The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-22
SOMEWHAT OF A SLUMP
CHICAGO WHEAT UNDER CLIQUE
MANIPULATION TUMBLEs also
Reported Higher Prices I'm Liverpool
Did Not ~ncOuraE Traders on This
Side-Pork Lower.

CHICAGO, Oct. 2f.-Wheat took an en-
phatic and inglorious tumble to-day, the
December option closing at 75Ac. a decline
of 31sc from yesterdays close and that, too,
after selling at 1890 on the curb. The prin-
cipal depressing features We're the tight
money market and the fact that No. 3
hard winter is now selling at a discount
of from 8 to 10 cents under December.
Other markets were more or less affected,
corn declining 13sc, oats sc ana provisions
10G12hc.
On the curb before the opening of the
regular wheat market this morning the
feeling verged on the hysterical for a while.
December was first quoted at 791ac. 1t
jumped to 1890 in a few minutes then
came down with a slam to 771ac. On the
regular board the traders commenced prac-
tically where the irrepressibles on the
early curb had left off. The range in the
price of December at the moment when
the tap of the starting signal was heard
was from 777sc to 711sc as compared with
yesterdays closing price of 1889; with
sales as low as 76s4c IN the next moment.
The shaky condition of affairs was a sur
prise, because public cables showed Liver
pool I'd up and Berlin 11ad14m higher. SO
wild was the opening in the pit that prices
in different parts were almost 1c apart at
liiC SiillS OLlS CobiS CpOI dIlCA-
ward denied, that a corner had broken in
south Russia did much toward unsettling
the crowd. But the tightness of the money
market and consequent depressing influence
cash wheat, together with the strained con-
dition of the speculative deal, We're mainly
We're the overshadowing influences all day.
The cabled reports of the advance at Liver
pool were accompanied by a statement that
it was due entirely, to the advance here
yesterday. The advance here near the
close yesterday was very generally at
tributed to a shrewd speculative move of
John Cudahy. For Liverpool to have no
better reason, therefore. for it's overnight
bulge was a cause of weakness instead of
strength. The scarcity of loanable funds in
the Northwest, which was corroborated by
the increasing discount for cash wheat at
Minneapolis, was not confined to that Sec
ton alone, as was seen in the widening of
the breach here between the price of cash
wheat and December. About ten days ago
regular No. 2 wheat, seller October, was
only &c lower than the active future
Observation-Disclosures to-day 100.0 900 blu seller
by a firm that had the grain to deliver.
Bradstreet's visible supply statement which
increase of 5000, 900 bu in the worlds stocks
of wheat since a week ago, caused an
augmentation of the heavy feeling with
which business commenced, and the heav-
lest decline occurred after its receipt. After
the first slump to 76s4c there was a recov-
cry to TIC. That was followed by a dip to
761ac and a recovery to HAc.- 1t sold
gradually down to 757sc, recovered again to
l6kc and then followed a decline which
did not stop short of 751sc, with 75Ac the
bid price at the close.
Corn was sympathetically affected by the
weakness in wheat and a decline of 40 at
Liverpool. The heaviness of the receipts,
although not quite as heavy as had been
estimated yesterday, was another element
of weakness, the yards here being full of
cars waiting to be unloaded. Opening
prices for May were at 2834c, a decline of
15c. tt declined to and closed weak at 277sc.
December was even weaker than May, de-
Ginning 1880.
Oats declined with wheat and corn and
at the lower prices the market was active.
There were liberal offerings and a good
demand. While the market was mainly q
sympathetic one the liberal selling went a
long way toward creating the heaviness.
An increase of $4,000 bu in Bradstreet's
report of the visible supply also had a
material influence. May opened about Hc
lower at 21%d22c, declined to Nbc and
closed easy at 21Ac bid.
Trade in provisions was light. The open
ing was weak and at Il slight decline and
that feeling characterized trading all day.
Packers were the principal sellers, their
offerings being quite free, and but little
support developed. The closing was at
about the bottom. January pork closed
1212c lower at $7.S5. January lard .121ac
lower at 4.40c. January ribs .10c lower at
3.S5d3.S71ac.
stimat Receipts for Thursday-Wheat,
239 cars; corn, 705 cars; oats, 3S7 cars; hogs,
81, 600 head.
leading futures ranged as follows: