The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-08
WHEAT DROPPED 11-4C
LOWER CABLES SURPRISED BULLS
WHO RUSHED FOR PROFITS.
Grain, but Provision Market Was
Firmer and Advanced.

CHICAGO Oct. The wheat market
took a downward course to-day. the De-
cember option closing lac decline Unex-
pectedly lower cables encouraged traders
who were playing for a decline and their
sales were responsible for the slump. The
coarser grains were also affected, corn clos
ing &c lower and oats 1ac lower. Provisions
were strong and made substantial ad-
vances.
Wheat was weak from the start and re-
manned SO practically all day, although
there were occasional good rallies. The
trend of sentiment and the current news
were against the prices. Business was slow
and narrow and there was an apparent dis
position to get rid of long wheat. The
Liverpool cable was surprise, not
withstanding our advance yesterday, that
market opened lower and seemed disposed
to act Independently of This the
first encouragement the bulls got, but it
was followed by the big deliveries in the
Northwest which were considerably in ex-
cess of those of last year. The official fig
ures were 152 cars, against S31 a week
ago, and l, 041 last year. Local receipts also
ran 100 cars over the estimate. December
opened at 6sasq6S1ac, as compared to 69c at
$3.50 the market resumed it's weakness and
gradually declined to 6S1sQ6SL4c before any
evident Another depressing factor was the
attitude of Cudahy, who has been, until
quite recently, the backbone and chief
strength of the bull movement. His aggre
gate sales must have been into the mill
lions during the week. The market took
this very well until to-day. The almost en-
tire absence of encouraging news, coupled
with this heavy selling, created some APP
prehenSion and helped materially to weak
en- prices. Reports that the forthcoming
government crop report will raise the esti-
mate of the wheat crop from 400, OG0,000
bushels. last months estimate, to 425 100000
bushels, was also factor in deepening the
depression. Before II o'clock December had
declined to- 6l7sc and it did not afterward
sell above 677sc. It became still heavier in
the last half hour. getting as low as 67ssc
and it closed at 6755@67a4c
Corn was fairly active and made strong
fight to maintain itself at yesterdays
prices. For considerable time it sue
cessfully resisted the influence of the de-
Ginning wheat market, but in the end it
&c per bu. The heavy receipts for to-day
and the large estimates for tomorrow were
also influential in the decline. May opened
1sc lower at 2614c, advanced to 26ssQ2612c,
and declined to 26c, where 1t closed.
Oats were moderately active and weak.
The decline in wheat had it's effect and
there considerable liquidation and
&c Nav opened Ne fower at 1sstc sold to
1880 and declined to 193sQ1912c, that being
the closing price.
Provisions stood up stifly against the In
fiuence Of sympathetic character from the
weak grain markets. Packers appeared
more inclined to buy against previous sales
than to sell against their packing and
tempted to show themselves reluctantly
and to a sparing extent when prices were
bid up. January pork closed 1712c higher at
745: January lard. .1bc higher at 4;37l49
Estimated receipts Thursday-wheat. s22
sosed he oe1 The Tab a1a aay q Trade will be
Leading futures ranged as follows: