The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-13
ALL MARKETS WEAKER
LEADING CEREAL HAMMERED
DOWN 1 7-sC, CLOSING AT e6 1-sC.
Traders Had the Courage of Their
Convictions Late in the Day, and
Selling Became General.

CHICAGO, Sept. u.-Everything traded in
on the Board of Trade to-day was weak
with the exception of oats, and heavy de-
clines resulted. Statistical news in wheat
favored the bears for once and they took
advantage of that fact for once, pounding
the price down to a point 17sc below
yesterdays close. Corn declined nc for
the same reason. Oats declined Ac. Pro-
visions suffered from another large dose of
yellow fever scare, pork declining zoe, lard
soc and ribs 1212c.
No matter what the complexion of gov
eminent crop report may be the wheat
market is almost invariably weak after its
announcement. To-days market was no
exception Wheat started at a decline of
12Q$4c, and, with the exception of two
three short spasms Of strength, the mar
ket was decidedly off color all day. The de-
cline was more influenced by what was
learned yesterday of the growing weakness
of the most desirable shipping grade of
winter wheat, the No. 2 Kansas hard, and
a decline of from sd to Id at Liverpool,
than by the government estimate of the
crop. The government estimate of 464,-
OOO, 900 blu was rather small in itself, but
the trade generally believed in a yield OF
1OO,C0O0OO bu larger than that. The weeks
wheat and flour, to 5,461,5 500 bu, against
900 bu the corresponding week of 1886.
Chicago received to-day 265 cars, against 1S4
a year ago. Only twenty cars of to-day's
receipts were contract, compared with sew
en- carloads OF the regular grade in the
days receipts year ago. Minneapolis and
Duluth got 759 cars, against $50 Saturday
last and 1,166 cars a year ago. Temporary
frmnesS was given to the market at about
the price trading commenced at, when ex
port clearances began to be known, and
it was found that shipments OF wheat from
Philadelphia were 10000 bu and from New
Orleans 1926, 900 blu. Following that Temporal
ry encouragement the first reasons for
weakness returned with redoubled strength,
and much more material break took
place. The total clearances of wheat and
flour from Atlantic ports for the day
amounted to the liberal total of $4,000 blu,
but that did not further interfere with the
weakness with which the market had
meantime become badly afflicted. Deem
Der opened at from size down
to 97Ac, and after f1uctuating for
a short time around the lower edge of the
opening range it gradually increased in
EeaVineSS until about half an hour from
the end of the session it had got down to
Soc. The weakest phase of the market was
in the last ten minutes of the session by
which time the general crowd had gained
the courage of their convictions and no
longer feared TO sell the wheat they con-
sidered much 100 high. They battered the
price of December down to 9512 even to
953sc for, some of it, but not wishing to go
home short some buying of that sort
caused a recovery to 9612c at the close.
Corn was radically weak, made so by the
government crop report, heavy receipts
and a rather poor shipping demand. There
was heavy commission house selling
throughout the session and during the later
weakness of wheat liquidation was general.
The market was at its lowest as the ses-
sion was ending. The government report in
1,1Z9 cars. Weekly clearances were heavy,
1865 900 bushels, but bulls had in mind a
large visible increase Monday and refused
to be comforted. Liverpool was asM1d
lower. December opened $s15sc lower at
321aG32$4c and declined to 31sc, where it
closed.
Oats, taking into consideration the weak
ness in corn and wheat, were comparative
ly steady, although prices at the close were
from A03sc lower. The cash demand was
excellent and held up the market surpriS-
ingly well against the influences which
usually are so strong. Receipts were 3S5
cars. December ranged from az to 20Bc,
closing at 21c asked
The yellow fever scare struck the pro-
vision market with renewed violence.
Every one in the pit appeared to have
products to SELL and the pressure increased
as the grain markets tumbled. Huge guam
titles of lard, especially, were dumped on
the market. Stop-loss orders were numer-
Gus. A great deal of stuff was liquidated
by New York and the selling at times took
on the appearance of an organized raid.
The Cudahys did the best buying, cover
ing shorts. AT the close December pork
was zoe lower at. $S.2712, December lard 30c
lower at 81. and September ribs 1212c
lower at $500.
Estimated receipts for Monday-Wheat
450 cars; corn, 1850; oats, 440 cars; hogs,
$4,000 head.