull operator temporarily
checked the downward tendency and some re-
coyery was made, but as soon as the demand
from that source slackened prices again started
in search of a lower level.
BUYING BY ARMOUR.
On every break the prominent long would send
in buying orders in an endeavor TO support the
market, but his Efforts were Of no avail Prices
continued to sink until May had touched s0lsc.
decline of 1%c from the opening. which was
the high point OF the day. The close was weak
with May at 9O1zc. July ranged between size
and SIC, closing at Slasc, loss Of lac for the
day.
Clearances OF wheat and -four were delayed
on account of wire trouble. Exports Of wheat
and -four for the week. according 70 Brad
streets, were equal TO S.S0s,oo0 ou; Il Urinary
year ago. Minneapolis. Duluth and Chicago re-
ported receipts of 366 cars. compared with 449
cars last week and S1S cars year ago.
CORN VERY WEAK.
abo he
ence wheat. with the possible exception that
the pit crowd was less fearful of selling corn
than wheat The early market comparative
ly steady. owing TO the firm tone of cables and
the large shipping business done yesterday
With the break in wheat. however weakness
soon developed and prices declined sharply.
The market received good support at times,
but II was sufficient to cause only slight raj
small buiges Closing prices were weak at near
ly the bottom figures May opened a shade
to 4S7sa4sc. and closed at 4sisG4si4c Local re-
ceipts were 3l2 cars, with two OF contract grade.
HEAVY SELLING OF OATS.
Oats displayed some weakness early on selling
OF half million bushels OF May by prominent
commission house The crowd was under the
impression that the big long had finally begun
to DISPOSE of his holdings. but when it was dis
covered that such was not the case fair de-
mana from commission houses and local traders
The market was affected somewhat by the
weakness III wheat and corn. After opening a
shade to 1sc lower at 421sQi2Ac. May sold off
10 4l%c, but closed steady at 4l7sc. Local re-
ceiptS 145 cars.
PROVISIONS CONTINUE FIRM.
There was realizing in lard unusually
large scale. but in spite of this selling pro-
visions ruled firm. strong hog market was
the principal bull factor. May pork closed sc
higher at sl3 32l9. May lard was up loo at
Ss-35 and ribs Phase at So
Estimated receipts tomorrow: Wheat, 80 cars;
corn 30 cars; OATS $40 cars; hogs. 10000 head.
Leading futures ranged as follows: