The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-03
AN UNCERTAIN MARKET
BEARIsH INDICATIONS RESULTED IN
WHEAT FALLING SLIGHTLY.
Failure i'm NEUTRALITY-SUSPICIOUS. Lost
an Early Advance.

CHICAGO, Oct. 2.-Wheat was feverish
to-day. and at one period of the session
locke as if the boom has been transformed
into a boomerang. 1t had quick recoveries.
however. from several sinking spells, and
in the end was only Ac lower than it closed
yesterday. The other markets were also
easier. but, like wheat, the declines were
immaterial in amount.
Wheat opened to-day with indications
pointing to a decidedly bearish market,
with accompanying lower prices. To begin
with. the early Liverpool cables quoted
spot wheat Id higher, but futures held low
er. The continental markets were quieter
and inclined to weakness. New York wired
that foreigners were good sellers there, and
cable responses to offers last night were
generally that offers were too high. Brokers
were large buyers yesterday on continental
orders and led in the selling at the open
ing, indicating that the rapid rise here had
stopped temporarily, at least, the foreign
demand for American wheat. The heavi-
ness of the Northwestern receipts, 1,156
cars, against 1,240 cars last year. also re-
ceiyed attention. But overshadoWing all
this We're reiterations of the failure of the
India crop, which came from both London
and San Francisco in the shape of further
engagements for shipment to that coun-
try. These reports came in soon after the
opening, and stopped what otherwise would
III q nave DtCi d lively III SS II
was. prices rallied at once. Later in the
session reports from London that the pur-
chase of wheat at San Francisco for Cal
cutta included an option Of shipping for
Cork instead, if deemed more desirable,
created d weak spot in the market. Decem-
Der opened at from 6S7sc to 694c, compared
with 69asc at the close the day before. 1t
Kept alternating between 69Ac and 6S7sc for
about fifteen minutes before it made a
clean break for a higher plane. 1t started
on the San Francisco news and made a
quick advance to $3.50, that price being bid
dia news, coupled with a feeling that the
recent advance had been too rapid, brought
about a weakness which carried the price
down to 6SAQ6S3sc. AT that stage of the
deal Bradstreet'S report of the weeks
c~learances of wheat and flour from both
coasts was received, reporting the quantity
at 4.2l5, 900 bu, compared with 3,S1S,O 600 bu the
week before, as against 2,613, coo on the cor
responding day of the year before. That
quickly revived the bull feeling and caused
closed steady at 691sc, a net decline of &c.
downward. The offerings from receivers
were too heavy for the market, but failed
to depress it to any great f. extent; il The The
but to a less degree, and the decline for the
day was only &c. May opened a shade
lower, at 265sc, fuctuated between 263sc and
271sc and closed easy at 261h@26ssc.
Oats opened firm. but did not remain so
long; The market Lacked support and
than at the opening. The final rally in
wheat had the effect of stiffening prices,
ana the MARKET Closed exactly Where IT
closed yesterday. May opened unchanged.
at 20Aa20asc, fuctuated between 20a4c and
203ac and closed at the opening price.
Trade in provisions was small, and the
bull feeling of the day before had consider
ably abated. Quite an advance occurred
after the opening, due to a fair inquiry.
but at the advance there was little pressure
to sell, and prices settled back again. jan
uary pork closed 215c lower, at s.. 2567. Pig;
January lard unchanged, at 4.2712Q430c;
January ribs .021ac lower, at 3.60c.
Estimated receipts for Saturday-Wheat,
205 cars; corn, CSC cars; oats, 425 cars; hogs,
IS. 900 head. -