The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-28
WHEAT TUMBLES AGAIN
LOSS OF TWO CENTS YESTERDAY ON
SELLING AND LOWER CABLES.
Heavy Receipts in the Northwest Help
the Bears-0ther Grain Lower and
Provisions Fall Of.

CHICAGO, Oct. 27.-Wheat suffered from
a variety of causes to-day and closed with
a loss of &c though selling at one time &c
under that figure Among the chief rea-
sons for the slump were the disappointing
cables and heavy liquidation by prominent
brokers. Other markets were also effected
to a degree, corn declining 12c. oats about
Ac and provisions 212@712c.
Everything went against wheat at the
opening of the market to-day. The most
depressing features were the early cables
and then the Northwest receipts. After the
advance of 1c here yesterday. Liverpool
was expected to show steadiness at least
and the weakness of that market was
decided disappointment. Northwestern re-
ceipts were remarkably large, being 1918
cars as compared with 1857 last week and
1,513 last year. At the starting of the reg
uar trading there were no buyers of De-
cember at over zoe, and so anxious had
some people in the crowd become to SELL
having stop loss orders at about 70c-that
sale or two at 697sc took place in the
opening melee, as against yesterdays clos
ing price of 7Os4c. If it had not been that
about 100000 ou of hedges against the
wheat in the Pacific elevators had to be
bought in in consequence of having been
burned by yesterdays fire, the opening
weakness would doubtless have been in
tensifed AS it was the later Liverpool ca
Diagrams noted a decline of about 11ad per
Genital, and that caused a drop in the price
of December to $3.50, after having had
short reaction from the opening figure to
7012c. Another depressing factor was the
liberal selling for foreign account, and dur
ing the first hour such sales are believed
to have aggregated over 100000 bu. New
York also poured in selling orders, did
other leading markets, and the trade was
simply swamped with the offerings. An
other disturbing factor was the high money
rate at New York. John Cudahy was a
steady and persistent seller, especially on
the soft spot. His tradings have been very
heavy for some time, and as he has gener-
ally been on the right side of the market,
he had a large following, the consequence
being that wheat poured on the market at
times in a perfect avalanche. Prices con-
tinued to go downward during the last hour
under heavy liquidation, December finally
reaching 69Ac. This was the turning point,
and December had recovered to 6934c at
the close, though remaining active and
nervous to the end.
Corn ruled slow and weak, following the
course of wheat. May opened &c lower at
2SG2S12c, and gradually sold down to 27S4c,
closing weak at 2I7sG2Sc.
Oats were quiet but strong, holding bet
ter than wheat or corn, but this was more
on account of limited trading than from
any Independent strength Prices held we'll
up to noon, but in the last hour were af-
fected by the drop in wheat. May opened
a shade lower at 215sc. declined to 211s021Lc
and closed al 21ssc asked
A fair amount of speculative business was
done in the provision pit but there We're
more sellers than buyers most of the time.
Hog receipts here exceeded yesterdays es-
Inmates by 1000 head. That and weak grain
the opening decline prices fuctuated but
little. January pork closed 7ihc lower at
$l.S71s; January lard .0212c lower at 4.55c;
January ribs Csc lower at 3.S5G3. size.
Estimated receipts Wednesday-Wheat
200 cars; corn, $50 cars; oats, $50 cars hogs
1000 head.