The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-19
WHEAT GOES LOWER
May Reaches sc lie, the Lowest
Point at Which 1t Ever Sold.
Great Increase in the Visible Supply
and Small Shipments Caused the
Drop i'm Graln-POrk Down.

CHICAGO, Dec. W dropped &c
to-day and May broke all records, landing
at G6l2c, the lowest it ever sold before. TIL
cause assigned was the heavy increase in
the visible supply. Corn and oats went
down in sympathy with wheat and because
of their own too liberal receipts. May corn
is sc lower and May oats sc off. Provi-
sions also suffered a sharp break.
Wheat opened with May sc down at
size, but with Northwestern receipts light
compared with last weeks movement and
very light compared with last year, adj
vanced to yesterdays closing prices. The
amount on ocean passage was unchanged
and the Liverpool market was quoted by a
private cablegram as firm with an upward
tendency which was said TO be due to de-
creasing Russian exports. This held prices
steady for a time, but as the returns come
in. the indications were for a heavy in
crease in the visible, and with the subse-
quent selling the market began to weaken.
Prices went down until &c was reached
under the constantly increasing indications
of an Increase. The returns were slow in
coming in, but when the report was posted
it confirmed the worst fears of the bulls
and the expectations of the bears were
more than fulfilled. Instead OF an increase
not to exceed 100000 bushels as looked for,
the increase amounted to 1~,345,OO bushels,
leaving the total at SO,12S,000 bushels COM
pared with 1920 900 bushels at the corre-
spending date last year. Chicago stocks in
creased 100000 bushels. Minneapolis $4,000
bushels. and Duluth 364. 900 bushels, an in
crease of L,3s4,OO bushels at the three
places, or about equal to the entire in
crease, leaving the stocks at all other
points as balancing each other.
Immediately following this announce
ment there was another drop in
prices. The export clearances were added
to the bearish news oil the day, show
ing exports of but $4,000 bushels of wheat
ports and New Orleans. There were a few
rallies on buying at the low prices, but the
weakness of the market continued until the
bell put an end to the bulls misery, and
May closed at the bottom figures of the day.
May opened at size. advanced sc, sold off
sc, rallied Ac, lost 4c and declined another
Corn started with May &c off at $3.50.
Receipts were 612 cars against the estimates
of 425, and this, with the in wheat
sent the price down until May reached 3S7sc.
1t rallied sc at the end TO close at 39c.
Oats were firm at the start, May opening
only sc lower at 3O4c. 1t held steady for a
time, but the weakness In corn was against
the market and, despite liberal buying by
Irwin-Green, Walker & Wren and others,
MAJ sold off steadily and closed at 30Ac,
but Bc above the bottom figures OF the day.
Provisions were dull and weak with pack
ers selling, and Influenced by the extreme
weakness in the grain pits. Compared with
Saturday night, January pork is 271ac lower;
January lard, .1112c lower, and January
ribs, .15c lower.
The reduced rates to New York went into
effect to-day, being 1112c per 100 pounds on
flour and grain, 20c for provisions. On Jan.
l they will be advanced to 25c on flour and
grain and SOC on provisions. ima re-
ceipts for tomorrow are: Wheat, 1870 cars;
corn. $50 cars: oats, go cars; hogs. $4,000.
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