The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-11-05
WHEAT'S LOW-WATER MARK
No Time in Twenty-Seven Years When
Cash Sold as Low as SO 7.8c.
Indications that Traders Are Paying Too Much
Attention 10 the Surplus Visible and Not
Enough TO the Bad Grading.


Activity Yesterday Morning, Followed Later
by Rank Stupidity
CHICAGO. Nov. 4-Liveliness, followed
by stupidity, characterized to-day's mar
kets. Compared with last night, wheat and
corn are Ac off aud pork and lard The
up. Oats and ribs are about unchanged.
Initial transactions in wheat were ct the
full closing figures of last night, with every
appearance of strength. The market. not
wlthstanding. was quickly weakened on
liberal receipts In the Northwest and a per-
feet food of offerings by leading opera
tors. with Partridge, Mitchell ana Champ
lin in the lead. Pardridge apparently
had brokers all over the pit, and New York
and st. Louis also had liberal selling or
ders on the market Advices reported an
improved feeling later in New York, and
the strength Il Liverpool being confirmed,
the market began to react The early sell
ers having been pretty well bailed out. the
market soon recovered all the early loss
and held steady and firm for considerable
time. but turned weak during the last hour
on the absence of any additional bull news
and on free selling. Trade got quite dull
near the end. In the gossip that took the
place of trade it was pointed out that
| there has not been November in
twenty-seven years IN. which wheat
has sold as low as it did yesterday-697sc
for cash. The nearest approach to 1t was on
Nov. l. lSS4. when cash wheat sold at 707sc.
The lowest May wheat sold on that day
was e0c. Attention was also given the fact
that the Price Current wheat review ar
gued that too much Importance is given the
large visible supply figures, and not
enough calculation made ON the inferior
quality of a large part of the crop; that,
instead of 65c W heat. the country is likely
to see 75c and an advancing market. The
opening was a shade stronger than yester-
days closing. and prices showed about IS O
&c advance, then declined lac. rallied l5c,
ruled easy. and closed within q shade OF
the bottom for the day.
Corn was firm at the start, on the wet
weather. but the selling was very free and
the market eased Oft. Matthews discovered
to-day that shipments at Western markets
exceeded receipts, and that exports from
aboard markets exceeded receipts there,
also.
A slight relapse In oats near the close was
caused by the down turn of corn. Other
wise the market was featureless.
Hog products were ell higher. pork show
ing the more strength. The receipts of hogs
were smaller than expected. and prices at
the yards 5010c higher. The arrivals OF
live hogs yesterday were 1l.000 less than
OK pected, and to-day they were 4.OcO less.
and only 1900 expected for tomorrow.
The demand was active and seemingly
quiet generally. There was some weak
ness late, due TO the general dizziness and
depression on the floor near the close.
The offerings of vessel-roOm were light.
and the demand fair at 2l9c for wheat and
24c for corn to Buffalo. Estimated re-
ceipts for tomorrow are: Wheat, $50 cars;
corn, $50 cars: oats, 80 cars; hogs. 1900
head. The leading futures ranged as fol-
lows: