The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-12-17
TRADE DULL AND NARROW
Chicago Wheat Ruled Lower, Affected
by a Selling Pressure from Abroad.
European Holders, Getting Mc.e Than They
Could Take Care of, Make Rush to Unload
Corn Futures Take Decided Drop.
TRADING AT CHICAGO.
Big Dealers in Pork Excite Suspicion
Doing Considerable Selling.

Big Dealers in Pork Excite Suspicion by
Doing Considerable Selling.
CHICAGO, Dec. 16.-Wheat was weak
to-day and prices ruled lower. The condi-
tions were full of encouragement for hold
ers. and there was a steady selling pressure
most of the day with sluggish demand.
and trade was dull and narrow. The weak
est aspect of the case was the situation in
Europe. where holders seem to have lost
confidence and turned free sellers. For
some days the situation there has been
growing worse. and now there appears to
be a general slaughter of the longs"
Europe has been getting more than it was
consuming for some weeks. and this has
finally had its effect. and to-day most
OF the private cables reported the
market sick, both on the continent and
In the United Kingdom. Domestic markets
have sympathized with conditions abroad
and are tending downward. Local bears"
sold freely, and Longs" were also inclined
to let go their holdings. The decline met
some top loss orders. whOseexecutlon added
to the weakness. st. Louis operators Sold
and there were free selling orders from the
Northwest. while Schwartz-Dupee, Bald
WIN X Farnum and Milmine- BCdman led
the selling on the part OF the local commits
seller on all the hard spots. The buying
was confined largely to the covering of
short" sales, which showed a satisfactory
profit. Bradstreets reported q net increase
for the week in the available supply in this
country of 10000 bushels. The export
clearances were light and the receipts in
the Northwest were heavier. May opened
at 97c. against 97ltc at the close yesterday;
broke to 961ec. reacted to 9o14c. weakened
again during the last hour, selling OFT TO
QflLc rallied IN Q6l6c md closed at Q63ac
Corn was weak and lower on all the
futures The weakness in the wheat pit
was one of the depressing factors, but the
chief one was the improved inspection.
which was fifty-seven cars ont OF 4O4 III
spected in. This is a larger per cent. than
for some time. This discouraged the
bulls" and their fears were augmented by
the statement that at least one Chicago
elevator was engaged In making contract
corn at the rate of several thousand BUSH
els day by drying out it's excellent No.
new. Word was also received from other
points that good deal of corn is now grad
ing contract. and the proportion is ex,
pected to increase. Accordingly shorts
felt more at ease. and bought. December
opening at 1l2c down at soc. sold Off without
reaction to 47c, decline OF lSc from the
high price of a few days ago, reacted on
purchases 10 take profits, and closed at 4Sc.
January opened 1c lower at 442c. sold as
low as 43l4c, and closed at 1850.
Oats were quiet. steady and without
feature.
Hog products were steady and inclined to
firmness. although trade was light Re-
ceipts of live hogs were smaller than esti-
mated. and prices at the yards were quoted
1Oc higher. This tended to keep products
steady, Notwithstanding the weakness in
wheat and corn. AllertOn and Dunn were
free sellers. while the Anglo-American
Charley Wright. and Hately Bros. were
good buyers. The close shows practically
no change from the last figures of yester-
day. Estimated receipts for tomorrow are:
Wheat, go cars; corn, 800 cars; oats, 2lt
cars. The leading futures ranged as fol
lows: