The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-02
SLUMPED AT THE CLOSE
EARLY FIRMNEss IN WHEAT OVER
COME AND DECLINES SCORED.
Other Ma rIets Dull Most of the Day in
Sympathy with the Leader
Provisions Lower.

CHICAGO, Dec. Wheat was firm to-
day, but very dull until about twenty min
utes from the close of the session. when
it started on n decline that left it 5sG%c
lower for May than it closed yesterday.
Lack of export demand was apparently the
weakening feature finally. Corn, oats and
provisions were all dull and price changes
at the close were insignificant.
The misunderstanding of the order to buy
December wheat came nearly demoralizing
the market at the opening. A commission
firms order to their broker to buy 5000
bushels of December wheat was miscon-
strued. and the wheat was offered for sale
instead resulting in some other small lots
coming on the market and an almost i'm
mediate decline to 94c, as against 9524c at
the close yesterday The mistake was soon
discovered and the buying of not more than
fifty thousand bushels put the price up
again to 96s4c in quicker time than it took
to go down. May started unchanged, at
911kc but the effect of the disorganiza-
ton in December caused a temporary de-
precision in May to 9034c. 1t quickly recov-
cred however, and in the course of the
forenoon it reached 915sc The cold weather
continued throughout the winter wheat re-
gion and the fields were still uncovered.
The st. Louis crop experts evidently
thought the trials that the plant was be-
ing subjected to were more than 1t could
live through, as several orders came from
there to buy July wheat. That future, in
consequence, was relatively stronger than
May. Minneapolis and Duluth receipts once
more this week showed some falling off,
compared with the previous weeks, but
were still dscouragirgly heavy as against
those of a year ago. Those places report
ed us cars, against 762 last week and 3l6
the like day of 1886. Chicago received 1lo
cars, against only "a last year, but ship
ments hence were 234, 900 bushels. The At
lantic port clearances were equal to $4,000
bushels in wheat and flour. The Western
primary market receipts were 100000 bush
els, compared with only 5O4 900 bushels last
year. Zero weather prevailed in and
around Duluth, so that it was considered
very questionable if any further shipments
would be made by lake from there this
season. This was delivery day, but, rot
withstanding this fact, there was hardly
any wheat turned over. and it is the belief
that little will be until navigation is closed.
Liverpool opened unchanged for all fu-
lures, eXcep. May, which was sd higher,
but it closed stronger, from Esd to Id high
er. March, the active trading month, was
the strongest. Notwithstanding the rather
encouraging situation, the trade was so
light and the active local traders so re-
Iuctant to retire with unfinished bust
ness on their hands, that in their EFFORTS to
dispose of long wheat they had accumulated
during the 1orenoons rise the indI Me-
slipped from under them and the price or
May went down from 9l5sc 10 SU9sc, about
fifteen minutes from the close. New York
reported only ten boatloads for export.
TINS lack of export demand started the
unloading which was rendered difficult by
the almost utter lack of buyers, and prices
slipped down very easily May closed at
9O9sW9014c; December- behaved better after
its mornings gymnastics, and closed at
S6Ac, an advance of 12c,,
Corn was firm and very little affected by
either the early strength or closing weak
ness of wheat. The better feeling was due
in a measure to the belief that the Decem-
Der liquidation is about over. and the
spread of to-day narrowed some There
were no deliveries on December contracts.
Gables were firm and exports were good,
amounting to GOO bushels Receipts were
but the weather is favorable for the move
ment. Trade was unimpOrtant, and May
ranged from 29Ac to 291sc, closing shade
Up to short time before the close the
market for oats was firm, active and high
er, December especially showing strength:
sympathy with wheat all helped in adVanc-
ing the price Deliveries were small, which
was also factor The late break in wheat eat
market lost all it's early advance, selling at
the bottom at the close. Receipts were 255
cars. May ranged from 22Ac to 22q221sc,
the latter being the final price. December
maintained its strength, and closed &c
higher, at 20%c.
The market for provisions was for a time
smothered under the enormous receipts of
hogs to-day. This feature, coupled with
rather free deliveries of pork and lard on
December contracts caused lower prices
early. AT the decline the demand improved
and the market slowly rallied and closed
fairly steady. There was a moderate ship
ping demand. AT the close January pork
was &c lower. at $8.15; January lard a shade
lower, at $4.2212 and January ribs I'M
changed at $4.20.
Estimated receipts for Thursday-Wheat
40 cars; corn, 1875 cars; oats, $50 cars; hogs
1000 head.
eadinor fut1lreS ranoed q c follows.