The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-23
STEADY WHEA1' MARKET
HEAVY RECEIPTS PAIRED OFF
AGAINST SEVERE COLD WAVE.
May Future Scored u Small Advance,
with December Article Lower
other Grain Unchanged.

CHICAGO Nov. 22-There was a mar
rowing of the spread between the May and
December futures in wheat to-day. Enor-
nous Northwest receipts promised consid-
cradle selling, but with the coming of a
severe cold wave shorts in May were not
disposed to remain in that condition over
night and the result was that May showed
kQ5sc advance on the day. while Decem-
Der declined &c. Corn and oats closed at
substantially unchanged prices. Provisions
advanced slightly.
Wheat opened unchanged for the May OPP
ton at 9O1s@9O14c, but December was quoted
at 4c decline at the start. Liverpool came
only I'D lower To begin with the signal
service map showed severely cold weather
spreading over the unprotected winter
wheat and the amount of wheat on ocean
passage showed an increase of only 900
bushels. These were reasons for the stead
mess in May at the immediate opening,
but before the market had got fairly under
way it became known that the Minneap-
oils and Duluth receipts were most dis
couragingly heavy. The tone of the market
changed at once. Selling was not very
heavy, but the market, especially for De-
cember, was almost without support. The
consequence was that December, which
had opened at 947sc, declined in
a short time to 94c, while May eased
off to $3.50 The receipts at Minneapolis and
Duluth were 1871 cars, against 1856 Mon
day previous, and 40 the corresponding day
of 1896 Chicago received I73 carloads. Out
side of the Northwest receipts early news
was not of especial influence. Paris was 5lt
10 confines lower Worlds shipments were
heavy and 9,S05, 900 bushels, compared with
n q IL h6frN q I<..-I
els for the corresponding week last year.
The large figures lost their bear force from
the fact that this country supplied 1888 900
bushels, while Russia showed shipments
of but Pip, 900 bushels. AS expected the
English visible increased 2,201, 900 bushels
for the week. The days clearances from
Atlantic and gulf ports amounted in wheat
and flour to 527 600 bushels. The one impor-
tant bull feature and the one which caused
the recovery in prices which had taken
place by midday was the small increase in
the home visible supply. 1t has been esti-
mated as high as two millions, but was
posted at 10000 bushels. Shorts were good
buyers of May during the last part of the
session That month gradually advanced
to 90$4c and closed firm at 905sQ903Ac. De-
cember recovered to 9514c and closed at
csc.
Corn was dull and restricted for the most
part to changing over December contracts
to May at 31l035sc spread. The fluctuations
were confined to 1sc per bushel. Receipts
were 395 cars.
The visible supply decreased 5000 BUSH
els. There was some scattered liquidation,
but not enough to materially affect prices
May ranged from 299sc to 293sQ291ac, and
closed unchanged at 291aq295sc. Quite as
heavy business was transacted in oats
1 without any excitement, however. Elevator
people sold December and longs also let
out small lines. There was considerable
changing of oats from December to May
by the crowd at INC difference Prices were
steady within narrow range Receipts
were $40 cars, much more than expected
Visible supply increased 1929, 900 bushels
May ranged from 221sc to 217sc to 22c and
closed at &c Is
Provisions were slow but firm There was
moderate buying by local parties and with
light offerings prices were inclined to ad-
vance slightly. Hog prices were firmer,
which also helped the market. At the close
January pork was &c higher at $S.221s; jan
qary lard, Phase higher at $4.25Q42715, and
January ribs unchanged at $4.20.
Estimated receipts for Tuesday-Wheat
230 cars; corn, ESQ; oats,r $50; hogs, 81, 900
head.
Leading futures ranged as follows.