The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-02
WHEAT RECEIPTS
CAUSED REACTION M Loss OF
11-4C IN DECEMBER FUTURES.
New Low Record in Chicago for Corn,
witt. Oats Also Lower and
Provisions Higher.

CHICAGO, Sept. Enormous Northwest
receipts and heavy exchanging of Decem-
Der and September wheat by a prominent
elevator firm were responsible for a break
of 1Hc in December wheat to-day. Corn
made a new local record. May closing 1ac
lower. May oats closed sc lower. Final
provision prices were 21zc lower to TIE
higher.
The most influential consideration in the
wheat pit at the opening was the very
heavy receipts in the Northwest. Mime
apolis and Duluth received 1896 carloads,
and adding the S64 cars reported as having
arrived yesterday, the total for the two
days amounted to $3.50, as compared with
2,160 cars on the corresponding two days
the year before. The deliveries on Septem-
Der contracts previous to the opening were
insignificant, considering the amount of
trading there has been for months. But
for such evidence that holders had already
arranged for money to carry the elevator
stocks to December, the weakness of the
market would PROBABLY have been lntensl-
fed. AS it was, December wheat, which
opened with apparent firmness at from
$3.50 to 59%c, was, before II o'clock, struS-
Cling with apparent difficulty to keep it
self from going below 59c. Oman' crop
report doubtless added to the beariSh feel
ing, in so far as it estimated the total
crop of winter and spring wheat at 420,-
100000 bushels, whereas previous estimates
did not exceed 400, 0OQ, 600 bushels. Another
powerful influence, which caused a great
deal of weakness in December, was the
heavy selling of December for a certain
prominent elevator firm and buying OF sep
TENDER for the same account. export
clearances We're equal in wheat and -four
to 255,0 600 bushels. Foreign markets We're
irregular. Paris being steady, Berlin
higher, while Antwerp and Liverpool We're
lower. The market continued to weaken
during the last hour. longs w IN
creasing Encouragement and short sellers
more boldnesS. December declined TO 3S12c,
but reacted slightly, closing at 5S1&q0S9sc;
Corn was heavy, influenced by, the weak,
ness in wheat, the enormous yield reported
by T~honlan-2.4 50, 200, 900 bushels. There
was continued liquidation by longs and
were made, September at enc time selling
at 204c, but steadying later. May
opened a shade lower at 2518@254c, but de-
clined to 245sc and closed easier at "a
A steady feeling was manifested by oats,
although prices were slightly lower at the
end. Business was only fair and in small
brought about by Thcnan's report OF the
oats crop. He estimates the total yield at
$50. 000, 600, or 2O0,0 900 bushels less than
last year, and furthermore claims that Tor
the quality he has never seen worse. May
opened unchanged at 100, declined to 1S4c
and closed steady at lS7sc.
with and at one time actually looked
strong. Apparently there was less pressure
cepted by local shorts, The deliveries on
September contracts were quite free and
centered in strong hands, and this had a
little influence in strengthening the mar
ket. Closing prices showed but little
change. January pork closed unchanged
at 1875, January lard closed ct 9. 704S. l2Ac,
January ribs unchanged az S4oc, SeFtem-
Der showing an advance of 012c.
Estimated receipts for Wednesday,
Wheat. 1870 cars; corn, 40 cars; oats. 2o
cars; hogs, 10000 head.
leading futures ranged IS follows: