The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-20
WHEAT WENT OFF 1 5-8C
DISAPPOINTING LIVERPOOL CABLES
CAUSED EARLY WEAKNESS.
The Downward Tendency Extended to
All Other Markets, Corn Losing
Cent and Pork IL I-2c.


CHICAGO, Nov. 19.-Wheat. oats and pro-
visions all turned very weak to-day after
opening apparently firm Corn was weak
all the time. Everything on the speculative
list closed materially below yesterdays
final figures The declines in wheat were
from i5sc in December to lac in May. Corn
went of 1c, oats &c. pork 1212c. ribs and
lard .0215c.
Liquidation was heavy in all markets. al
though the news generally favored higher
prices. Wheat opened at Il decline of 12c
in both the December and May deliveries
1t recovered all of that and 11c besides in
the first fifteen minutes of the session and
in the course of about three quarters of an
hour from the start ii had slid back to a
little lower than the lowest point it touched
at the opening. The early opening was al
most entirely due to disappointment over
the opening Liverpool cables which showed
only Sad advance in sympathy with the
much larger advance here yesterday. The
weakness lasted but few minutes. The
strength this time came from the other
side of the continent, in reports from Cali
foria showing the immense proportions
which the Australian business has assumed
The flour mills of the State, according to
these reports, are working night and day
on Australian orders and orders for wheat
from there now i'm the hands of San Fran
cisco brokers are reported to amount to
l,750.OOO blu. Opening quotations for De-
cember were at 7Sd7Sl4c as compared with
yesterdays closing price of 7s1ac. After
touching 777sc for an instant the price
jumped under the influence of the Austria
liam news referred to until 79c had been
reached Then came the second cables.
a decline ODeninR
1l4d and almost created a stampede among
the spectators. The price quickly declined
porarily. Apart from the lower Liverpool
cables and the beariSh sentiment which
they created the conditions seemed favor
able for continued strength in prices
Cables from Russia stated that the prin-
cipal cereal crops of that country were
1872 000. 900 bu less than the annual average
production for thirteen years past. The
Northwest receipts were much smaller, or
49, cars against sos cars yesterday. and
1,0sl cars the same day last year. The
clearanceS were large and there was good
cash demand. both for export and for mill
ing. But all this was overlooked. The
market continued to weaken during the last
hour. Liquidation was active and heavy
and as few operators had the courage to
give the market any support the decline
met with little opposition. December
was ali little turn i- for the better and at the
close December was selling at rise.
Heaviness was the conspicuous feature of
circumstance was the fact OF new corn be-
ing sold in the sample market at lie per
bu. which for immediate use was worth not
far from much as old corn. The de-
cline in wheat was also an influence. May
started unchanged at g15sc and declined to
267sc. closing weak at 26ssG26A4c.
Oats were weak and lower nearly all day.
though they showed some independent
strength at the opening. The decline
altogether influenced by the break in wheat
and corn. and a good business VIA trans
acted May opened a Shade higher at 22Gf
22isc. sold n split fraction above that, then
declined to 2llec, closing easy at 2llaQ2i3sc
Provisions got a little help at the start
from the hog receipts which Were consider
ably less than estimated. The opening firm
ness was of short duration. Liverpool set
quotations Of sd decline in long and short
clear sides and 6d down for lard. Offerings
became very heavy and prices gradually de-
clined. the closing being at practically bot
tom figures january pork closed 1211c
lower at $40. January lard 021ac lower at
3S5G3.s71sc. January ribs .05c lower at 3.90c
Estimat ted Receipts fer Friday-Wheat 112
cars: corn. $50 cars; oats, 235 cars; hogs,
u 900 head -1JuOY JOnn1t
Leading fr,furaet r.,f, fsadf &c foIlowc-