The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-10-17
RAIN AND HEAVY RECEIPTS
Factors That Caused Wheat to Decline
1-2c at Chicago Saturday.
Furry in Corn That Ended in q Flattening
Out of Prices-0ats Lower on Heavy
0ferings-Pork &c Higher.


Rain and Heavy Receipts Send All Cereals
on the Downward Grade.
CHICAGO. Oct. 15.-Pelted with ain
and heavy receipts. wheat fell down about
lac to-day. Corn was firm for nearby
months and weak for May delivery. leav-
ing oil Sc higher for November and lao
lower for May. The provision deal seemed
resting. but pork and ribs. on scant trad
ing. were placed on . somewhat higher
plane of prices.
Rain during the night through the
winter wheat region was accepted as marx
ing the termination of the drought. and as
the precursor of more to come. Even moro
influential were the large local receipts and
the heavy deliveries, which started pretty
free selling. Later there was good cover
ing by shorts on the decline and the offer.
ings being moderate, with some cash wheat
worked hero and Pardrldge's brokers being
good buyers, there was q slight rally,
which. however. was only temporary. The
market OF the opening was 1sOhc lower
and declined lsOAo moro: recovered
slightly. but again settled back, declining
4c more and closing easy. George A.
Seaverns was q buyer of December wheat
on q considerable scale when the market
got down around 75lec for December. His
information from the North YES is that the
farmers receipts last week had fallen OFT
about % per cent, and q further falling Oft
next week to Is heavy an extent was ex-
pected.
There was quite q furry in the corn trade.
1t was caused chiefly by q scare among the
shorts in November. The theory has been
that new corn will move forward In No.
vember TO fill the c~Onsumptive demand In
tho ~ OF nd loo uo <hn ofnnEa nf old nnrn
heavy on ~speculators. With the wet
weather spreading over most of the coun-
try, the prospects for the new corn getting
dry enough to handle early were less ia
vorable. Attic same time the rains checked
the shipments somewhat aud receipts were
565 cars this morning. The Withdrawals
were again heavy. being 342. COO bu. There
was also rumor of q prospective squeeze In
November contracts. All this started tho
shorts to buying, and the November price
was jumped up llsc In q hurry. Later. the
cars for Monday were estimated at $50, and
the market quickly fiattened out.
In oats the last day of the week brought
the lowest prices. ana the market was rela-
lively lower than other leading cereals. At
the opening firmness Was present, as the
receipts were less than expected. But some
lines of oats, which had been previously
bought for investment, were offered at the
outside prices, and there was not enough
demand to take them. Speculative offer
ings soon increased. and especially when it
was announced that 40 cars were expected
for Monday. The market sold off 10
from top prices. closing weak at o decline
of Sac for the day.
Interest in provisions was restricted to
packers and scalpers. January pork was
easily advanced 1712c over last nights
prices, but on an attempt to realize all but
SO of the gain was lost. November ribs
were advanced .12l9c. Lard remained near
ly stationary.
There were few boats on the market.
Rates were steady at 2lec for wheat and
pa for corn TO Buffalo. Estimated receipts
for Monday: Wheat, $50 cars; corn. $50 cars;
oats. 40 Gals; hogs, 5000 head. Should
the inspectors work on six of the leading
roads on Sunday. which they probably
will, the receipts of corn will be about /, 300
cars. The leading futures ranged as fol-
lows: