The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-06
WHEAT TUMBLED 1880
HEAvY SELLING FOR y
DISCOURAGING CABLE NEWS.
All Markets Weak and Declining in
sympathy with the Action of the
Leading Cereal.

CHICAGO. Nov. 5.-All the speculative
commodities dealt in on the board of trade
closed lower to-day. wheat declining 22sc,
corn l2c. oats &c and provisions 71sd12iAc.
As on yesterday. large quantities of stuff
bought before election in anticipation of an
advance were dumped on the market. This
was the chief reason for the decline. Every
body appeared to have wheat for sale when
trading started. December, which was
worth l612c as the session was ending yes
terday. was urgently pressed for sale at
1524c, but practically none could be disposed
of until it was offered at 754c. 1t was only
a minute or two longer until there were no
buyers at over 75c, and half an hour from
the opening it sold at H4c. Stop-loss or
ders in a great number of instances could
not be filled until the loss had largely ex-
ceeded the limit set by the brokers' custom
ers. There was considerable disappoint-
ment in the cables, which came lower in
spite of our sharp bulge yesterday. and it
had a depressing tendency. But this in it
self was not sufficient to cause such a sharp
decline, especially in view of the somewhat
bullish tendency of other new The Mime
apolis and Duluth receipts amounted to $40
carloads, compared with 1.221 on the similar
day Of last week, and LABS carloads on the
corresponding day of the year before. All
outside markets were much higher than
this one. Cash wheat was in excellent de-
mand and for the most part brought within
12c or sac of yesterdays prices, even when
December was down 2l2c. Too much had
evidently been bought in expectation of an
immediate big advance after the election,
and those who had not seized yesterdays
opportunity to their profit had evidently
1gguh TO thinK It was dsft now ume 10 taKe
port that the worlds wheat stocks had
increased $1,000, 600 bushels during October
was another weakening factor, as was the
reports put afloat that the late election re-
turns showed the success of the free,silvef
presidential candidate. The report which
mad been telegraphed into the country
brought a good many selling orders. Out
side of buying to cover shorts and secure
profits the market received very little sup
port. Shortly after II o'clock the market,
which in the meantime had rallied to 744c,
took another slide, which landed it at 731ac.
Half a cent of this was quickly recovered,
and at the close December was selling at
vailing.
Corn opened weak and remained in that
condition all day. The weather indicated
smaller receipts and the Out-inspection was
over $50, 900 bushels, but the break in wheat.
with the light speculative business. was all
against the price and the selling was ac-
sSsilv M aeyy,i s5sIte I'd &c &c l sSS Closed ot aS9 sass graf at
2S4c asked.
In oats business was limited and the mar
ket could truthfully be called a purely SYM
pathetic one. The feeling was easy early
and prices declined. Later a better feeling
developed and prices recovered somewhat.
May opened &c lower, at 2lhd21Ac. de-
clined to 211sc and closed at the opening
price. rti.
Provisions Jared no better than the other
markets. a weak hog market was suffi-
cient cause to lower opening prices. There
was little demand. and. as every one was
inclined to sell, a further decline was in
evitable. Closing prices were at about the
bottom. January pork closed 10c lower, at
$3.50: January lard .12lzc lower. at 4.30c; jan
uary ribs TIC lower, at 3.s5c.
Estimated receipts for Friday: Wheat,
40 cars: corn, 315 cars; oats, $50 cars; hogs,
p. 900 head. .r
Leading futures ranged as follows: